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논문 기본 정보

자료유형
학술저널
저자정보
저널정보
한국유통과학회 유통과학연구 유통과학연구 제18권 제2호
발행연도
2020.1
수록면
99 - 108 (10page)

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Purpose: This paper investigated the relationship between market competition and firm valuation error. Furthermore, Additional analyses were made according to the quality of financial reports and the listed market. Through the process we confirm to the impact of competition on the capital market. The purpose of this study is to analyze the impact of competition on valuation errors. The preceding studies did not provide a consistent results of the effects of competing functions on the capital market. One view is that the competition could mitigate the information asymmetry, and the other is that monopolistic lessens the manager's involvement in financial reporting. This study is intended to expand the prior study by analyzing the impact of competition on the capital market and on the valuation of investors. Research design, data, and methodology: The analysis was conducted on 12,031 samples over 11 years from 2008 to 2018 using data from market in Korea. Here the valuation error was measured by the research methodology of Rhodes-Kropf, Robinson and Viswanathan (2005), and competition measured by Herfindahl-Hirschman Index multiplied by (-1), and Concentration Ratio by (-1). Results: We confirm that the positive relationship between competition and the valuation error. In addition, we also found that the positive relation between competition and valuation error was in cases of low discretionary accruals and the KOSDAQ market. This means that the net function of competition does not mitigate valuation errors. Conclusions. This study has the following contributions when compared to prior research. First, the relevance between the level of competition and the valuation of the entity was confirmed. The study by Haw, Hu and Lee (2015) suggested that monopolistic industry of analysts‘ forecast is more accurate due to lower the variability in earnings. This study magnified it to confirm that monopolistic lessen information uncertainty in valuation. Second, the study on valuation errors was expanded. While the study on the effect of valuation errors on the capital market is generally relatively active, it is different that competition degree has analyzed the effect on valuation errors amid the lack of research on the effect on valuation errors.

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참고문헌 (16)

참고문헌 신청
Badertscher, B. A. / 2011 / Overvaluation and the choice of alternative earnings management mechanisms / The Accounting Review 86(5):1491~1518 google schola Becker, C. L / 1998 / The effect of audit quality on earnings management / Contemporary Accounting Research 15(1):1~24 google schola 차상권 / 2019 / Business Strategy and Overvaluation: Evidence from Korea / The Journal of Asian Finance, Economics and Business 6(4):83~90 google schola 차상권 / 2020 / The Impact of Overvaluation on Analysts’ Forecasting Errors / 산경연구논집 11(1):39~47 dbpia Cheng, P. / 2013 / The impact of product market competition on earnings quality / Accounting &Finance 53(1):137~162 google schola

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