K-IFRS 의무도입으로 인한 연결범위 변동과 관련기업 특성에 대한 연구

This paper investigates how many firms report consolidated financial statements and how firm's consolidated coverage changes after the adoption of K-IFRS. We also investigate the financial characteristics of related firms which are included or excluded from consolidated entity. In addition, we compare the financial characteristics of firms that are included in consolidated financial statements based on the percentage ownership standards with those based on the de facto control standards. The sample is consisted of 666 KOSPI firms and 897 KOSDAQ firms in 2011. After the adoption of K-IFRS, the disclosure of consolidated financial statement has increased by 26%. The number of subsidiary companies is also increased by 1.41 times for KOSPI and 3.11 times for KOSDAQ respectively. Most firms use the percentage ownership as a standard to include subsidiaries in consolidated financial statements but they rarely employ the de facto control standard. 81.75% of the related firms are included based on the percentage ownership standard whereas 6.55% of them are included based on the de facto control standard. The findings also show that profitability of subsidiaries is the most important financial characteristics to be included in consolidated financial statements. Leverage ratio and relative firm size are not considered important. When the related firms induce favorable effect on consolidated entity, the de facto control is used as the consolidated coverage standard. Specifically, related firms that are included by the de facto standard are more profitable and have less leverage ratios, and larger relative size than other firms.