회계이익의 질, 배당과 기업가치

Abstract

This study verified the relationships among the quality of accounting earnings, dividend and firm value. The sample of this study includes companies listed Korea stock market that reported annual financial statement and excluded financial firms over period from 2002 to 2014. Finally the study used the 7,098 firm-year data. For this study, earnings persistence and earnings management through discretionary accruals were used for the quality of accounting earnings, propensity to dividend and dividend payout ratio were used for the dividend and market-value versus book-value ratio(MBratio) and Tobin’s Q were used for the firm value. In the previous works, the quality of accounting earnings is measured by discretionary accruals, conservative accounting, cash conversion, earnings persistence and earnings volatility, but it has been determined that earnings persistence and discretionary accruals best represents the earnings quality. Therefore, in this study, earnings persistence and discretionary accruals were used for the quality of accounting earnings when measuring for the earnings quality. In this study, we used Sloan’s(1996) year-to-year net-income sustainability factor for earnings persistence and Modified Jones Model(Dechow et al., 1995) for discretionary accruals. And for dividend, the propensity to dividend that is widely used in the previous works and additionally the dividend payout ratio were used. Also, for firm value, market-value versus book-value ratio (MBratio) and Tobin’s Q were measured for t+3 years and used to verify the long and short-term firm value. The purpose of this study is as follows. First, to verify what impact the quality of accounting earnings has on the dividend, the quality of accounting earnings will be used by earnings persistence and earnings management. The dividend will be verified using the propensity to dividend and dividend payout ratio as surrogate variables. Second, to verify the impact that the quality of the accounting earnings has on firm value and to verify the long and short-term firm value, firm value will be examined using the market-value versus book-value ratio (MBratio) and Tobin’s Q. Third, the impact that the earnings quality of a high dividend company has on the firm value will be tested and the long and short-term firm value will also be examined. The significance and contributions of this study are as follows. First, the existing financial management study related to dividends and firm value has been expanded by analyzing. Second, the significance of the study can be found from the fact that results were obtained considering earnings persistence, earnings management, dividend and firm value simultaneously. In particular, earnings persistence coefficient was used to represent the earnings persistence variable. A few previous domestic research studies relating to earnings persistence and dividend. And the quality of earnings are measured by discretionary accruals, conservative accounting, cash conversion, earnings persistence, and earnings volatility in prior research and this study used earnings persistence and discretionary accruals. Also, earnings persistence is determined by earnings persistence coefficient in this study. Third, the impact that the quality of accounting earnings and the earnings quality of high dividend payout company has not only on the short-term firm value but also on long-term firm value. Most of the previous works have been limited to short-term firm value verifications. Fourth, propensity to dividend and dividend payout ratio are used as surrogate variables for measuring dividend, and market-value versus book-value ratio(MBratio) and Tobin’s Q are used as surrogate variables for measuring firm value, both of which are used to secure the robustness of the research results. Fifth, in the research design 2SLS(two stage least square), covariance analysis and path analysis were conducted along with the multiple regression analysis to secure the reliability and validity of the results of the multiple regression analysis.