경제위기와 상장기간이 회계정보의 가치관련성에 미치는 영향

This study expects that the value relevance of accounting information will vary depending on the persistence of the listing period even during the times economic crisis, and this was verified based on empirical analysis. The sample was the period before/after the foreign exchange crisis in the late 1990s and the period before/after global economic crisis in the late 2000s, and the value relevance of accounting information is examined. The study model used the regression analysis equation of stock price-accounting information which is the valuation model of Ohlson(1995) like most precedent studies did. As the result of analysis, the change of value relevance of book value and earnings during the sample period exhibited results consistent with the results of existing studies, and an effect of reduction in value relevance of accounting information was observed for times of economic crisis. Also, companies with shorter listing periods exhibited more of such effect. Considering both economic crisis and listing period, companies with shorter listing period during times economic crisis exhibited additional reduction effect for value relevance of book value, but did not exhibit significant changes in value relevance of earnings. This study has additional contributions in that it expanded the existing studies on relative value relevance of book value and earnings and conducted an empirical analysis considering both times of economic crisis and listing period. The users of financial statements should note that the relative value relevance of book value and earnings may differ depending on the persistence of listing period during this period.