영업이익과 조정영업이익의 기업가치 관련성

This study examines the relative importance of the value relevance of the operating profit disclosed in the statement of comprehensive income and the adjusted operating profit disclosed in the note and the additional explanatory power of the difference between the operating profit and the adjusted operating profit. As a result of verifying the relative importance of the relationship between the operating income of each sample and the adjusted operating income of the sample using the consolidated financial information and the separate financial information of the sample listed on the KOSPI market, there was no significant difference between the operating profit and the adjusted operating profit in both the consolidation and the separate financial information. As a result of verifying whether the difference between the adjusted operating profit and the operating profit has additional explanatory power on the operating profit using the consolidated financial information of the sample companies listed on the KOSPI market, it was found that there was no additional explanatory power. The fact that the difference between the adjusted operating profit and the operating profit does not have any additional explanatory power suggests that it is not necessary to disclose the adjusted operating profit in the note. This implies that the annotation disclosure system of adjusted operating profit introduced only by Korea is not desirable.