K-IFRS 도입에 따른 산업이익과 기업고유이익의 가치관련성 변화

Prior studies show that the adoption of K-IFRS results in two mixed situations. First, with the increase in quality of disclosure after K-IFRS adoption, the reliability and comparability of accounting information have improved, which leads to the increased value relevance of accounting earnings. However, contrary to the first, the increase in managers’ opportunistic discretion in the application of accounting policies, which is allowed in K-IFRS, leads to the decreased value relevance of accounting earnings. On the mixed expectation of the value relevance of accounting earnings after K-IFRS adoption, prior studies have examined empirically how the value relevance of accounting earnings have changed after K-IFRS adoption. However, there is few studies that separates earnings into industry-wide earnings and firm-specific earnings and investigates the change in their value relevance before and after K-IFRS adoption. This study investigated whether the value relevance of industry- wide earnings and firm-specific earnings have changed after K-IFRS adoption, using the sample selected from the firms listed on KSE(Korea Stock Exchange) for the period 2000 to 2019. The results are as follows. Before K-IFRS adoption, the value relevance of industry-wide earnings is larger than that of firm-specific earnings. However, there is no difference in value relevance between industry-wide earnings and firm- specific earnings after K-IFRS adoption. This result is also consistently observed in various robustness tests.