내부회계관리제도에 대한 양적·질적 측면의 인적자원 투자가 재무분석가의 이익예측 특성에 미치는 영향 : 재무부서에 대한 분석을 중심으로

This study examines the effect of investment in internal accounting management systems on the characteristics of analysts forecast. As financial departments play a direct and the most significant role in producing accounting information, the effect of human resource investment in financial department (HRFD) is of great interests to investors and other interested parties. More specifically, we investigate the effect of both quantitative and qualitative characteristics of investment in internal accounting management systems on several features of analysts forecast. A quantitative characteristics of the investment is measured based on the proportion of HRFD employees to total employees in financial department. A qualitative characteristics of the investment is measured based on the proportion of CPAs to total employees in financial department. Using 652 sample firm-years from 2003 through 2009, we are not able to find evidence that there is an association between the quantitative characteristic of human resource investment in financial department and analysts forecast accuracy, forecast optimism, and forecast dispersion. On the other hand, we find that the qualitative characteristic is significantly associated with analysts forecast accuracy, forecast optimism, and forecast dispersion. We also find that these associations pertaining to the qualitative characteristic are more pronounced with smaller size sample. Our study suggests that more detailed disclosures on human resource investment in internal accounting management systems are useful to investors, analysts, and regulators in making their decisions.