보험수리적가정의 재량적 결정이 퇴직급여 회계정보의 가치관련성에 미치는 영향

This study examines the effect of discretionary pension actuarial assumption on the value relevance of pension accounting information. Extant literature document that firms’ financial profiles affect pension actuarial choices. However, it is difficult for investors to judge the soundness of the actuarial assumptions due to the complexity in nature. Furthermore, the pension assumptions determined by managerial opportunistic choices are likely to affect the value relevance of pension information. Using a sample of Korean listed non-financial firms which adopt a defined benefit(DB) pension plan from 2011 to 2018, we find that firms are likely to report aggressive actuarial assumptions when leverage is high or risk of loss-reporting exists. We also find that the aggressive actuarial choices due to the financial status negatively affect the value relevance of pension information, especially when the pension sensitivity increases.