잠정이익 편의의 질적특성에 관한 연구: 예측가치를 중심으로

This study analyze whether preliminary earnings bias has predictive value as a qualitative characteristic of useful accounting information, thereby identifying dominant manager’s motivation incurring biases. In order to empirically test this, preliminary disclosure information of companies listed on the Korea Stock Exchange and KOSDAQ market for fiscal years 2013 to 2018 are collected through Korea Data Analysis, Retrieval and Transfer System (DART) using Python program. Analysis results show that next year performance (profit and operating cash flow) of companies with over-estimated preliminary earnings bias decreased significantly compared to those without the bias. As a result, earnings persistence of profitable companies decreased but loss companies increased. We also found that excessive preliminary earnings bias provided significantly negative information on the next year performance additional to current performance information. These results imply that the excessive preliminary earnings bias occurs as a result of earnings management motivated by manager's pursuit of private profits. On the other hand, under-estimated preliminary earnings bias did not show a consistent relationship with future performance. This implies that various causes of under-estimated preliminary earnings bias have different effects on future performance, and that the audit effect does not appear symmetrically on over/under preliminary earnings recognition.