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남지안(Ji-Ahn Nam),이진수(Jin-Soo Lee) 한국무역연구원 2021 무역연구 Vol.17 No.5
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.
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K-IFRS 도입을 전후한 영업권 및 손상정보의 가치관련성 변화
남지안 ( Ji Ahn Nam ),최종서 ( Jong-seo Choi ) 한국회계학회 2019 회계저널 Vol.28 No.3
This study examines the effect of IFRS adoption on the discretionary impairment recognition and the value relevance of goodwill and impairment by comparing the periods surrounding the adoption in the Korean context. The IFRS is expected to provide more relevant information owing to principle-based and fair value oriented features, while allowing greater rooms for managers to exercise accounting discretions. Goodwill accounting represents one of the most contentious areas under the IFRS regime in terms of managerial discretions and the reliability of related information. This study examines whether the adoption of IFRS affected the association between managerial incentives and goodwill impairment recognition as well as the value relevance of goodwill and impairment. We use 1,982 firm-year observations for the period from 2007 to 2016 for firms listed in KOSPI(or KRX) and KOSDAQ markets. Our main findings are summarized as follows. First, the association between the incidence of goodwill impairment recognition and the incentives to take big-bath or income smoothing increased after IFRS adoption. Second, goodwill and impairment information was value-relevant only after IFRS adoption. When the sample is classified into discretionary and normal impairment groups, impairment information exhibits differential value relevance across sub-samples. For normal recognition sample, we find negative association between impairment and stock prices. In contrast, we observe positive price multiple when firms report impairment, apparently driven by big-bath or income smoothing incentives. The results suggest that subsequent to IFRS adoption, discretionary recognition of goodwill impairment is more likely to be associated with managerial signaling motives rather than opportunistic earnings management.
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