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The role of accounting information in valuing administrative issues of Korea Exchange

This study investigates the role of accounting information in valuing administrative issues specified by the causes of designation on the Korea Securities Exchange during 2000 to 2015. Administrative issues pertain to companies that should attract investors' interest. Even though their accounting information is not inappropriate for investors, the financial and non-financial conditions of issues are poorer than that of normal companies. Empirical findings show the book value of equity as the most value-relevant factor among research variables, regardless of firm size, membership of financial markets, and technology level, while performance variables such as accounting earnings, cash flows, operating income, and operating cash flows have very little or negative impact on enterprise value. The implication is that the book value of equity could play an alternative role, substituting for conventional value-relevant variables such as accounting earnings, cash flows, operating income, and operating cash flows in the Korea Securities Exchange.