보수주의가 사전이익공시에 미치는 영향

[Purpose]This study is to examine the impact of conservatism on the preliminary earnings announcement. According to prior literatures, preliminary earnings announcement and early announcement of earings have mitigated the risk of information leakage and have provided positive effect on firm’s value. However, in spite of these positive aspects, not all listed firms have released preliminary earnings announcement or early announcement of earings. We presume that this is due to time constraints for early closing or time－consumed on external audit. Also, burdens for accuracy would discourage the firms from releasing the preliminary earnings announcement. [Methodology]Variables that represent conservatism are used by various methods through Cscore and Qscore of Penman and Zhang(2002), Basu(1997) model, Book to market ratio of Feltham and Ohlson(1995) and Zang(2000) and non－operating accruals of Givoly and Hayn(2000). Methodologies used in this study were logistic regression model (ordered logistic regression analysis). [Findings]The result of this study supports that the variables that represent conservatism except one measured by non－operating accruals have impact on preliminary earnings announcement and its timing. In other words, more conservative accounting makes firms to release preliminary earnings announcement and at earlier time. This evidence suggests that managers have an incentive to choose earning announcement types and its timing according to the level of conservative accounting. [Policy Implications]Even though there is no more ‘conservatism’ concept in conceptual framework for financial reporting through adoption of the K－IFRS, this study indicates that conservatism still accelerates disclosure that contributes to efficiency of capital market by reducing agency cost.