재량적 이익유연화와 악재에 대한 비대칭적 인식이 이익유연화와 정보비대칭의 비선형적 관계성에 미치는 효과

Abstract

Previous studies have reported conflicting results on the relationship between earnings smoothing and information asymmetry depending on the positive and negative roles of earnings smoothing. For these contradictory results, Jayaraman(2008) confirmed that there is a U-shaped non-linear relationship between earnings smoothing and information asymmetry due to discretionary earnings smoothing. This study tried to verify the nonlinearity of earnings smoothing and information asymmetry by focusing on the conflicting correlation between cash flow and accrual between discretionary earnings smoothing and asymmetric recognition of loss recognition(ATLR). The main findings are as follows. First, as the frequency of ATLR increases, the negative correlation between cash flow and accrual weaken and earnings volatility increase；thus the frequency of ATLR is a factor that lowers the level of earnings smoothing. Second, earnings smoothing and information asymmetry have a positive (＋) relationship in the smooth earnings group, whereas, earnings smoothing and information asymmetry have a negative (-) relationship in the volatile earnings group. This result means a non-linear relationship between earnings smoothing and information asymmetry depending on the volatility of earnings. Third, it is found that information asymmetry increased as the frequency of ATLR increased. This means that as the frequency of ATLR increases, the volatility of earnings increases, and uncertainty about investors’ future earnings and cash flow forecasts increases, resulting in increased information asymmetry.
 Finally, discretionary earnings smoothing provides a positive (＋) effect to earnings smoothing based on the negative (-) correlation between cash flow and accrual, and results in a positive (＋) relationship between earnings smoothing and information asymmetry. On the contrary, ATLR provides a negative (-) effect on earnings smoothing based on the positive (＋) correlation between cash flow and accrual, and results in a negative (-) relationship between earnings smoothing and information asymmetry. As a result, a non-linear relationship between earnings smoothing and information asymmetry is induced from the conflicting correlation of cash flow and accrual between discretionary earnings smoothing and ATLR.