매출변동에 따른 이익지속성과 재무지표의 가치관련성

Abstract

[Purpose]The Ohoson(1995) explains the value relevance between earnings and net assets through earnings persistence. This study investigates whether sales change has a differential impact on earnings persistence and whether this has a differential effect on the value relevance of earnings. [Methodology]By analyzing data from 20,589 firm/years listed on the KOSPI and KOSDAQ, we verify whether differences in earnings persistence when sales increase or decrease and whether there is a difference in the value relevance of accounting earnings when sales increase or decrease. [Findings]First, persistence of net income is lower in times of sales decline than sales increase. Second, the decrease in earnings persistence is more evident in operating income than net income. This result seems to be because net income includes non－recurring items that are highly temporary. Finally, the value relevance of earnings was lower in a period of sales decline than in a period of sales increase. [Implications]We should consider sales change as a critical factor when we estimate earnings persistence, and also should consider the difference of earnings persistence due to sales change when we use Ohlson (1995) type firm valuation model.