Title Page
Contents
Abstract 8
Chapter 1. Introduction 11
1.1. Motivation 11
1.2. Research Methodology 14
1.3. Research Results 16
1.4. Structure of Paper 17
Chapter 2. Literature Review 18
2.1. Factors that Affect Earnings Volatility 18
2.1.1. Factors that Affect Earnings Volatility 19
2.1.2. Decomposition of Earnings Volatility 24
2.2. Earnings Volatility and Information Usefulness 26
2.2.1. Relationship between Earnings Volatility and Firm Value 27
2.2.2. The Effect of Transparency 29
Chapter 3. Research Design 32
3.1. Research Hypothesis 32
3.1.1. Earnings Volatility Components relate an Uncertainty 32
3.1.2. The Effect of Earnings Volatility Components on Firm Value 35
3.1.3. The Transparency Effect on Relationship between Earnings Volatility Components and Firm Value 36
3.2. Research Model 39
3.2.1. Measurement of Volatility Components 39
3.2.2. Measurement of Uncertainty 40
3.2.3. Empirical Model for Earnings Volatility Components on Firm Value 43
3.2.4. Measurement of Transparency 46
3.3. Data and Sample Selection 51
Chapter 4. Empirical Results 52
4.1. Descriptive Statistics and Correlation Matrix 52
4.1.1. Descriptive Statistics 52
4.1.2. Correlation Matrix 54
4.2. Univariate Analysis 59
4.2.1. The Decompose Earnings Volatility 59
4.2.2. The Effect of Earnings Volatility on Firm Value 64
4.2 3. The Transparency Effect on Relationship between Earnings Volatility Components and Firm Value 68
Chapter 5. Conclusions and Implications 75
References 78
Abstract (Korean) 91
〈Table 3-1〉 Sample Selection 51
〈Table 4-1〉 Descriptive Statistics 53
〈Table 4-2〉 Pearson Correlation Matrix 56
〈Table 4-3〉 The Effect of Earnings Volatility on Uncertainty 60
〈Table 4-4〉 Earnings Volatility Components and Uncertainty 62
〈Table 4-5〉 The Effect of Earnings Volatility on Firm Value 66
〈Table 4-6〉 The Interaction Effect of Earnings Volatility with The Transparency on Firm Value 70