생산성과 기업가치 관련성：발생액 정보의 신호효과를 중심으로

[Purpose] The main purpose of this paper is to examine whether the signal effect of accruals on the relationship of productivity and corporate value. Prior literature on determinants of the corporate value investigate whether fundamental firm characteristics, general corporate governance and ownership structures etc. This paper insist that corporate productivity drive the larger scale of corporate value, as compared to firm with low productivity. [Methodology] This study conducts an empirical analysis of December financial year－end firms, excluding financial firms, listed on the Korea Exchange (KRX) from 2018 to 2023. A potential drawback of univariate analyses is that it fails to control for other contemporaneous factors that could also affect firms’ accruals management behavior. The hypothesized the signal effect of accruals on relations between productivity and coporate value are derived based on comparative statics in the analytical model, which indicates that these relations should hold under the ceteris paribus conditions. Therefore, more convincing evidence should be obtained in the multivariate analyses. [Findings] The results of this paper show that the value－relevance of signal provided by productivity at high levels of accruals, there is only information content in the signal effect of accruals. Also, there is evidence that the value－relevance of accruals increases in the relationship of productivity and corporate value. [Implications] This suggests that the market valuates positive only the signal component of accruals at high levels of productivity.