시장구분에 따른 기업특성이 이익조정에 미치는 영향

Abstract

This paper investigates impact of companies characteristics on earnings management. With companies characteristics such as CFO(cash from operations), SIZE, LEV(debt ratio), PL(profit or loss dummy), REV(revenue changes) as control variables, AQ(audit quality), FO(foreign ownership), SC(shareholder concentration) and MO(managerial stock ownership) were measured. Sample group consisted of the companies listed on the KOSPI and KOSDAQ during the period of 2009-2013. The degree of earnings management was DA(discretionary) accruals as measured by modified Jones model by Dechow et al(1995). This study was found that differences in DA between KOSPI and KOSDAQ. It was found that AQ was seen as a significant negative sign to DA in KOSDAQ while it was seen as a positive but not significant sign to DA in KOSPI. This means AQ does not control DA in KOSPI. Secondly, FO was seen as a significant negative sign to DA in KOSPI and KOSDAQ. Third, SC and MO was seen as a significant positive sign to DA in KOSPI and KOSDAQ. This means FO, SC and MO is an effective variable regulating earnings management.