국제회계기준 도입에 따른 영업이익의 질적 특성

This study compares the differences between the quality of operating income under K－IFRS(International Financial Reporting Standards) and K－GAAP(Generally Accepted Accounting Principles) in terms of earnings persistence and earnings response coefficient. K－GAAP provides that operating income is determined by subtracting selling and administrative expenses from gross margin on sales. K－IFRS, on the other hand, permits discretion to choose items to be included or excluded in operating income. Prior research documents that K－IFRS operating income numbers are higher than K－GAAP operating income numbers. This evidence suggests two alternate scenarios：(1) reporting discretionary may represent an attempt by mangers to remove transitory components from operating earnings in order to make earnings an enhanced measure for determining future cash flows, or (2) relatively high K－IFRS operating income numbers represent an attempt by managers to garner higher valuations by reporting the higher operating income numbers. In this context, we investigate whether the quality of K－IFRS operating income is improved on decision usefulness. We examine the persistence to test the quality of operating income and ERC as well. Our empirical results show that the persistence of K－GAAP operating income is greater than K－IFRS and also present that ERC of K－GAAP operating income is higher on average. These findings imply that K－IFRS operating income is not improved in decision usefulness, but rather it seems that managers are opportunistic when reporting K－IFRS operating income.