분기별 발생액 패턴에 관한 연구

This paper investigates whether the pattern of quarterly discretionary accruals appears in quarterly earnings. We identify the cause of the pattern of quarterly discretionary accruals. The modified Jones model(Dechow et al. 1995) have been used in a number of paper. This model treats the change in revenues as entirely non-discretionary and the change in receivables as discretionary(⊿rev-⊿rec). As a result, the change in receivables is included in discretionary accruals. If the quarterly discretionary accruals are estimated by time-series models using data from periods prior to the event period, the pattern of quarterly discretionary accruals may result in the pattern of the change in receivables. To test the hypothesis, the firm-periods for which we estimate abnormal accruals are selected from 10,368 firm-quarters with non-banking firms and December fiscal year traded over Korea Stock Exchange(KSE) during 2003-2008. Quarterly abnormal accruals are estimated by the modified Jones model using the time-series models and the cross-sectional models. We find that the abnormal accruals from the modified Jones model have a significantly positive relation with the change in receivables both the time-series models and the cross-sectional models. Also, the quarterly mean of changes in receivables tend to increase quarterly discretionary accruals.