국제적 다각화와 회계적 보수주의에 관한 연구

• 영문명: The Effect of International Diversification on Accounting Earnings and Conservatism: Roles of Corporate Governance and Information Asymmetry
• 발행기관: 한국무역연구원
• 저자명: 장아남(Ya-Nan Zhang) 임충혁(Chung-Hyeok Im) 김명인(Myung-In Kim)
• 간행물 정보: 『무역연구』제15권 제6호, 449~466쪽, 전체 18쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2019.12.30

영문 초록

Purpose -The purpose of this study is to examine the impact of international diversification on accounting earnings. More specifically, this study investigates whether international diversification is associated with accounting conservatism and then test whether corporate governance affects the relation between international diversification and accounting conservatism. In addition, this study explores the role of information asymmetry as a mediating variable for the relation between international diversification and accounting conservatism. Design/methodology/approach - We collect financial data from KIS-VALUE and TS-2000 from 2002 to 2013 and implement regression analysis in order to test our hypotheses. Accounting conservatism is estimated as a C-Score developed by Khan and. Watts (2009) and international diversification is proxied by the ratio of foreign sales and foreign currency assets. Findings - Empirical results show the positive relation between international diversification and accounting conservatism and also shows that the positive relation is more pronounced for the firms with high corporate governance. Furthermore, we find that information asymmetry plays a mediating variable in the relation between international diversification and accounting conservatism. Research implications or Originality - First, this study implies that firms with high international diversification are likely to demand more conservative financial reporting in that conservative reporting can provide an enhancing role of information quality for firms with more foreign segments. Second, this study provides evidence that information asymmetry plays a mediating variable and corporate governance is a moderating variable in the relation between international diversification and accounting conservatism. Hence, this study provides a useful and meaningful evidence to investors, creditors, standard-setters, practitioners, among others in making economic decisions in capital market.

목차

Ⅰ. 서론

Ⅱ. 선행연구와 가설설정

Ⅲ. 표본설정

Ⅳ. 실증분석방법

Ⅴ. 실증분석 결과

Ⅵ. 추가분석

Ⅶ. 결론

키워드

Accounting Conservatism Corporate Governance Information asymmetry International Diversification