회계적 환위험 및 환위험관리의 정보효과

This study investigates the effect of accounting foreign exchange risk exposure (FXR) on earnings response coefficients (ERC) and the effect of accounting foreign exchange risk management effectiveness (FXRM) on ERC. This study also examines the impact of FXRM using currency derivatives on ERC. This study empirically analyzes the sample manually collected from the notes to IFRS consolidated financial statements for financial years 2011-2013 using research model based on the models in Easton and Harris(1991) and Ali and Zarowin(1992). The results are as follows. First, the larger a firm's FXR is, the smaller ERC of the firm is. Second, the higher a firm's FXRM is, the larger ERC of the firm is. Third, the incremental and positive effect of FXRM using currency derivatives on ERC is not observed for the pooled sample. However, controlling for FXRM, the incremental and positive effect of FXRM using currency derivatives on ERC is observed for high FXRM group. This study is expected to contribute to accounting literature on foreign exchange risk and foreign exchange risk management and have institutional and policy implications for various interested parties. Specifically, first, this study empirically analyses the effect of FXR on ERC and the effect of FXRM on ERC by focusing on FXR and FXRM. Second, the study empirically analyses the incremental and positive effect of FXRM using currency derivatives on ERC. Finally, this study may have institutional and policy implications for various interested parties by communicating the importance of FXR and the importance and necessity of FXRM.