The Effect of Blockchain Related Disclosure on Accounting Transparency

다국어 초록 (Multilingual Abstract)

[Purpose] Currently, in the era of the fourth industrial revolution, public interest in blockchain is high as a way to compensate for the transparency issues of the existing accounting system. In this study, we analyze the accounting transparency of the firms that have voluntarily disclosed the adoption of blockchain technology. In addition, we verify if the blockchain technology in fact improves the accounting transparency of companies.
[Methodology] Three different discretionary accruals were used as proxies for measuring accounting transparency. The subj ect of the study i s a group of 764 f irms selected from the Fortune 500 firms in the United States. The analyses performed in this study were difference analysis and regression analysis.
[Findings] The results of our analyses showed that blockchain disclosure firms had lower discretionary accruals than the firms with no disclosure. These results confirm that blockchain related voluntary disclosures increase the accounting transparency of the firms.
[Implications] This study verified that blockchain technology has a positive effect on decreasing the earnings management behavior of the firms. It is also confirmed that the blockchain－based accounting system and accounting transparency are positively correlated as it has a monitoring effect on corporate managers.

참고문헌 (Reference)

1 나종길, "회계발생액과 차별적 감사수요" 한국회계학회 28 (28): 1-32, 2003

2 고동현, "크립토재킹 사이트 탐지를 위한 동적 분석 프레임워크" 한국정보보호학회 28 (28): 963-974, 2018

3 이종기, "블록체인에 의한 분산형 원장 처리 기법의 탐색적 사례연구 ： IBM Bluemix 블록체인을 이용하여" 한국전산회계학회 15 (15): 25-38, 2017

4 양해진, "블록체인 기술 다식부기 시스템 도입에 따른 회계전문인 육성 방안" 한국데이터전략학회 26 (26): 41-50, 2019

5 임종옥, "내부회계관리제도가 회계투명성에 미치는 영향" 한국국제회계학회 (94) : 93-115, 2020

6 Kim, J. S., "[Future growth engines, blockchain] It has Emerged as a Technology that will Transform Business Paradigm with Decentralized, Transparent, and Invariant Technologies" (179) : 8-15, 2019

7 Becker, C. L., "The effect of audit quality on earnings management" 15 (15): 1-24, 1998

8 Donnelly, R., "The Ownership Structure of UK Firms and the Informativeness of Accounting Earnings" 32 (32): 245-257, 2002

9 Anagnostopoulou, S., "The Effect of Financial Leverage on Real and Accrual－Based Earnings Management" 47 (47): 191-236, 2017

10 Cohn, A., "Smart after all : Blockchain, Smart Contracts, Parametric Insurance, and Smart Energy Grids" 1 : 273-304, 2017

11 Sadeghi, S. A., "Relationship between earnings management and financial ratios at the family firms listed in the Tehran stock exchange" 30 : 221-124, 2015

12 Kothari, S. P., "Performance matched discretionary accrual measures" 39 (39): 163-197, 2005

13 Buterin, V. A., "Next－Generation Smart Contract and Decentralized Application Platform. Ethereum White Paper" 2014

14 Neuhierl, A., "Market Reaction to Corporate Press Releases" 48 (48): 1207-1240, 2013

15 Morck, S., "Management Ownership and Market Valuation An Empirical Analysis" 20 (20): 293-315, 1988

16 Shleifer, A., "Large Shareholders and Corporate Control" 94 (94): 461-488, 1986

17 Woen Park, "Interaction between Financing and CSR Affecting Earnings Management" Korea International Accounting Association null (null): 109-124, 2014

18 Wood, G., "Ethereum : A secure Decentralised Generalised Transaction Ledger" 151 : 1-32, 2014

19 김연화, "Effects of auditor change in delisted firms on audit quality" Korea International Accounting Association null (null): 241-268, 2014

20 Burgstahler, D., "Earnings management to avoid earnings decreases and losses" 24 (24): 99-126, 1997

21 Dechow, P. M., "Detecting Earnings Management" 70 (70): 193-225, 1995

22 Yermark, D., "Corporate Governance and Blockchains" 21 (21): 7-31, 2017

23 Muradoglu, G., "Capital structure and abnormal returns" 21 (21): 328-341, 2012

24 Hyunjoo Lee, "Blockchain and Accounting Revolution" Korean Accounting Information Association 36 (36): 225-239, 2018

25 김종일, "A Study on Earnings Management Before and After Full Adoptin of K-IFRS" Korea International Accounting Association null (null): 77-106, 2013

26 Guay, W. R., "A Market－based Evaluation of Discretionary Accrual models" 34 : 83-105, 1996

27 Lee, Seung Hyun, "6년 후 감사인 교체와 코스닥 상장기업의 감사품질" Korea International Accounting Association null (null): 189-214, 2019