< 연구논문 > : 이사회의 특성이 이익조정에 미치는 영향: 전직관료출신 이사를 중심으로

최정운(교신저자) ( Jeong Un Choi ) 한국회계학회 2016 회계저널 Vol.25 No.2

본 연구는 이사회의 특성이 이익조정에 미치는 영향을 조사한다. 구체적으로 이사회를 구성하는 개별 이사의 전직관료출신 여부 및 세부 경력에 초점을 맞추어, 해당 특성이 기업의 이익조정에 미치는 영향을 조사한다. 특히 전직관료출신의 세부 경력을 경제관련 관료출신 뿐만 아니라, 금융감독원(한국은행, 공정거래위원회) 등과 국세청, 법무부(검찰 및 법원), 감사원, 청와대, 국가정보원, 국방부(군인 등), 국회의원(기초의원 포함)의 각 출신기관별로 구분하며, 동시에 장관급, 차관급, 3급 공무원 등의 최종직급으로 구분하여 구체적으로 조사한다. 이는 기업의 전직관료출신 이사선임에 대한 최근 언론의 우려를 실증적으로 조사하여, 정책적 시사점을 제공한다는 점에서 의의가 있다. 실증결과, 이사회 내 전직관료출신 이사의 포함여부는 해당기업의 이익조정과 유의한 양의 관계로 나타난 반면, 경제관료출신의 이사포함 여부와의 교호변수는 유의한 음의 관계로 나타났다. 구체적으로 금융감독원, 국세청, 법무부 등 출신의 이사포함 여부와의 교호변수는 이익조정과 유의한 음의 관계로 나타났으나, 최종 직급이 장관급 이상인 이사의 교호변수는 유의한 양으로 나타났다. 이는 전직관료출신 인원에 대한 이사선임 행태가, 최근 언론의 우려와 같이 이익조정을 증가하는 효과로 나타날 수 있음을 의미한다. 그러나 경제 및 법률에 근거한 감독기관 출신의 이사선임은 오히려 전직관료출신 이사선임의 이익조정 증가효과를 완화하는 것으로 나타나, 전직관료출신 이사선임의 효과가 그들의 경력에 따라 차별적으로 나타날 수 있음을 의미한다. 이러한 실증결과는 전직관료출신으로서 지닌 그들의 능력이 감독기관의 규제를 회피하는 등의 목적으로 사용될 가능성이 있음을 의미한다. 그러나 그들의 출신기관별 차별화된 능력이 이사 본연의 업무에 적절하게 활용된다면, 오히려 경영자 감시와 견제에 효과적으로 이용될 수 있다는 점을 확인할 수 있다. 이러한 점은 전직관료출신의 기업진출에 대한 적절한 통제와 동시에, 효과적인 활용에 대한 정책적 시사점을 제시한다. This paper is to examine the relation between the board characteristic and earnings management (absolute value of discretionary accruals: ABDA). In particular, this paper focuses on former official directors and their backgrounds (bureaucrat born), such as Financial Supervisory Service (or The Bank of Korea, Fair Trade Commission; FSS), National Tax Service (NTS), Ministry of Justice (or Court of Korea, Prosecution Service, National Police Agency; MOJ), Board of Audit and Inspection (BAI), Office of the President (BH), National Intelligence Service (NIS), Ministry of National Defence (including military officers; MND), Assembly (including the local assembly), Minister, Vice-Minister (excluding Ministers) and Deputy Commissioner (excluding Ministers and Vice-Ministers; Grade 3). The board of directors is the most important corporate governance in monitoring top management (Fama 1980; Fama and Jensen 1983). Therefore, the board characteristic has a significant impact on firms. So this paper focuses on whether the appointment of former official (bureaucrat born) director, carries out investigation into the board characteristic. Because the appointment of former official director is a possibility to affect firms` earnings management when their abilities used to achieve individual objects of CEO or purposes of avoiding various regulations. Firms` financial and board characteristic data are obtained from KIS-VALUE and TS2000 databases, between 2000 and 2013. Therefore, the final sample is 11,972 listed firm-years in Korea. In particular, to obtain information on the board characteristic and backgrounds (bureaucrat born), this study searched for the personal characteristic of director in TS2000 database (based on business reports). In 27,175 directors (including duplication and concurrent positions) from 2000 to 2013, this study collected backgrounds (bureaucrat born) of 4,688 director-years (excluding duplication). Of 11,972 firm-years, 3,507 firm-years had former official directors and this trend had been gradually increasing form 2000 to 2013. This situation is shown the need for this study empirically. Empirical results are as follow. Former official directors within the board are found to be a positive relationship between earnings management (ABDA). However, the relationship was a significantly negative if former official directors came from the economic sector. Specifically, relationships were negative if former official directors came from Financial Supervisory Service (FSS), National Tax Service (NTS) and Ministry of Justice (MOJ). As in the recent media concerns, these results mean that director appointment of former officials can affect on firms` earnings management. Nevertheless, former official directors based on economic and legal sectors rather appeared to lower earnings management of firms, they mean that the effect is differentially showed according to their career. And they can be guessed that it is possible to select to backgrounds (bureaucrat born) of former official directors with the purpose of the firm. These empirical results indicate there is a possibility that former official directors are used for the purpose of avoiding the regulation authority. However, if their differentiated abilities by origin (background) can be properly utilized for the firm, they can be effectively used to monitor management. These points suggest policy implications for effective using to former official directors. But results of this study may contain some subject judgments and errors when to classify the detailed documentation such as backgrounds or careers of personal directors. This can be improve when the information related to the board of directors has been systematically disclosed.

사업보고서 정정공시에 대한 투자자 관심과 주식거래량

최정운(Jeong Un Choi) 한국국제회계학회 2021 국제회계연구 Vol.- No.98

[연구목적] 본 연구는 기업의 사업보고서 정정공시와 주식 거래량의 관계를 조사한다. 특히 연차 및 반기, 분기보고서 정정공시에 대한 투자자 관심 집중도를 고려하여, 각 보고서 정정공시에 대한 투자자의 관심 수준에 따라 주식 거래량 변동여부를 조사한다. [연구방법] 투자자 관심 집중도는 검색량 지수를 이용하여 측정하였으며(Da et al. 2011; Drake et al. 2012), 주식초과거래량은 Chae(2005)의 연구에 따라 측정하였다. [연구결과] 실증결과, 사업보고서 정정공시는 주식초과거래량에 부정적인 영향을 미치지만, 정정공시에 대한 투자자의 관심 수준이 높을수록 주식거래량은 증가하였다. 특히 정정공시가 반복되는 경우에도, 반복된 정정공시에 대한 투자자의 관심이 높다면 주식거래량은 증가하였다. [연구의 시사점] 이는 정정공시의 부정적 효과에 집중한 선행연구를 구체화하여, 정정공시의 부정적 효과가 투자자의 관심 수준에 따라 달라질 가능성이 있음을 시사한다. [Purpose] This study investigates the relationship between the revised disclosure of business reports and stock trading volume. In particular, considering the degree of investor attention in he revised disclosure of business reports (annual, semi-annual, and quarterly), this study investigates whether the stock trading volume changes according to investor attention. [Methodology] Investor attention is measured by the search volume index (Da et al. 2011; Drake et al. 2012), and the excess stock trading volume is measured by Chae (2005). [Findings] As results, the revised disclosure of the business report has a negative effect on the stock trading volume, but the higher the level of investor attention in the revised disclosure, the higher the stock trading volume. In particular, even in the case of repeated revisions, if investors’ attention in the repeated revision was high, the stock trading volume increased. [Implications] This study suggests that the negative effects of revisions (revised reports) may vary depending on the level of investor attention, following previous studies focusing on the negative effects of revisions.

사업보고서에 대한 투자자 관심 집중도와 가치관련성

최정운 ( Jeong Un Choi ) 한국회계학회 2021 회계저널 Vol.30 No.3

본 연구는 사업보고서 공시일의 사업보고서에 대한 투자자 관심 집중도와 기업의 가치관련성을 조사한다. 구체적으로 검색량지수(Search Voulme Index)를 이용하여 투자자의 사업보고서 관심 집중도를 측정하며, 표본기간 대비 사업보고서 공시일에 검색량지수가 집중되는 수준과 이익의 가치관련성을 조사한다. 기업의 정보공시와 관련된 선행연구는 투자자에게 제공되는 정보의 양과 질 뿐만 아니라 이사회 또는 외부감사인과 같이 정보가 작성되는 환경과 과정 등, 다양한 측면에서 깊이 있게 다루어져 왔다. 이러한 관점은 투자자의 합리성을 가정하여, 정보의 유용성을 주로 정보를 제공하는 기업 측면에서 접근하였다. 그러나 투자자의 제한된 합리성을 고려한다면, 제공된 수많은 정보에 대한 투자자의 선택과 반응 등을 고려할 필요가 있다. 따라서 본 연구는 네이버 데이터랩의 검색어 트렌드 지표를 이용하여, 사업보고서에 대한 투자자의 관심 집중도와 가치관련성의 관계를 조사하였다. 실증결과, 사업보고서 공시일의 투자자 관심 집중도는 이익의 가치관련성과 유의한 음의 관계로 나타났다. 이러한 실증결과는 기업이 제공하는 다양한 정보에도 불구하고, 투자자가 주로 사업보고서에 집중하고 의존할수록 기업의 가치관련성이 낮게 나타난다고 이해할 수 있다. 본 연구는 기업이 제공하는 정보의 유용성을 정보 수요자 관점에서 분석하였다는 점에서 의미가 있으며, 정보에 대한 투자자의 관심과 반응을 확인하였다는 점에서 의의가 있다. This study investigates the relationship between the concentration of investors’ attention in the business report on the business report disclosure date and value relevance. Specifically, the search volume index (SVI) is used to measure the concentration of investors’ attention in the business report, and this study investigates the relationship between the level of SVI concentration on the business report disclosure date, compared to sample period, and value relevance of EPS. Prior research related to information disclosure has been studied in depth in various aspects, such as the quantity and quality of information provided to investors, as well as the environment and process in which information is prepared, such as the board of directors or external auditors. This perspective assumes the rationality of investors, and approaches the usefulness of information mainly from the side of firms (providing information). However, considering the limited rationality of investors, it is necessary to consider investors' choices and reactions to the numerous information provided. Therefore, this study investigated the relationship between the concentration of investors’ attention in the business report on the business report disclosure date and value relevance by using the searching volume index (SVI) of the keyword of Naver Data Lab. As a result, the concentration of investors’ attention showed a significant negative relationship with value relevance of EPS. This empirical result can be understood that despite the various information provided by the firm, the more investors focus and rely on business reports, lower the value relevance. This study is meaningful in that it analyzes the usefulness of information provided by firms from the perspective of information consumers, and is meaningful in that it confirms investors' attention and reaction to information.

기업가정신/벤처/창업/정책 : 중소기업과 벤처기업의 이익조정에 대한 연구

최정운 ( Jeong Un Choi ),박성욱 ( Sung Ook Park ),나형종 ( Hyung Jong Na ),송혁준 ( Hyuck Jun Song ) 한국중소기업학회 2014 中小企業硏究 Vol.36 No.3

본 논문은 중소기업과 벤처기업의 이익조정 행태와 그 방법에 대해 연구한다. 중소기업과 벤처기업이 실물 이익조정 방법과 발생액 이익조정방법 중 어떠한 이익조정 방법을 통하여 이익조정을 수행하는지에 대하여 비교·분석하고, 또한 중소기업과 벤처기업의 상장여부가 이익조정 방법에 미치는 영향에 대하여 연구하였다. 중소기업과 벤처기업은 대기업에 비해 상대적으로 기업규모가 작고 재무구조가 취약하기 때문에, 경영자가 기업 운영을 하는 데 제약이 많을 것이고, 이익조정을 시도할 때에도 이러한 제약은 여전히 존재할 것이다. 따라서 중소기업과 벤처기업은 이익조정을 하더라도 생산량을 증가시키거나 판매관리비 지출 시점을 조절하는 등의 실물 이익조정 방법을 선택하기에는 부담이 될 것으로 예상된다. 따라서 열악한 경영 환경과 기업 운영상의 어려움 등으로 인해, 중소기업과 벤처기업은 회계감사 시 제재를 받을 위험을 감수하더라도, 실물 이익조정보다는 장부상으로만 이익조절이 가능한 발생액 이익조정 방법을 선호할 가능성이 크다. 연구결과, 중소기업과 벤처기업 모두 예상대로 실물 이익조정이 상대적으로 낮은 수준으로 나타났다. 그리고 표본을 상장·비상장으로 구분하여 분석한 결과도 중소기업과 벤처기업 모두 실물 이익조정은 상대적으로 낮게 나타났으나, 발생액 이익조정의 경우일부 차이가 있었다. 본 연구의 공헌점은 첫째, 중소기업과 벤처기업의 이익조정 방법으로 실물 이익조정 방법과 발생액 이익조정 방법을 비교·분석함으로써, 중소기업과 벤처기업들의 이익조정 행태에 대한 유용한 정보를 제공하였다. 둘째, 중소기업과 벤처기업의 상장여부가 중소기업과 벤처기업의 이익조정 행태에 미치는 영향에 대한 의미있는 정보를 제공하였다. This paper investigates whether and how SMEs and venture companies manage earnings. This study compares and analyzes whether SMEs and venture companies use real earnings management or accruals earnings management. Also, we examine whether stock market listing affects the earnings management of SMEs and venture companies. Dechow and Skinner (2000) define accruals earnings management as manager’s earnings management using changes in accrual estimation or accounting treatments. Accrual earnings management does not have real effects thus there are no direct costs but there is a risk of the auditor requiring adjustments. Roychowdhury (2006) defines real earnings management as manager’s earnings management by conducting suboptimal real activities. Real earnings management has costs to firm value but does not violate GAAP and thus the firm does not face risk in the auditing process. SMEs and venture companies are smaller and have weaker finances. Thus the manager faces many restrictions that also limit earnings management. Therefore, SMEs and venture companies may face greater cost of increasing production or discretionary spending of SG&A expenses. Thus SMEs and venture companies would be more likely to take the risk of violating accounting rules than conduct real earnings management. We find that both SMEs and venture companies conduct lower level real earnings management. The results are consistent for both listed and non-listed firms except accruals earnings management. This results suggests that SMEs and venture companies prefer accruals earnings management generally compared to real earnings management, which incur real costs, regardless of whether they are exchange listed. The contribution of this study is two-fold. First, we provide useful information about whether and how SMEs and venture companies conduct earnings management by examining both accruals earnings management and real earnings management. Second, we provide useful insight into whether listing affects the earnings management method of SMEs and venture companies.

감리지적기업의 감사보수와 감사시간: 감리조치 전후 기간 및 사유별 비교 분석을 중심으로

최정운 ( Jeong Un Choi ),이재은 ( Jae Eun Lee ),배길수 ( Gil S Bae ) 한국회계학회 2014 會計學硏究 Vol.39 No.1

본 연구는 감리지적을 받은 기업(감리지적기업)과 감리지적을 받지 않은 기업(감리비지적기업)의 감사시간과 감사보수 차이와, 감리지적 기업의 감리지적 전과 후의 체계적인 차이를 조사한다. 아울러 감리지적은 그 사유, 성격 및 중요성에 따라 여러 가지로 구분할 수 있는 바이들 사유, 성격 및 중요성이 감사시간과 감사보수 및 감리지적 후 이들의 변화와 체계적인 관련이 있는지를 조사한다. 감리지적 기업의 감리지적 대상기업-연도의 감사시간과 감사보수는 감리비지적 기업에 비해 유의한 차이가 나타나지 않았다. 감리지적 기업의 감리지적 전-후의 감사시간과 보수를 비교한 결과 감리지적 후 감사시간과 감사보수는 감리지적 전에 비해 모두 유의하게 높았다. 이는 예상대로 감리지적 이후 감사인이 감리지적 기업을 감사위험이 높은 기업으로 인식하고 더 높은 감사시간을 투입하며 따라서 감사보수도 더 높아진다는 것을 의미한다. 마지막으로 감리지적을 받은 후 감리조치기업의 감사시간과 감사보수를 감리비지적 기업과 비교한 결과, 감사시간과 감사보수는 감리지적 기업이 감리비지적 기업에 비해 유의하게 높았다. 이는 감사인이 감리지적을 받은 기업을 위험한 기업으로 인식하여 상대적으로 높은 감사보수를 요구 한다는 해석과 일치한다. 감사시간과 감사보수의 차이를 사유, 성격 및 중요성으로 분류한 결과도 대체로 이러한 예상과 일치한다. This study examines the systematic differences in audit hours and audit fees between the pre- and post-sanction periods of the firms that have been sanctioned in the regulatory reviews by the Financial Supervisory Service (FSS). Our work also compares audit hours and audit fees of the sanctioned firms and those of the firms that have never been sanctioned in the regulatory audit reviews during the sample period ("non-sanctioned firm"). Specifically, we examine (1) whether audit hours and audit fees are different between the sanctioned firm-years (i.e. the misstated firm-years) and non-sanctioned firms, (2) whether audit hours and audit fees increase after the sanction relative to those of the pre-sanction period, and (3) whether audit hours and audit fees in the post-sanction period of the sanctioned firms relative to those of the firms that have never been subject to sanctions in the regulatory audit reviews during the sample period. Since regulatory audit reviews can be grouped by several characteristics, the differences in the review characteristics might be related to audit hours and audit fees, and their changes after the regulatory audit review. We examine this possibility as well. The current regulatory reviews of the audit reports focus on the determination of the consistency of firms` financial reporting with the Generally Accepted Accounting Principles (GAAP). If GAAP violations of financial reporting are detected, then the FSS might require firms to restate the previous financial reporting to correct the violations, and also impose sanctions on the firms, and possibly on auditors who audited the financial statements of the firm. The FSS believes that this practice improves the credibility of financial reporting. However, only limited evidence is currently available either to support or refute the contention that the regulatory reviews improve the quality of financial reporting. This study attempts to provide some additional insights into understanding the effect of the regulatory reviews on audit fees and hours of sanctioned firms. If auditors had perceived that subsequently sanctioned firms were risky, they might have extended audit hours in those firms to protect themselves from the increased audit risks. Moreover, it is likely that the increased audit hours led to higher audit fees. We find that audit hours and audit fees of the year of the sanctioned firms subject to the regulatory audit review are not significantly different from those of the firms that have never been sanctioned. One possible explanation for this result is that auditors did not perceive high risk in the subsequently sanctioned firms when they audited them before they received a sanction. However, we find that audit hours and audit fees of the sanctioned firms in the post-sanction period increases significantly relative to their pre-sanction period audit hours and audit fees. This finding suggests that auditors, perhaps recognizing higher audit risks in the sanctioned firms, extend more hours and as a consequence they charge higher audit fees. In addition, we also demonstrate that audit hours and audit fees are higher in the post-sanction period firm-years relative to audit hours and audit fees of the non-sanctioned firms. This difference is consistent with the interpretation that auditors exert more audit hours and charge higher fees responding to the higher risks associated with the firms that have been sanctioned by the FSS. Furthermore, we find that audit hours and audit fees are higher in the firms that have been sanctioned because of more egregious problems in the financial statements. Also, the increase in audit hours and fees are positively associated with the severity of a sanction that the firm receives. Our findings have several implications to regulators and practitioners alike. To the extent that higher audit efforts are positively associated with audit quality, our finding provides evidence that regulatory reviews can improve financial reporting quality, consistent with the regulators` contention. Given that there are doubts about the effectiveness of the regulatory reviews of audit reports, our finding demonstrates that the regulatory actions can significantly affect auditors` behavior.

전직관료출신 이사의 선임여부가 감사보수에 미치는 영향

최정운(Jeong Un Choi) 한국경영학회 2016 經營學硏究 Vol.45 No.5

This paper is to examine the relation between the board characteristic and audit fees. In particular, this paper focuses on former official directors and their backgrounds (bureaucrat born), such as Financial Supervisory Service (FSS), National Tax Service (NTS), Ministry of Justice (MOJ), Board of Audit and Inspection (BAI), Office of the President (BH), National Intelligence Service (NIS), Ministry of National Defence (MND), Assembly, Minister, Vice-Minister and Deputy Commissioner (Grade 3). This is significant in that it investigated the concerns of the appointment of former official directors. In addition, there is a contribution in that it confirms the auditor’s judgement about former official directors by audit fees. This empirical results are as follows. First, the relation between the appointment of former official directors and audit fees (hours) is significant positive relationship. Firms that have appointed former official directors paid relatively higher audit fees, which can indirectly infer that is based on more audit hours. In particular, the appointment of former official directors from economy-related, Ministry of Justice, Vice-Minister and Deputy Commissioner is a significant positive relationship with audit fees and hours. This has the additional increase of audit fees increase effect of former official directors, it is possible to indirectly infer that is based on the additional audit hours. That suggests that expertise based on the carrier of the former official directors may be used for the manager’s personal purpose achievement, so it can be inferred that could lead to increase in relatively high level of audit hours and fees in order to achieve auditor’s audit risk. In addition, at least, the above results mean that auditors reflect former official directors’ background respectively.

노동조합이 경영자의 이익조정에 미치는 영향

최정운(Jeong Un Choi),배길수(Gil S. Bae) 한국경영학회 2011 經營學硏究 Vol.40 No.6

We investigate the role of labor unions on earnings management. Jensen and Meckling (1976) posit that labor unions, which consist of insiders with considerable information about the firm, can play a significant monitoring role. This is because controlling the agency costs will increase the long-term profitability, therefore survivability of the firm. Nevertheless, empirical studies have paid little attention to the potential governance role of labor unions so far. Instead, most studies that examine the role of labor unions test the prediction that managers are likely to deflate earnings in the year of the wage renegotiation presumably to lower the amount of future wage. In this study, we directly test the conjecture based on the governance role of labor unions as underscored by Jensen and Meckling (1976). Specifically, we predict that firms with a strong labor union will successfully discourage extreme earnings management relative to their counterparts. The lower earnings management is consistent with the interpretation that labor unions play a valuable governance role in the firm. The absolute value of discretionary accruals calculated using the modified Jones model is the basis of our inference following prior studies. In particular, we hypothesize that the presence of a strong labor union is negatively associated with the absolute value of the discretionary accruals in the univariate and multivariate regression framework. Consistent with the prediction, the results reveal that there is a significant negative relationship between the existence of labor unions and earnings management. More specifically, the existence of labor unions is negatively associated with the absolute value of discretionary accruals. Taken together, the results demonstrate that labor unions tend to curb both the income increasing and decreasing earnings management. When we split the sample into firms with the income increasing and decreasing accruals and examine them separately, we find a negative association between the existence of labor unions and discretionary accruals in the income increasing subsample and a positive association between the existence of labor unions and discretionary accruals in the income decreasing subsample, indicating that the finding is not driven entirely by either the firms with income increasing or decreasing accruals. This provides further support to the prediction about the governance role of labor unions. Futhermore, when the firms with good ROA and bad ROA are separately examined, we find that the existence of labor unions is negatively associated with the absolute value of discretionary accruals, consistent with the finding from the analysis using absolute discretionary accruals. Overall, our finding provides compelling evidence to the prediction that labor unions provide an important governance role in reducing the agency costs in the firm.

사립대학의 비대칭적 원가행태에 관한 연구

김경민 ( Kyung Min Kim ),최정운 ( Jeong-un Choi ) 한국회계학회 2021 회계저널 Vol.30 No.4

Anderson et al.(2003) 이후 영리기업의 원가 비대칭성에 관한 많은 연구가 있었지만, 비영리기관(기업)의 원가 비대칭성에 대한 연구는 활발하게 이루어지지 않았다. 그러나 비영리기관인 사립대학도 조정비용(adjustment costs)및 대리인 비용(agency cost)과 같은 비대칭적 원가행태의 유발 요인이 존재하기 때문에, 원가행태를 분석하면 경영계획과 통제의 유용한 정보를 제공할 수 있을 것으로 기대된다. 이에 본 연구는 사립대학의 비대칭적인 원가행태와 그 결정요인을 분석한다. 이를 위하여 2004년부터 2018년까지 15년간의 총 4,522개 대학-연도를 대상으로 Dierynck et al.(2012)가 제시한 모형을 이용하였다. 또한 매출액 변화에 따른 사립대학의 각 원가(보수, 관리운영비, 연구학생경비) 및 총원가의 변화 행태를 살펴본다. 이때 등록금 및 국고보조금 수입을 매출액으로 정의한다. 본 연구의 실증결과는 다음과 같이 요약된다. 사립대학의 매출액 증감에 따라 보수와 연구 학생경비, 총원가는 하방경직적 원가행태가 나타났다. 그러나 관리운영비에서는 하방경직성이 완화(탄력적)되는 원가행태를 확인할 수 있었다. 또한 하방경직성의 결정요인은 주로 교직원집중도였으며, 2년 연속으로 매출이 감소할 때 하방경직성은 완화되는 것으로 나타났다. 사립대학의 소재지를 수도권과 비수도권으로 구분하여 분석한 결과는 대학의 소재지가 원가의 하방경적적 행태를 결정짓는 요인임을 보여주었다. 반면, 반값등록금 정책은 원가의 하방경직성을 완화시키는 요인이었으며, 대학 구조조정의 정책(재정지원제한) 역시 원가의 하방경직적 행태를 완화하는 것으로 나타났다. 본 연구는 사립대학의 경우에도 비대칭적 원가행태가 나타나고 있음을 확인하였으며, 향후 사립대학에서 비대칭적 원가행태 결정요인에 대해 다양한 논의와 검증을 유발하는데 기여를 할 것으로 본다. Since Anderson et al. (2003), there have been many studies on the asymmetry cost behavior of firms, but those for non-profit institutions (or firms) have not been sufficient. Private universities, which are non-profit institutions, are expected to provide useful information on management plans and controls by analyzing cost behaviors because there are factors that cause asymmetric cost behavior such as adjustment costs and agency costs. This study focuses on the asymmetry cost behavior of private universities and analyzes the determinants. For this, the model proposed by Dierynck et al. (2012) is used for a total of 4,522 university-years for 15 years from 2004 to 2018. In addition, this study examines the changes in salary, management and operation expenses, research-student expenses, and total cost, which are the costs of each private university according to the change in sales. At this time, revenue of tuition and government subsidies is defined as sales of private universities. Empirical results are summarized as follows. According to the increase or decrease in sales of private universities, the cost behavior of salaries, research-student expenses, and total costs was sticky downwardly. However, in the management and operation cost, the cost behavior was found that weakened (elastic) downward stickiness. In addition, the determinant of downward stickiness was mainly employee concentration, and it was found that downward stickiness weakened when sales decreased for two consecutive years. The location of private universities (metropolitan and non-metropolitan areas) was shown to be a factor that determines cost stickiness when sales decrease in salary and total cost. The half-price tuition policy was analyzed as a factor to alleviate the downward stickiness of cost, and the policy of university restructuring (restriction of financial support) was also found to alleviate the downward stickiness of cost. This study presented asymmetric cost behavior of private universities, and is expected to contribute to inducing various discussions on the determinants of asymmetric cost behavior in private universities in the future.

사립대학 회계감리에 따른 감사보수 및 감사시간의 관계

김경민(Kyung-Min Kim),최정운(Jeong-Un Choi) 한국경영학회 2023 經營學硏究 Vol.52 No.1

This study is to investigate audit fee and hour of private universities in order to measure the effectiveness of audit review. After audit review, there is a possibility that the auditors who audited the private universities and universities will be disadvantaged, which will put pressure on the auditing work. Therefore, audit review is highly likely to change the behavior of private universities and auditors. In this study, we examine ① audit fee and hour of audit reviewed universities(AR), ② audit fee and hour of AR after review, ③ the difference of audit fee and hour between AR and non-AR. As a result, AR target years audit fee and hour is lower than non-AR, significantly. And ARs audit fee after review is significant higher, but not significant relative to non-AR. Additionally, ARs audit hour after review is significant lower than non-AR. This study has the contribution in that it investigated ARs audit fee and hour about the effectiveness of audit review in private universities. In addition, this study suggests the Standard audit hour policy for effectiveness of the private university audit review, that is, increase the accounting transparency of private universities and improve audit quality.

주식매수선택권 행사와 경영자 예측 정보와의 관계

김선미(Seon Mi Kim),최정운(Jeong Un Choi),한승수(Sam Han) 한국관리회계학회 2014 관리회계연구 Vol.14 No.2

본 연구는 2002년에서 2009년까지 표본을 대상으로 경영자의 주식매수선택권 행사와 경영자예측정보 공시의 상관관계와 이러한 예측정보가 경영자의 이익을 극대화하는 방향으로 편의되어 있는지 실증 분석하였다. 선행연구 (Aboody and Kasznik 2000)는 주식매수선택권의 부여시점에 초점을 맞추어 재무분석가들의 예측정보의 비관성 비중을 평가함으로서 주식매수선택권과 관련된 경영자의 기회주의적 행태를 실증하였다. 이는 재무분석가들이 경영자들의 이익을 극대화 하기 위해 주식매수선택권 부여시점에 보다 더 보수적인 이익예측치를 제공한다는 결과를 보인 것으로 해석된다. 하지만, 이러한 결과는 경영자가 미래에 얻을 이익을 높일 수 있는 확률을 높이는 것일 뿐 실제로 기회주의적 이익실현을 실증하지는 못했다는 한계점이 있다. 따라서 본 연구에서는 경영자 본인의 자발적 예측과 이에 따른 주식매수선택권의 행사 여부를 살펴봄으로써 선행연구에서 직접적으로 보여주지 못했던 경영자의 기회주의적 행태를 실증하고자 하였다. 실증분석 결과 경영자 예측정보는 주식매수선택권이 행사되기 전에 주로 공시되며, 이러한 주식매수선택권 행사 전 공시되는 경영자 예측정보는 대체로 낙관적인 경향을 띠고 있음을 발견하였다. 주식매수선택권 부여에 대한 경제적 효과에 대하여는 부정적 측면과 긍정적 측면이 동시에 주장되어 왔다(Jensen and Meckling 1976; Larcker 1983; DeFusco et al. 1990 등). 반면, 본 연구는 주식매수선택권 행사에 초점을 두고 경영자의 예측정보 행태를 분석하였다. 본 연구 결과는 주식매수선택권 행사 전 경영자의 자발적 이익공시를 지나치게 낙관적으로 유도함으로써 경영자와 주주간의 대리인 비용의 감소라는 원래 목적과는 달리 기업의 정보환경에 부정적 영향을 미칠 수도 있다는 시사점을 준다. This paper examines the relation between management’s earnings forecasts and exercise of stock option for listed firms during a sample period from 2002 to 2009. This study assess the bias of management earnings forecasts to maximize the managers’ profit when the management exercise their stock option. Prior literature (Aboody and Kasznik 2000) evaluates the weight of pessimism of analysts earnings forecasts at the time of granting of stock option to prove the management’s opportunistic behavior. That is, financial analysts disclose more conservative earnings forecasts at the time of granting of stock option to maximize managers’ profit. However, these results do not demonstrate an actually managements’ opportunistic behavior to be critical point. Thus, we focus on management earnings forecasting behavior at the time of exercise of stock option to examine the managers’ opportunistic behavior. As the results, managements tend to disclose their earnings forecasts’ information before exercising stock option. Also, we find that managements issue generally optimistic earnings forecasts before that time. Many prior work (Jensen and Meckling 1976; Larcker 1983; DeFusco et al. 1990; etc.) show that positive or negative aspects have been claimed at the same time on economic effect of stock option grants. We focus on management forecasts behavior at the time of exercising stock option. Our results suggest that firms may have negative information environment due to overly optimistic disclosure before exercising stock option, unlike the original purpose of voluntary disclosure may have reduction in agency costs between managers and shareholders.