공시행태에 따른 회계이익의 가치관련성에 관한 연구

Regulation Fair Disclosure was adopted in 2002, in Korea. The purpose of this study is that the value-relevance of earnings has increased significantly for the entire firms. And the value-relevance of earnings has increased significantly after the separation by size of firms. In the this study, types of Regulation Fair Disclosure was classified in two sub items earnings forecasts disclosure and non-earnings forecasts disclosure. For empirical analyses, this study selected the data for the period from 2010 to 2015 from Korean stock market. The empirical results are summarized as follows: First, earnings forecasts disclosure of Regulation Fair Disclosure has increased significantly in the value-relevance of earnings. And non-earnings forecasts disclosure of Regulation Fair Disclosure is has increased significantly in the value-relevance of earnings. Therefore hypothesis 1, 2 was proved that higher level of disclosure was increased in the value-relevance of earnings. Second, this study was classified the sample by the big firms and the small firms. The result of study, the big firms has increased significantly in the value-relevance of earnings in earnings forecasts disclosure and non-earnings forecasts disclosure. This study has two implications as follows. First, this study has two types disclosure in earnings forecasts disclosure and non-earnings forecasts disclosure unlike prior studies. Second, in Changed accounting information environment, this study had in the view point that Regulation Fair Disclosure will have relation value-relevance and accounting earnings. Last, this study of limitation is that period of study is too short.