코스닥기업 재무건전성지수의 가치관련성 : 기업수명주기를 중심으로

[Purpose] This study empirically investigates whether the value relevance of a bankruptcy predictor －constructed from accounting information－varies across different stages of the firm life cycle, as it provides distinct information for investor decision－making depending on the life cycle stage of KOSDAQ－listed firms. [Methodology] This study performs a regression analysis using stock prices per share, based on a sample of manufacturing firms listed on the KOSDAQ market (excluding those in the technology growth sector), categorized by firm life cycle stages over the period from 2011 to 2024. [Findings] First, across all stages of the firm life cycle, a higher Z－score is positively associated with stock price increases, and the impact of the Z－score on stock price is greater than that of earnings per share. Second, at every life cycle stage, companies classified as financially sound tend to increase stock price. However, when the bankruptcy predictor is only at a threshold level considered “sound”, the effect is not statistically significant, indicating that the criteria for assessing financial soundness are stringent. Third, the empirical results reveal that the value relevance of the financial ratios comprising the Z－score varies across firm life cycle stages. This indicates that differences in the usefulness of accounting information lead to variations in its value relevance to the firm. [Implications] This study contributes to the advancement of research on the usefulness of accounting information by empirically analyzing whether Altman’s (1968) Z－score, a bankruptcy predictor that has been widely used by market participants for over 50 years, influences investor decision－making in the KOSDAQ market.