기업의 ESG 등급이 발생액 이익조정 및 실물 이익조정에 미치는 영향

강경구,박정열,나형종 한국국제회계학회 2023 국제회계연구 Vol.- No.107

[Purpose]This study examined the relationship between a company’s ESG grade and earning management(accrual earning management and real earning management) level. This paper also conducted an empirical analysis on the relationship between the level of corporate earning management and detailed grades such as environmental, social activity, and governance grades among ESG grades as well as ESG total grades. [Methodology]The sample period of this study was from 2011 to 2021, and the sample targets were those companies that disclosed ESG ratings by the Korea ESG Standards Institute among KOSPI companies. In addition, corporate financial data used in this study were collected using KIS-VALUE provided by NICE Credit Rating. In this paper, the effect of a company’s ESG rating on accrual earning management and real earning management behavior was verified through a regression analysis model. [Findings]As a result of the study, first, the higher the ESG rating of a company, the lower the level of accrual earning management. When verified using the accrual earning management variable used in Dechow et al. (1995) and the accrual earning management variable used in Kothari et al. (2005), the same results were derived. Second, the higher the ESG rating of a company, the lower the level of real earning management overall. However, different results were derived for each detailed activity of real earning management. In the case of abnormal operating cash flow, the higher the ESG total grade, environmental grade, and social activity grade, excluding the corporate governance grade, the higher the level of real earning management using abnormal operating cash flow. In the case of abnormal manufacturing cost, the higher the environmental, social activity, and governance grades, which are all the lower grades as well as ESG’s total grade, the lower the level of real earning management using abnormal manufacturing cost. In the case of abnormal discretionary costs, the level of real profit adjustment using abnormal discretionary costs was found to be low only when the corporate governance rating was high, and the remaining ESG total, environmental, and social activity grades and abnormal discretionary costs were not significantly related. [Implications]First, the research results of this paper provide useful information that companies that think about the environment, have social responsibility, and have transparent governance structures distort facts and generally engage in less unethical earning management. Second, in the case of real earning management, it can be seen that there is a different relationship with ESG ratings by abnormal operating cash flow, abnormal manufacturing cost, and abnormal discretionary cost, suggesting that a company’s ESG rating can be an indicator to infer the level of real earning management. Third, at a time when interest in ESG is rising, the empirical analysis results of this paper are expected to contribute to sound corporate activities and cultural settlement by reminding managers of the importance of ESG activities. [연구목적]본 연구는 기업의 ESG 등급과 발생액 이익조정 그리고 실물 이익조정 수준과의 관계에 대하여 연구하였다. 본 논문은 ESG 총 등급뿐만 아니라 ESG 등급 중 환경 등급, 사회적 활동 등급, 지배구조 등급 이렇게 세부적인 등급과도 기업의 이익조정 수준과의 관계에 대해서 실증분석을 수행하였다. [연구방법]본 연구의 표본기간은 2011년~2021년이고, 표본대상은 KOSPI 기업 중 한국ESG기준원에서 ESG 등급을 공시한 기업들을 대상으로 하였다. 본 연구에서 사용한 기업 재무 데이터는 NICE신용평가에서 제공하는 KIS-VALUE를 사용하여 수집하였다. 본 논문에서는 회귀분석 모형을 통해 기업의 ESG 등급이 발생액 이익조정 및 실물 이익조정 행위에 미치는 영향에 대하여 검증을 하였다. [연구결과]첫째, 기업의 ESG 등급이 높을수록 발생액 이익조정 수준은 낮은 것으로 나타났다. 발생액 이익조정에 대한 두 가지 대용변수인 Dechow et al.(1995)에서 사용한 발생액 이익조정 변수, Kothari et al.(2005)에서 사용한 발생액 이익조정 변수를 사용하여 검증하였을 때 모두 동일한 결과가 도출되었다. 둘째, 기업의 ESG 등급이 높을수록 전반적으로 실물 이익조정 수준도 낮은 것으로 나타났다. 그러나 실물 이익조정의 세부 활동별로 상이한 결과가 도출되었다. 비정상 영업현금흐름의 경우, 기업의 지배구조 등급을 제외한 ESG 총 등급, 환경 등급, 그리고 사회적 활동 등급이 높을수록 비정상 영업현금흐름을 활용한 실물 이익조정 수준은 유의하게 높은 것으로 나타났다. 비정상 제조원가의 경우 ESG 총 등급뿐만 아니라 하위 모든 등급인 환경 등급, 사회적 활동 등급, 지배구조 등급이 높을수록 비정상 제조원가를 활용한 실물 이익조정수준은 유의하게 낮은 것으로 나타났다. 비정상 재량적비용의 경우 오로지 ESG 등급 중 기업의 지배구조 등급이 높을 때에만 비정상 재량적비용을 활용한 실물 이익조정수준이 낮은 것으로 나타났고, 나머지 ESG 총 등급, 환경 등급 그리고 사회적 활동 등급과 비정상 재량적비용을 활용한 실물 이익조정 수준은 유의한 관계가 없는 것으로 나타났다. [연구의 시사점]첫째, 본 논문의 연구결과는 환경을 생각하고 사회적 책임감이 있으며 지배구조가 투명한 기업일수록 사실을 왜곡하고 비윤리적인 이익조정 행위를 전반적으로 덜 한다는 유용한 정보를 제공한다. 둘째, 실물 이익조정의 경우에는 비정상 영업현금흐름, 비정상 제조원가, 비정상 재량적비용별로 ESG 등급과 상이한 관계가 있다는 사실을 알 수 있으며, 이는 기업의 ESG 등급이 기업의 실물이익조정 수준을 유추할 수 있는 지표(indicator)가 될 수 있음을 시사한다. 셋째, ESG에 대한 관심이 고조되는 현 시점에 본 논문의 실증분석 결과는 실무적으로도 기업의 경영자들에게 ESG 활동의 중요성을 상기시켜 줌으로써 건전한 기업활동과 문화 정착에 이바지 할 것으로 기대된다.

소유지분율에 따른 경영자의 차별적인 이익조정행태

한정희,문상혁 한국경영교육학회 2012 경영교육연구 Vol.27 No.2

The purpose of this thesis is to examines the relationship between the ownership structure and earnings management. To verify behaviors of earnings management based on ownership structure, Non-linear relationship analytical model is used. To estimate the measurement values of earnings management, real activities earnings management by Roychowdhury(2006) model is used. The empirical findings by 3,263 Listed firms on Korea Stock Exchange market(2002∼2007) not included on banking business and Dec. closing, are as bellows. The followings are the empirical results of the study. First, as the result of the regression analysis on the assumed linear relationship between the managerial ownership and real activities earnings management, the ownership does not seem to affect the real activities earnings management of the managerial ownership. Second, as the result of the regression analysis on the assumed non-linear relationship between the managerial ownership and real activities earnings management, the relationship between real activities earnings management and managerial ownership is found to be in the cubic form of "increase - decrease - increase." The two turning point are 21.92 percent and 62.84 percent, respectively. At a lower level of ownership(below 21.92%), the relationship between real activities earnings management and managerial ownership is positive. On the other hand, when real activities earnings management and managerial ownership is between 21.92 percent and 62.84 percent, the relationship between real activities earnings management and managerial ownership becomes negative. When managerial ownership and further increases and reaches too high a level(beyond 62.84%), the relationship between real activities earnings management and managerial ownership becomes positive again. These results may be of interest to policy makers, standard setters, academic researchers, and investors. 본 연구는 소유지분율에 따른 경영자의 차별적인 이익조정행태를 실증적으로 검증하였다. 구체적으로 소유지분율에 따라 경영자의 차별적인 이익조정행태가 나타나는지 최근에 관심이 고조되고 있는 실제활동 이익조정을 통해 소유지분율에 따른 경영자의 차별적인 이익조정행태에 대하여 분석하였다. 연구결과를 요약하면 다음과 같다. 경영자지분율과 실제활동 이익조정은 경영자지분율이 21.92%이하 구간에서는 이익조정이 증가, 21.92%이상 62.85%이하에 속하는 중간구간에서는 이익조정이 감소, 경영자지분율이 62.85% 이상에 속하는 상위구간에서는 다시 이익조정이 증가하는 증가-감소-증가의 형태를 보임으로써 실제활동 이익조정의 정도는 경영자지분율에 따라 차별적 특성을 보이는 것으로 나타났다. 이러한 결과는 다음과 같이 해석할 수 있다. 경영자지분율이 하위구간에 속하는 경우에는 경영자보상, 자본시장유인 등으로 인하여 보고이익을 조정할 유인이 존재하므로 실제활동 이익조정이 적극적으로 이용된다. 반면 경영자지분율이 중간구간에 속하는 경우 경영자는 기업의 실질가치훼손을 가져오는 실제활동 이익조정의 이용에 소극적인 것으로 볼 수 있다. 그러나 경영자지분율이 상위구간에 속하는 경우 경영자에게 과다한 재량권이 주어지기 때문에 경영자의 사적이익을 추구하는 의사결정이 이루어질 것이므로 기업의 실질가치를 훼손시킴에도 불구하고 실제활동을 통한 이익조정을 증가시키는 것으로 해석할 수 있다. 본 연구의 결과는 향후 정책당국에서 재량발생을 통한 이익조정 뿐만 아니라 실제활동을 통한 이익조정의 적발과 감시를 위해서도 관심을 기울일 필요가 있으며 정책 수립 시에도 이를 반영하여 실질적인 경영활동을 변경하여 이익을 조정하는 방법을 적발할 수 있는 대책을 강구할 필요성이 있음을 제시함으로써 규제의 보완 등에 참고자료로 활용될 수 있을 것으로 기대된다.

목표이익을 달성하기 위한 법인세비용을 이용한 이익조정

박종일 ( Jong Il Park ),전규안 ( Kyu An Jeon ) 한국회계학회 2009 회계학연구 Vol.34 No.1

When the complexity of estimating tax expense and the timing of the tax accrual prior to earnings management is considered, Dhaliwal, Gleason and Mills (2004) (hereafter DGM) suggest that tax expense is a powerful and underexplored context for studying earnings management. DGM (2004) establish that, relative to firms that beat the forecast, firms which would miss analysts` consensus forecast of annual earnings per share (EPS) are more likely to decrease tax expense to meet or beat the forecast. Therefore, DGM (2004) examine whether firms manage earnings through decreases in effective tax rates (ETRs) between the third and fourth quarters. They assert that changes in ETRs are consistent with earnings management because tax expense is one of the last accounts closed in determining reported earnings. DGM (2004) insist that although many pretax accruals must be posted in the year-end general ledger, managers estimate and negotiate tax expense with their auditors immediately prior to earnings announcement. So, We examine whether firms manage tax expense to reach earnings targets by applying DGM`s methodology and our improved methodology to Korean firms. The sample consists of non-banking firms (751 firm-years) with a December fiscal year-end listed on the Korean Stock Market over 2000-2006. The data on analysts`s forecasts is collected from the Fn-DataGuidePro Database. Therefore, the sample is limited to firms to be able to collect analysts`s forecasts data from Fn-DataGuidePro Database. We collect other firm-specific financial data from KIS-VALUE Ⅱ database. We support the DGM (2004) arguments that tax expense represents an opportunity for firms to earnings management using changes in ETRs. We conduct the different three measure in regard to targets earnings of empirical tests as DGM (2004) to investigate the sensitivity of DGM`s results to research design choices. We use the consensus earnings forecasts and earnings of the previous year as our proxy for targets earnings. Also, we define ETRQ4 - ETRQ1∼Q3 as the change in annual ETR from the accumulated three quarters(from first to third quarter) to fourth quarter and use this as our measure tax expense management. In our hypothesis, we expect ETRQ4 - ETRQ1∼Q3 to be negatively related to how much the firm would have missed the consensus forecast(or targets earnings). We extend DGM (2004) by exploring a plausible additional explanation for third-to-fourth-quarter decreases in ETRs that they acknowledge as a limitation of their study. DGM (2004) use analysts` consensus forecast as targets earnings and current annual pre-tax earnings as unmanaged earnings. But we use analysts` consensus forecast and previous annual earnings as targets earnings and current annual pre-tax earnings and first∼third-quarter earnings as unmanaged earnings. Managers have strong incentives to meet or beat three benchmarks(to avoid losses, earnings decreases, and missing analyst expectation). DGM (2004) focus on a benchmark(to avoid missing analyst expectation), but we consider two benchmarks (to avoid missing analyst expectation and earnings decreases). We don`t consider the benchmark to avoid losses because loss firms have negative ETRs and negative ETRs don`t have economic meaning. Specifically, we investigate the extent to which greater first∼third-to-fourth-quarter ETR reductions are associated to firms that would miss their consensus earnings forecasts(or targets earnings) absent ETR changes relative to firms that would otherwise reach or exceed these income goals. We posit that firms may use from first to third-to-fourth-quarter ETR changes to reduce reported income when earnings are expected to meet or exceed analysts` forecasts. In our empirical tests, in contrast to DGM`s results when we use DGM (2004) methodology, we find no statistically significant association between analysts` consensus forecasts (a proxy for target earnings) and changes in ETRs (last chance earnings management). However, we recalculate two measures as a proxy for missed targets earnings and find the negative association between the first∼thirdto- fourth-quarter ETR changes and missing income goals absent ETR changes. Our study implies that DGM`s methodology is not proper to Korean Stock Market and DGM`s results are sensitive to research design choices. Overall, our results suggest that, for firms that would miss consensus earnings forecasts in the absence of ETR management, the first∼third-to-fourth-quarter ETR changes are associated with greater reductions in ETRs between the first∼ third and fourth quarters. We also find consistent support for the DGM (2004) argument that firms use ETR as a last-chance earnings management technique, having controlled for firms` manipulation of other accounts. These results are robust to the inclusion of other common earnings management variables, including total accruals and deferred taxes. Our research contributes to the literature in several ways. First, we provide information to investors and policy makers about the extent to which reported tax positions are consistent with tax planning and earnings management by investigating whether income tax expense is commonly used to meet or beat earnings targets. Second, consistent with Healy and Wahlen (1999), we contribute to earnings management research by focusing on specific accruals, which improves the likelihood of discerning between earnings management and effective tax planning as the reason for decreases in ETRs. Like DGM`s assertion by studying the tax expense in total, rather than narrow components of deferred tax expense, we think that our results provide general evidence that reported taxes are used to manage earnings. Finally by improving DGM`s measure we find that the first∼ third-to-fourth-quarter ETR changes are negatively related to income goals absent ETR changes.

이익조정기업과 조세회피기업의 이익지속성과 이익의 시장반응에 관한 연구

홍영도 ( Youngdo Hong ),김갑순 ( Kansoon Kim ) 한국회계학회 2016 회계저널 Vol.25 No.1

BTD has been studied in terms of earning management proxy, but tax avoidance could be the reason of high BTD. This study partitioned LPBTD group into three subsample groups; Earning management firms (EM firms), Tax Avoider firms (TV firms) and Base firms. we defined EM firms for the firms with higher abnormal accruals than median firm measured by modified Jones model and TV firms with higher abnormal tax-avoidance than median firm measured by Desai and Dharmapala(2006)``s method. First. using Blaylock et al.(2012)``s method, we investigated the earnings and accruals persistence of EM firms and TV firms. Our study exhibited the persistency of earnings and accruals of EM firms is less than that of other firms within LPBTD samples and whole samples. This result explains that the earnings and accruals of Korean EM firms are not consistent in the following year due to the mean revert property of managed accruals. As for TV firms, the persistency of earnings and accruals is higher than other firms among LPBTD samples and not significantly different from other firms among whole sample firms, which explains the tax avoidance of Korean firms is relatively consistent year over year and tax avoidance does not d eteriorate the persistence of earnings. This results are different from Blaylock et al.(2012)’s result which reported that the earnings and accruals persistence of US tax avoidance firms is lower than other firms. we conjecture Korean government tax policy is focused on boosting economic development and if the firms utilize this Korean tax system and get the tax benefit and they can maintain low effective tax rate year over year. Second, We checked the market response of the earnings and accruals of EM firms and TV firms with three methods; unexpected earning response coefficient model, hedge portfolio return test on accruals and mishikin test on market expectation of next year``s earning persistence. We checked the Earning Response Coefficients of EM firms and TV firms and found market overvalued abnormal earnings of both EM firms and TV firms. And we find significant hedge returns in period t+1 in EM firms through the accruals portfolio test. The results show that if we would sell the stocks of high-accrual EM firms and buy low-accrual EM firm, then one year after we could get significant profits but it is impossible in the case of TV firms. This results are consistent with investors’ accrual anomaly and the insignificant hedge returns in TA firms means market overestimates accruals of EM firms but not TV firms. Applying the Mishikin (1983) methodology, we also investigated the investors`` assessments of the persistence of earnings and accruals of EM firms and TV firms among Korean LPBTD firms. the result shows that investors overestimate the persistence of earnings and accruals of EM firms, which explains high book-tax different firms driven by earning management could be overestimated by investors due to accruals anomaly, in consistency with Sloan(1996) and Hanlon(2005). According to our test, the persistence of TV firms`` earnings is also overestimated by investors but the overestimation is from cash flow side not from accrual side, which implicates that the cause of overestimation of TV firms’ earnings persistence is different from EM firms``. It could not be accruals anomaly because high book-tax different firms driven by tax avoidance have relatively low abnormal accruals. Our further study exhibits that TV firms`` sales growth is relatively higher than those of other firms and investors tend to overestimate the future performance of the growing firms due to the optimistic future prospect of the growing firms which is in consistency with Lakonishok et al.(1994)``s result. Our further study shows that the earnings`` persistence of the firms of top 20% high sales growth is overestimated by the investors. We also think that the overestimation of the persistence of earnings for TV firms can be resulted from investor``s misunderstanding of BTD which is not fully disclosed in the financial statements. With this result, We can interpret the reason of overvaluation of earning consistency for TV firms is different from the reason for EM firms of which overestimation of earning comes from market accrual anomaly. We assume that Korean tax policies are focused on the economic growth and fast growing TV firms get the government tax benefit. And the characteristics of high growth firms might be reflected in the estimation of earning consistency for TV firms by investors. Overall, Our study distinguished TA firms’ earning property from other LPBTD firms’ and the consistence of TA firms’ earning could be attributable to Korean government tax policy which keeps supporting economic development. Our study may contributes three aspects. First, We analysed Korean high positive book-tax different firms by segmenting three sub-samples according to the cause of high BTD first time in korea. Second, We found the earning and accruals consistency of TV firms is not significantly different from the consistency of other firms whereas that of EM firms is significantly lower. Third, the earning persistency for tax-avoidance firms is overestimated by investor’s optimistic expectation of future performance not by accrual anomaly. This study implicates the information of earning management and tax should be reported properly and sufficiently in the financial statements to help investors understand financial performance of the firms.

비용의 자의적 분류를 이용한 이익조정에 관한 연구

이세철 ( Se Chul Lee ),조중석 ( Joong Seok Cho ),조문희 ( Mun Hee Jo ) 한국회계학회 2008 회계학연구 Vol.33 No.4

The line items of income statement which contain information about differences in the underlying economic events can be used to improve future profitability forecasts. Prior research shows that investors put different values on the persistent and transitory components of earnings. Specifically, the stock price is expected to be more affected by persistent components than transitory components. Therefore, managers wishing to influence stock price might shift expenses down the income statement. Compared with accruals management and the manipulation of real activities, earnings management using classification shifting bears a relatively low cost: there is neither accruals that later reverse nor lost revenues from forgone opportunities. Moreover, because the allocation of expenses to specific accounts can be subjective, auditors might be limited in their verification of the appropriate classification, and because bottom-line income does not change, they might not scrutinize the identification or compulsory adjustments of these accounts (Nelson et al. 2002; McVay 2006). McVay(2006) examines the classification of items within the income statement as an earnings management tool. As suspected, her study results are consistent with managers opportunistically shifting expenses from core expenses to special items. This vertical movement of expenses does not change bottom-line earnings, but overstates core earnings. In addition, it appears that managers use this earnings management tool to meet the analyst forecast earnings benchmark, as special items tend to be excluded from both pro forma and analyst earnings definitions. In Korea, the income statement does not contain special items. However, Kim and Kim(2003) shows that most of non-operating expenses have neither persistence nor explanatory power for stock prices. Their results indicate that non-operating expenses have similar characteristics to those of special items and motivate us to study earnings management using misclassification of items in the Korean market. Based on McVay`s study(2006), we investigate earnings management using classification of expense to increase operating income. The results of this study are as follows: First, the result of analysis using unexpected operating income estimated by McVay`s model reveals that transitory non-operating expense is positively associated with contemporaneous unexpected operating income level. This finding suggests that the operating income of firms with high level transitory non-operating expense exceeds that of those with normal level. Second, the transitory non-operating expense shows negative relation with unexpected operation income change in year t+1, however, the relation is insignificant. Third, when transitory non-operating expense is divided into shiftable expense and non-shiftable expense, the former is negatively related to the unexpected operation incomes change in year t+1. This finding means that the unexpected operating income increased by non-operating expense is transitory. Fourth, when operating income exceeds the previous operating income slightly, transitory non-operating expense is negatively related to the unexpected operation incomes change in year t+1. These results show that when the classification shifting allows firms to meet(or beat) the targets, the probability of earnings management using classification shifting increases. In addition, the result of analysis applying earnings persistence model used by Fairfield et al.(2003), and Richardson et al. shows that transitory non-operating expense reduces operating income persistence. Especially, positive operating income persistence is reduced. The results indicate that as transitory non-operating expense increases, positive operating income contains more portion that reverses in the next year. In summary, the earnings management using discretionary classification of expense is observed in Korean market. Most of Korean accounting research is focused on accrual management. This study is expected to provide an additional perspective about earnings management practice and to be informative for analysts, investors, and regulators.

산업별 이익관리 차이와 요인에 대한 탐색적 연구

이장형,최현돌 한국세무학회 2016 세무와 회계저널 Vol.17 No.5

This study inspected industries that frequently perform earnings management and those that do it less frequently and also inspected explanatory variables of the differences generated by different methods measuring earnings management. Earnings management is the use of accounting techniques to produce financial reports that present an overly positive view of a company’s business activities and financial position. Many accounting rules and principles require company management to make judgments. Earnings management takes advantage of how accounting rules are applied and creates financial statements that inflate earnings, revenue or total assets. The sample was extracted from the public companies of Korea Stock Exchange in KIS Value database and categorized by 17 industries based on Korean Stock Exchange Market from 2007 to 2014. The number of the sample was 3,127 firms/year. In order to measure earnings management of each industry, each two measurement methods by income smoothing and by discretionary authority are used. The total earnings management ranked by four methods measuring earnings management was used as research models. They were analyzed by the nonparametric statistics techniques of the SPSS program and the R program. The analysis revealed that earnings management had statistically significant differences by industries. The results also showed that overall, medical precision and pharmaceutical industries conduct earnings management less frequently while transportation equipment and electricity/gas industries conduct earnings management most frequently. Comparison of data showed that the construction industry used to conduct earnings management more frequently before the adoption of IFRS but after its adoption conducts it less frequently. Influences of factors such as SPR, SCR, BIG, lnA, KCR, and FPR were found to be statistically significant following the method measuring earnings management, and the industry’s SPR is influential with statistical significance to the overall model. As seen in previous studies, major shareholders’ share that shapes the corporate governance structure has an influence on the industrial earnings management. 본 연구는 산업별로 이익관리를 많이 하는 산업과 적게 하는 산업을 탐색하고, 이익관리 방법에따른 차이에 대한 설명변수들을 탐색하였다. 이익관리는 기업의 영업활동과 재무상태에서 과도하게 긍정적인 관점을 나타내기 위하여 재무보고서를 생성하는 회계방법을 사용하는 것이다. 많은회계 방법과 원칙들은 경영자가 판단을 할 수 있도록 되어 있다. 이익관리는 이익이나 수익과 총자산을 부풀려 재무제표를 적요하거나 생성할 때 회계원칙을 적용하는 잇점을 가진다는 것이다. 표본은 2007년부터 2014년까지 8개년간 우리나라 유가증권시장에 상장된 제조업을 주식업종 분류기준으로 17개 산업으로 분류하여, KIS Value로부터 자료를 수집하여 분석에 포함된 자료는3,127개/년이었다. 이익관리 측정방법 중 이익유연화에 의한 측정방법 2가지와 재량권에 의한 이익관리 측정방법 2가지로 모두 4가지 이익관리 측정방법을 등위로 매긴 전체 이익관리 측정방법을연구모형으로 하고, SPSS 프로그램과 R프로그램의 비모수 통계기법으로 분석하였다. 분석결과에 의하면, 이익관리는 산업별로 통계적으로 유의하게 차이가 있었고, 전체적으로 의료정밀과 의약품 산업이 이익관리를 적게 하고, 운수장비업과 전기가스업이 가장 이익관리를 많이하는 것으로 나타났다. IFRS 도입 전과 후를 비교해 본 결과, 건설업이 도입 전에는 이익관리를 많이 하는 산업이었으나, 도입 후에는 이익관리를 적게 하는 산업으로 나타났다. 산업별 이익관리에 영향을 미치는 변수로 산업의 대주주지분율(SPR), 산업의 변동성(SCR), 감사품질(BIG), 기업규모(lnA), 산업의 활동성(KCR), 산업의 외국인 지분율(FPR) 변수들이 이익관리모형에 따라 통계적으로 유의하였으며, 전체 모형에 대해서는 산업의 대주주지분율(SPR)이 통계적으로 유의하게 영향을 미치는 것으로 나타났다. 이는 선행연구에서와 같이 기업의 지배구조인 대주주지분이 산업별 이익관리에도 영향을 미친다는 것을 알 수 있다.

예비유니콘 선정기업의 이익조정에 대한 연구

한학준,양동훈 한국벤처창업학회 2023 벤처창업연구 Vol.18 No.1

This paper analyzed the Earnings management of firms selected as preliminary Unicorn. If a manager is selected as a preliminary unicorn firm, he can receive financial support of up to 20 billion won, creating a factor in managing the manager's earnings. The motive for management's earnings management is related to the capital market. Accounting information is used by investors and financial analysts, and corporate profits affect corporate value. Therefore, if the accounting earning is adjusted upward, the corporate value will be raised and investment conditions will be favorable. In this paper, earnings quality was measured by the modified Jones model of Dechow et al.(1995) by the ROA control model of Kothari et al.(2005) among the discretionary accruals estimated using an alternative accrual prediction model. Competing similar companies in the same market as the selected companies were formed, and the discretionary accruals were mutually compared to verify the research hypotheses, and only the selected companies were analyzed for the audit year and after the audit year. As a result of the analysis, it was found that the companies selected as preliminary unicorns had higher earnings management compared to the corresponding companies in question, which had a negative impact on the quality of accounting profits. It was found that the companies selected as preliminary unicorns continued to receive incentives for management's earnings management even after being selected. These results indicate that the companies selected as prospective unicorns are recognized for their value in the market through external growth rather than internal growth, and thus, incentives for management's earnings management to attract investment from external investors under favorable conditions are continuing. In the future preliminary unicorn selection evaluation, it was possible to present what needs to be reviewed on the quality of accounting earning. The implication of this paper is that the factors of management's earnings management eventually hinder investors and creditors from judging the reliability of accounting information. It was suggested that a policy alternative for the K-Unicorn Project, which enhances reliability were presented by reflecting the evaluation of earnings quality through discretionary accruals. 본 연구는 예비유니콘 선정기업을 대상으로 선정시점에 대한 이익조정을 분석하였다. 경영자는 예비 유니콘기업에 선정되면 최대 200억원에 달하는 금융지원을 받을 수 있어 이익조정의 유인이 생긴다. 경영자에게 이익조정의 동기에는 자본시장과 관련된 동기가 있는데 회계정보는 투자자와 재무분석가에게 이용이 되고 기업의 이익은 기업가치에 영향을 주고 있다. 따라서 회계 이익을 상향으로 조정하면 기업가치가 상향되어 투자조건이 유리하게 된다. 본 연구에서는 이익의 질은 대체적인 발생액 예측모형을 이용하여 추정된 재량적 발생액 중에서 Dechow et al.(1995)에 의한 수정 Jones모형 및 Kothari et al.(2005)에 의한 성과대응모형으로 측정하였다. 선정기업과 동일시장에서 경쟁할 것을 예상되는 유사한 대응기업을 구성하여 재량적발생액을 상호 비교하여 연구가설을 검증하고 선정기업만을 대상으로 심사년도와 심사년도 이후를 분석하였다. 분석 결과 예비유니콘 선정기업이 대응기업과 비교하여 이익조정이 높은 것으로 나타나서 회계 이익의 질에 부정적인 영향을 주는 것을 알 수 있었다. 그리고 선행연구에서와 다르게 선정후에도 이익의 질이 낮은 것으로 나타나서 예비유니콘 선정기업은 선정 후에도 경영자의 이익조정의 유인이 계속 지속되는 것을 알 수 있었다. 본 연구를 통해 예비유니콘 선정기업은 기업의 내부 성장보다는 기업의 외형 성장을 통해 시장에서의 가치를 인정받아서 외부 투자자로부터 유리한 조건의 투자를 유치하기 위한 경영자에게 이익조정의 유인이 지속되고 있는 것으로 분석되었으며 향후 예비유니콘 선정평가에서 회계 이익의 질에 대한 검토가 필요한 것을 제시할 수 있었다. 본 연구의 시사점은 경영자의 이익조정 유인이 결국 투자자나 채권자로 하여금 회계정보의 신뢰성을 판단하는데 저해가 되고 있어 이러한 경영자의 이익조정에 대한 것을 감안하여 예비유니콘기업 선정평가에 있어서 회계정보의 투명성과 신뢰성을 높이는 K-유니콘 프로젝트의 정책대안으로 재량적발생액을 통한 이익의 질에 대한 평가를 반영하여 이익조정을 예방할 것을 시사하고 있다.

감리지적기업과 회계이익과 세무이익의 차이 및 실제이익조정

김영철,강정연,고종권 한국세무학회 2012 세무학 연구 Vol.29 No.4

We examine the extent to which temporary book-tax difference(hereafter, BTD) and real activity-based earnings management(hereafter, REM) explain the characteristics of regulatory reviewed firms. Drawing on the literature on earnings management, a regulatory reviewed company is considered as a firm conducted the earnings management. Therefore prior researches concerning the characteristics of earnings management firm explored the association between regulatory reviewed firms and earnings management. Managers attempt to increase book income while avoiding taxes on fraudulent components, so BTD will differ between fraud and control samples. We expect that temporary portion in the BTD is related earnings management by the literature on BTD. The REM are useful tools when we explain not only earnings management through real activities manipulation-sales manipulation,overproduction and reduction of discretionary expenditure- but also accrual based earnings management. The samples are Korean stock exchange (KSE) listed firms that are punished by Financial supervisory service(FSS) enforcement action from 1996 to 2006. We use 96 fraud firm-year data. For matched-pair analysis, each fraud firm-year sample is matched with three non-fraud firmyears by year, industry code, type of external auditor and firm size. Therefore our final sample consists of 384 firm-years (consolidating 96 fraud firm-year data and 288 matched non-fraud firm-years). Using logistic regression models, we find the no differences of temporary BTD between fraud firms and matched non-fraud firms. This result suggests that managers pay taxes on fraudulent components, so temporary BTD can not explain the characteristics of regulatory reviewed firms. We also find the association of REM and the characteristics of fraud firms. Specifically, abnormal cash-flow have negative sign with fraud firms and cost of production and cost of discretionary expenditure have positive sign. Our results suggest that the REM are useful to detect earnings management, while temporary BTD can not capture earnings management. Our study contributes to earnings management literature by examining the usefulness of REM of firms under FSS enforcement action. 본 연구는 감리지적기업이 회계이익과 세무이익의 차이를 증가시키는 이익조정 뿐만 아니라 실제 이익조정을 수행하는가를 분석함으로써 일시적 차이와 실제이익조정이 감리지적기업을 설명하는 유용한 지표인가를 검증하였다. 구체적으로 감리지적기업과 일시적 차이 및 실제이익조정 측정치(비정상 영업현금흐름, 비정상 생산원가, 비정상 재량적비용, 실제이익조정 통합측정치)간의 관련성을 검증하였다. 선행연구에서 감리지적기업과 재량적 발생액간의 관계에 대한 분석결과는 일관되지않고 혼재되어 있으므로 재량적 발생액이 감리지적기업의 이익조정을 효과적으로 선별하기 어려운 것으로 보여 감리지적기업의 이익조정을 탐지할 수 있는 대체적인 측정치로 일시적 차이의 유용성을 검증할 필요가 있다. 그리고 감리지적기업은 적발위험이 큰 발생액 이익조정뿐만 아니라 실제이익조정을 다른 기업보다 상대적으로 많이 사용할 것이므로 실제이익조정이 감리지적기업을 설명하는지를 분석할 필요가 있다. 연구 결과를 요약하면 다음과 같다. 첫째, 감리지적기업과 감리지적 되지 않은 기업 간에 일시적 차이는 유의하게 나타나지 않았다. 이는 감리지적기업이 이익조정을 수행하는 과정에서 자의적으로 증가시키는 이익에 대한 세금을 회피하기 위하여 회계이익을 증가시키면서 세무이익은 증가시키지 않는 이익조정을 수행하지 않는다는 것을 의미한다. 감리지적기업의 경우, 자의적인 이익조정을 외부에 은폐하기 위하여 세금 효율적인 이익조정을 수행하지 않는다는 Badertscher et al.(2006)의 연구결과와 유사하다. 그리고 경영자가 실제이익조정을 사용하는 경우에는 자산․부채의 실질적인 변동이 발생하므로 세무이익도 영향을 받기 때문에 일시적 차이가 증가하지 않을 수 있다. 그러므로 감리지적기업의 경우 일시적 차이는 이익조정을 설명하는 유용한 지표가 아닐 수 있음을 의미한다. 둘째, 감리지적기업과 실제이익조정 측정치 가운데 비정상 영업현금흐름은 유의한 음(-)의 관계가 나타났으며, 비정상 생산원가 및 실제이익조정 통합측정치와는 유의한 양(+)의 관계가 나타났다. 이는 과도한 발생액이익조정은 감사의견의 변형 및 감리지적에 따른 상장폐지, 외부감사인 지정, 임직원 고발조치 등의 위험과 비용을 수반하므로 경영자는 발생액 이익조정만으로 과도한 이익조정을 수행하지 않으며, 실제이익조정을 같이 수행하고 있다는 것을 의미한다. 또한, 감리 지적된 결과는 경영자가 행한 이익조정 일부일 뿐이며, 매출과 관련된 실제이익조정은 감리지적기업에 중요한 이익조정수단임을 의미한다. 또한 발생액 이익조정보다 실제이익조정이 증가할수록 회계이익과세무이익의 차이에 미치는 영향은 감소할 것이다. 본 연구의 결과는 감리지적기업과 관련된 대부분의 선행연구가 주로 발생액 이익조정과의 관계에 초점을 두고 있는 반면에 감리지적기업의 특성에 대한 회계이익과 세무이익의 일시적 차이의 유효성을 검증하였고, 실제이익조정 역시 감리지적기업을 설명하는 중요한 지표임을 검증하였다는 점에서 의의를 찾을 수 있다.

이익조정과 임직원 평균근속연수

홍순욱 한국관리회계학회 2017 관리회계연구 Vol.17 No.3

This paper aims to verify the relationship between earnings management and the average length of service. Earnings management includes both accrual earnings management and real earnings management. Accrual earnings management uses discretionary accruals as measured by the Modified Jones Model (Dechow et al. 1995) and Performance Matched Model (Kothari et al. 2005), which are commonly used in accounting studies. Real earnings management is measured using the method of Roychowdhury (2006) and Zang (2012). Earnings management is known as a representative variable for internal ethics of a company. Companies that make a lot of earnings management are perceived as unethical. Employees would not want to work long in an unethical company. Therefore, the average length of service is expected to be relatively short for a company with a lot of earnings management. To verify this, this study analyzes KOSPI companies from 2005 to 2016. The result of the analysis shows that the accrual earnings management and real earnings management and the average length of service are in a negative relation. In other words, the average length of service of unethical companies, which make a lot of earnings management seems to be shorter no matter whether it is accrual earnings management or real earnings management. This paper has contributed to the study of the employees of companies that are rarely done in accounting studies. The performance and characteristics of a company are often determined by management, however, employees are the major part of a company. In a changing era, need for the research on company employees is coming into the picture. 본 논문은 이익조정이 임직원 평균근속연수에 미치는 영향에 대해 분석한다. 이익조정은 발생액 이익조정과 실제 이익조정을 모두 포함한다. 발생액 이익조정은 회계학 연구에서 많이 사용되는 수정Jones모형(Dechow et al. 1995)과 성과통제모형(Kothari et al. 2005)으로 측정한 재량적발생액을 사용한다. 실제 이익조정은 Roychowdhury(2006)와 Zang(2012)의 방법으로 측정한다. 이익조정은 기업의 내면 윤리를 나타내는 대표적인 변수로 알려져 있다. 이익조정을 많이 하는 기업은 윤리적이지 못하다고 인식된다. 윤리적이지 못한 기업에서 임직원은 오랫동안 근무하려고 하지 않을 것이다. 따라서 이익조정을 많이 하는 기업의 임직원 평균근속연수는 짧을 것으로 예상된다. 이를 검증하기 위해 임직원 평균근속연수 데이터가 제공되는 2005년부터 2016년까지 비금융업 KOSPI 기업을 대상으로 분석을 수행한다. 분석결과 상관관계분석, 단변량분석, 회귀분석 결과 모두 일관되게 발생액 이익조정(, ) 및 실제 이익조정(, )과 임직원 평균근속연수는 유의한 음(-)의 관계에 있는 것으로 나타났다. 즉, 발생액 이익조정이든 실제 이익조정이든 이익조정을 많이 하는 윤리적이지 못한 기업의 임직원 평균근속연수는 짧은 것으로 판단된다. 본 논문의 공헌점은 회계학 연구에서 거의 이루어지지 않은 기업의 임직원에 대해 연구했다는 점이다. 기업의 성과 및 특성은 경영자에 따라 결정되는 경우가 많다. 하지만 기업의 대다수를 구성하는 것은 직원이다. 변화하는 시대 흐름 속에서 기업의 직원에 대한 연구의 필요성은 점차 증대되고 있다. 반면 수집 가능한 자료의 한계로 임원과 직원을 구분해서 분석하지 못한 점은 아쉬움으로 남는다.

경영자 이익예측과 4분기의 이익조정

고대영 ( Dae Young Ko ),안미강 ( Mi Gang Ahn ),양동재 ( Dong Jae Yang ) 한국회계학회 2013 회계저널 Vol.22 No.3

This paper examines the relationship between management earnings forecast and earnings management in the fourth quarter. We identify that firms with earnings forecast disclosure tend to increase or decrease the fourth quarter earnings for meeting their earnings forecast. When a firm faces poor performance during the first three quarters, it has incentives for inflating fourth-quarter earnings at a target level. We hypothesize that a firm performing poorly in the first three quarters may attempt to increase earnings of the fourth quarter to achieve a desired annual earnings target, while a firm performing well in the first three quarters may attempt to decrease earnings of the fourth quarter to reserve earnings for the future. To test the hypothesis, The sample consists of 2,592 firm-fourth quarters with nonbanking firms and December fiscal year traded over Korea Stock Exchange(KSE) during 2003∼2008. We classify sample firms into two groups based on management earnings forecast. the sample firms are divided on the basis of whether they voluntarily disclose earnings forecast. The firms with earnings forecast disclosure are further classified into two groups. One group is that earnings in the first three quarters exceed management earnings forecast of the same year. the other group is not to meet management earnings forecast. Our results show that the firms with earnings forecast disclosure have higher the mean of absolute discretionary accruals than the control firms(non-disclosure) in the fourth quarter. Also, the result of regression analysis shows that the firms disclosing earnings forecast tend to increase absolute discretionary accruals. These results imply that managers with earnings forecast disclosure have an incentive to actively manage the fourth quarter earnings for their reliability. In the sample with earnings forecast, we suggest that the firms are more likely to increase the fourth quarter earnings when the difference between annual earnings forecast and earnings in the first three quarters is great. These results provide that the firms that fail to achieve earnings forecast manage earnings upward and the firms that exceed earnings forecast manage earnings downward in the fourth quarter. By using quarterly data, this paper has several advantages in detecting earnings management on management earnings forecast. Quarterly data provides a sharper focus on the forecast disclosure, which could increase the likelihood of detecting earnings management. Also, financial statements for interim quarters are often unaudited, allowing greater managerial discretion and requiring less detailed disclosure than annual financial statements. These differences provide managers with greater opportunities to manage earnings and, hence, make detection of earnings management more likely in interim quarters.