미래성장기회가 영업권손상차손인식에 미치는 영향

This paper examines the effect of growth opportunity on the goodwill impairment charge recognized since the acquired goodwill has been subjected to fair value measurement. This paper also investigates whether the effect differs across two groups of firms: Korean non-financial firms listed on KOSPI versus firms listed on KOSDAQ. To capture these effects, a composite proxy variable for an investment opportunity set (IOS, hereafter) is measured according to the procedures employed in the contemporaneous studies. Basic model regresses goodwill impairment charge (GWIC, hereafter) on the IOS proxy along with control variables identified in the extant research. This model is applied to both the 1.325 firm-years which reported the beginning balance and/or the ending balance of goodwill during 2006 through 2012 and the restricted sample of 212 firm-years which recognized GWIC as well during the same period. In addition, KOSPI dummy interacted with IOS is employed in the model to isolate the differential effect of IOS across KOSPI and KOSDAQ firms. The main findings of empirical analyses are as follows:First, GWIC is negatively associated with firms‘ underlying growth opportunities, i.e., IOS. This negative association is statistically more significant for the sample with GWIC recognition than for the sample which reported only the balance of goodwill. Second, the relation between GWIC and the IOS proxy becomes more negative for the firms listed in KOSPI than for the firms traded in KOSDAQ market when the sample is restricted to the firm-years with GWIC recognition. These results collectively render support to the contention that recognition of goodwill impairment reflects future growth opportunities.