기업의 사업부문과 재무제표의 비교가능성

Abstract

[Purpose]This study examines whether the accounting comparability differs depending on the similarity of core business sectors operated by firms, the degree of concentration on core business sectors, and the proportion of overseas sales.
 [Methodology]I selected a sample of KOSPI listed firms from 2017 to 2019, and empirically analyzed 12 industries based on the K－SIC middle classification in consideration of the sample size and the heterogeneity of business sectors. I used the comparability variables that DeFranco et al. (2011) measured based on the relation between stock price and earnings among different firms. In order to select the core business segment, I collected the business sector data based on the K－SIC middle classification through DART business reports. Among these business sectors, the sector with the highest individual sales is defined as the core business sector.
 [Findings]The summary of the empirical results of this study is as follows. First, it has been demonstrated that firms belonging to the same industry and operating similar core business segment have relatively higher accounting comparability than cases in which core business segment is different. Second, even if the core business sector is the same, firms with a large difference in the sales ratio of the core business segment have relatively lower accounting comparability than firms with a small difference. Third, it was partially demonstrated that the accounting comparability between firms with a large difference in the ratio of overseas sales in core business sector is lower than that between firms with a small difference.
 [Implications]This study is expected to further expand the scope of research on the comparability of financial statements. In particular, this study is meaningful in expanding the area of determinants of accounting comparability, which are limited to standards, managers, auditors, industries and so on. Also, based on this study, it suggests that information users need to pay attention according to the actual business area of the firms in using the current K－SIC industry classification standard.