매출액의 가치관련성: KOSPI 기업과 KOSDAQ 기업의 비교 연구

초록

This study examines the differences in the value-relevance of revenue between KOSPI firms and KOSDAQ firms during the 1998-2012 period. First, this study finds that revenue is incrementally value-relevant only for KOSPI firms. Second, this study examines the value-relevance of revenue over time. Result reveals that revenue has been incrementally value-relevant in recent years for KOSPI firms, whereas revenue is not reliably value-relevant for KOSDAQ firms. Prior literature has investigated whether revenue is particularly important in situations where revenue (earnings) are perceived as more (less) informative. This study adds to the existing revenue research by documenting the differential usefulness of revenue between stock markets with different features.

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