회계변경유형과 기업특성이 주가에 미치는 영향

The aim of this study is to analyze the effect of types of accounting changes and firm's characteristics on stock price. Financial leverage, prior year's discretionary accruals, and audit quality are included as firm's characteristics. Two types of accounting changes, a discretionary accounting change and a non－discretionary accounting change, are considered in this study. Main results of this study are as the following. First, the effects of accounting changes on earnings are positively related to stock price. However, income increasing accounting changes of firms with high leverage are negatively related to stock price. It implies that high levered firms may try to change accounting methods to lower leverage by increasing accounting income rather than to increase the usefulness of accounting information. Second, when firms with high discretionary accruals have income increasing accounting changes, such accounting changes have significantly negative effect on stock price. This implies that firms with high discretionary accruals in the prior year may try to change accounting methods to avoid decreases in accounting income rather than to increase the usefulness of accounting information. According to these results, regulation body or information user need to consider the firm specific factors when they determine the earnings quality of firm changing accounting policies or accounting estimation.