IFRS의 도입이 회계이익·과세소득의 차이와 투자효율성의 관계에 미치는 영향

This paper investigates the impact of the adoption of IFRS on the relationship between book income and taxable income difference (BTD) and corporate investment efficiency. After the introduction of IFRS, the impact of BTD on the investment efficiency could be changed considering mandatory IFRS adoption will increase financial reporting quality in general. Empirical results show that the investment efficiency measured by the method of Biddle et al. (2009) increases when the BTD decreases. In addition, we analyzed the period before and after the adoption of IFRS and found that the negative relation between BTD and the investment efficiency exists only during the period before the introduction of IFRS. These effects are mainly found in companies listed on the KOSDAQ market. Taken together, as BTD decreases, investment efficiency increases, but this effect is mainly seen in companies listed on the KOSDAQ market during the period before the IFRS adoption. The results of this study have significant implications because they enhance the understanding of management decision making. Specifically, the managerial investment decision process is difficult to observe from the outside, but it is possible to infer the efficiency of the investment decision making through the BTD information which is observable through the annual report. In addition, information users have come to understand the impact of the improvement of accounting transparency due to the adoption of K－IFRS in terms of BTD. In addition, external investors will find that differences in reporting profits and audit information affect investment efficiency, which will help to make a reasonable investment.