영업권 연령에 따른 가치관련성의 차이

• 영문명: The Differential Value Relevance of Goodwill Based on Goodwill Age
• 발행기관: 한국무역연구원
• 저자명: 남지안(Ji-Ahn Nam) 이진수(Jin-Soo Lee)
• 간행물 정보: 『무역연구』제17권 제5호, 511~527쪽, 전체 17쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2021.10.30

영문 초록

Purpose This paper analyzes the differential value relevance of goodwill based on its age. Although previous literatures consistently report positive value relevance of goodwill, it is in doubt whether the value relevance of goodwill still holds as it ages. Design/Methodology/Approach We use samples reporting goodwill during the research period. Book value of goodwill reported on balance sheet is disaggregated into different ages, for example, goodwill acquired in year t, t-1, t-2, or prior to t-2. We use Ohlson’s valuation model to analyze whether the market attaches different values to different ages of goodwill. Findings As a result of empirical analyses with 2,563 observations, we find that recently acquired goodwill, that is, goodwill acquired within 2 years have higher value relevance compared to older goodwill acquired prior to t-2. Research Implications Our results suggest that while the market attaches values to goodwill as an asset, the value relevance of goodwill appears differential based on the its ages. The results imply that investors should recognize the differential value of goodwill based on its ages in the valuation process. Our findings also have implications for current goodwill impairment practices.

목차

Ⅰ. 서론

Ⅱ. 선행연구 검토 및 연구가설 설정

Ⅲ. 연구설계

Ⅳ. 실증분석 결과

Ⅴ. 결론

References

키워드

Goodwill Impairment Accounting Value Relevance.