기타포괄이익과 그 구성요소의 가치관련성

This study investigates the extent to which other comprehensive income(OCI) and its components provide value-relevant information to investors in Korea. Using a large sample listed on Korea Exchange over the pre-IFRS period (2008-20010) and post-IFRS period (2011-2012), we find that by and large, OCI and its items are value relevant and their value relevance increases in the post-IFRS period. Our main results are then threefold. We first provide evidence that there is not significant difference in the relative value relevance between net income(NI) and comprehensive income(CI) tested by Vuong (1989)'s method. Second, our results show that aggregate OCI is value-relevant, and has incremental value relevance beyond NI, and its value relevance increases in the post-IFRS relative to pre-IFRS period. Finally, we find that the incremental value relevance of OCI components relative to NI is observed in unrealized gains and losses from available-for-sale securities(AFS) and change in revaluation surplus(REV), but not in unrealized gains and losses on cash flow hedge derivative instruments(CFH) and foreign currency translation adjustments(FCT). We attribute our results to "visibility effects" that the increased transparency on reporting OCI in the statement of CI in the post-IFRS period rather than pre-IFRS footnote disclosure may have warranted a stronger statistical association between share price, OCI and/or its components.