기업지배구조가 IFRS채택과 회계정보의 가치관련성에 미치는 영향에 관한 연구

In 2011 Korea has adopted IFRS, activating research on IFRS adoption and the value relevance of accounting information. This study compares the value relevance of accounting information(EPS, BPS) before and after the adoptiion of IFRS, using Korea Stock Exchange’s listed company financial data and corporate governance data from Korea Corporate Governance Service. The empirical results are as follows: Based on Ohlson model, interaction variable(IFRS and EPS), not interaction variable(IFRS and BPS), shows significantly positive coefficient. This indicates that as IFRS focuses on fair value system in valuing assets and liabilities, the weight of investment decision has transferred from BPS to EPS. Also in 2008 and 2009, global financial crisis occurred thereby the importance of BPS exceeding that of EPS. Therefore in 2010 and 2011 after the global financial crisis, the importance of EPS could exceed that of BPS. As main results of the study, when a company has strong corporate governance, the value relevance of BPS had significantly incremental effect over the effect from the adoption of IFRS. Similarly in terms of sub corporate governance components, when corporate governances of board of directors, disclosure system and audit structure are strong, the value relevance of BPS based on IFRS had incremental effect. Overall, IFRS emphasizing fair value concept has resulted in EPS’s importance as variability of EPS represents the economic substance and influences on the prospects of future earnings. According to this study, fair value accounting lead to emphasizing earnings, not book values. Also investors need to consider corporate governance in addition to accounting information when they make rational decision in investment.