Earticle

초록

영어

This paper examines the efficiency of cash flows for the listed korean manufacturing companies. To evaluate the individual information value of cash flows, regressions using market model with standardized data are estimated for operating cash flows. Accounting incomes is then added to the model to measure the incremental value relevance. And period and industry impact on the value of cash flow information is also taken into consideration in the subsequent analysis.The cash flow information turned out to have significant information value as all independent variables in the model, indicated statistically significant coefficients and directions predicted. Similar results were also found in the incremental value analysis. The analysis informs that operating cash flows appear to have more explanatory power to standardized cumulative abnormal returns than accounting income variables. Subsequent analysis shows that year and industry do have significant impact on the information value, implying that the value of cash flow data is contextual in its nature as previous studies suggested.

목차

I. 서론
 II. 이론적 배경 및 선행연구
 III. 연구모형과 표본선정
 IV. 실증분석 및 결과
 V. 결론
 참고문헌
 Abstract

키워드

저자

• 심규영 [ Kyu Young Shim | 경희대학교 국제경영대학 교수 ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  생산성연구: 국제융합학술지 [Productivity Research: An International Interdisciplinary Journal]

• 간기

  격월간

• pISSN

  1225-3553

• 수록기간

  1987~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 325 DDC 330