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Economic Uncertainty and Value Relevance of Accounting Information 经济不确定性与会计信息的价值相关性
Q4 Business, Management and Accounting
Korean Accounting Review
Pub Date : 2022-04-30 DOI: 10.24056/kar.2022.04.002
Sungho Choi, Younsung Kang, Kwan Choi
Uncertainty, unlike risk, is hard to be predicted and measured. When economic uncertainty increases, it becomes difficult for policy makers and investors to respond and come up with the ambiguous economic situation. The uncertainty not only reduces consumption, investment and employment but also increases volatility of stock price. As an example, recent COVID-19 has increased uncertainty in the global economy. Governments have tried to resolve the uncertainty through active monetary and financial policies, but these policies are not successful but result in widening the gap between the real market and capital market. A few economists recently have developed economic uncertainty index to diagnose and resolve the economic difficulties. They applied textual analysis to measure the index using mass media articles and economic reports of EIU(Economic Intelligence Unit). This study investigates whether the uncertainty affects the value relevance of accounting information using WUI(World Uncertainty Index) developed by Ahir et al. (2018). The results show that EPS and BV of equity lose their value relevance significantly as economic uncertainty increases during the period from 1999 to 2020. The value relevance of accruals and operating cash flow also decrease significantly during high uncertainty period although they have different characteristics. These results show that the economic uncertainty lowers the usefulness of accounting information. © 2022, Korean Accounting Association. All rights reserved.
不确定性与风险不同，它很难预测和衡量。当经济的不确定性增加时，政策制定者和投资者很难做出反应，也很难提出模棱两可的经济状况。这种不确定性不仅减少了消费、投资和就业，而且增加了股价的波动性。例如，最近的新冠肺炎疫情增加了全球经济的不确定性。各国政府试图通过积极的货币和金融政策来解决不确定性，但这些政策并不成功，反而导致实体市场与资本市场之间的差距扩大。近年来，一些经济学家提出了经济不确定性指数来诊断和解决经济困难。他们使用大众媒体文章和EIU(经济情报单位)的经济报告对指数进行了文本分析。本研究使用Ahir等人(2018)开发的WUI(世界不确定性指数)来调查不确定性是否影响会计信息的价值相关性。结果表明:1999 - 2020年，随着经济不确定性的增加，每股收益和股本价值显著失去了价值相关性。在高不确定性期间，应计项目和经营性现金流量的价值相关性虽然具有不同的特征，但也显著降低。这些结果表明，经济不确定性降低了会计信息的有用性。©2022，韩国会计协会。版权所有。
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引用次数: 1
The Effect of Standard Audit Hours Policy on Audit Quality 标准审计时间政策对审计质量的影响
Q4 Business, Management and Accounting
Korean Accounting Review
Pub Date : 2022-04-30 DOI: 10.24056/kar.2022.04.008
Yeonjoo Cho, Min-hee Kim, Kyu-an Jeon
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引用次数: 5
The Auditors’ Responses to Management’s Overconfident Tone 审计人员对管理层过度自信的回应
Q4 Business, Management and Accounting
Korean Accounting Review
Pub Date : 2022-04-30 DOI: 10.24056/kar.2022.04.001
Hyejeong Shin, Su-in Kim, Hee‐Yeon Sunwoo
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引用次数: 0
Examination on Tax Avoidance Measures and Earnings Management: Focusing on Effective Tax Rates and Discretionary Accruals 避税措施与盈余管理研究:以有效税率和可支配应计项目为重点
Q4 Business, Management and Accounting
Korean Accounting Review
Pub Date : 2022-04-30 DOI: 10.24056/kar.2022.04.004
Haerin Shim, Kiho Choi, J. Yoo
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引用次数: 0
The Association between Comparability of Financial Statements and Dividends and Information Asymmetry in Korea 韩国财务报表与股利可比性与信息不对称的关系
Q4 Business, Management and Accounting
Korean Accounting Review
Pub Date : 2022-04-30 DOI: 10.24056/kar.2022.04.003
Hyejin Ahn, H. Oh
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引用次数: 0
Internal Audit Function and Preliminary Earnings Quality 内部审计职能与初步盈余质量
Q4 Business, Management and Accounting
Korean Accounting Review
Pub Date : 2022-04-30 DOI: 10.24056/kar.2022.04.007
Bosun Shin, Jongsoo Han, Chairin Park, Seung-Im Hyun
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引用次数: 0
Calendar Effects on Quarterly Earnings and Market Pricing 日历对季度收益和市场定价的影响
Q4 Business, Management and Accounting
Korean Accounting Review
Pub Date : 2022-04-30 DOI: 10.24056/kar.2022.04.005
Namho Kang
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引用次数: 0
The Effect of the Accounting Transparency Improvement Plan of Order-made Production Industry on Accounting Transparency and Information Asymmetry 订单生产型行业会计透明度改进计划对会计透明度和信息不对称的影响
Q4 Business, Management and Accounting
Korean Accounting Review
Pub Date : 2022-04-30 DOI: 10.24056/kar.2022.04.006
S. Choi
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引用次数: 0
Managers’ Responses to the Announcement of K-IFRS 1116 管理人员对K-IFRS 1116公告的回应
Q4 Business, Management and Accounting
Korean Accounting Review
Pub Date : 2022-02-28 DOI: 10.24056/kar.2022.02.002
Byungchul Choi, Sooin Kim, Doo-cheol Moon
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引用次数: 3
The Level of Audit Fees at Auditor-level and Audit Quality 审计收费水平与审计质量
Q4 Business, Management and Accounting
Korean Accounting Review
Pub Date : 2022-02-28 DOI: 10.24056/kar.2022.02.004
Sunyoung Park, Catherine Heyjung Sonu
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引用次数: 0
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