지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술대회자료
- 저자정보
- 발행연도
- 2014.8
- 수록면
- 4,740 - 4,790 (51page)
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초록· 키워드
오류제보하기
Financial distress precipitated by the global financial crisis in 2008 led many Korean companies to adopt the revaluation option for property, plant, and equipment. Although the impact of revaluations on a firm`s financial condition was substantial, many companies did not voluntarily disclose the results of revaluations until they issued their financial statements. In this paper, we compare firms that voluntarily disclosed their revaluation results before they issued financial statements with those that did not. We find that companies are more likely to voluntarily disclose the results of revaluations early when they hire a big reputable appraisal firm and when they report a large amount of revaluation increments. However, we find that the financial condition of a firm does not affect her voluntary disclosure, even though it is an important determinant of a firm`s election for the revaluation option. In addition, we show that big appraisal firms are more conservative or less aggressive in appraising land. Finally, we observe a significantly positive market reaction around the voluntary disclosures of the results of revaluation. The positive market reaction is mainly observed for companies that hire a big reputable appraisal firm, have a large amount of revaluation increments, and are in a financial distress before revaluations. Unlike the stock market, the bond market does not react to the voluntary disclosure of the results of revaluations.
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