실물이익조정의 행태와 차기 성과와의 관련성 = Real Earnings Management Behavior and the Relation with Future Performance

다국어 초록 (Multilingual Abstract)

The purpose of this paper is to investigate whether managers conduct real earnings management when the earnings do not meet the target earnings number. We hypothesize that managers would manipulate earnings numbers with real activities. Also, this paper analyses the difference of effective tax rates between the sample that do not meet the target earnings and the sample that meet the target earnings. And we study the effect of real earnings management on the future performance of the firms. This paper measures the real earnings management using the method of Roychowdhury(2006).
This paper finds as follows. First, this paper finds evidence that managers would manipulate earnings numbers with real activities with abnormal operating cash flows and abnormal discretionary expense being consistent with the hypothesis. Second, there is no evidence of difference of effective tax rates between the sample that do not meet the target earnings and the sample that do not. Third, we find that, even in the real earnings management firms, the effect of real earnings management on the future performance of the firms. is negative.
This paper’s results add a kind of contribution to the prior research. This paper presents evidence that the firms that do not meet the target earnings use real earnings management activities to arrive at the target. This paper also presents evidence the negative effect of real earnings management on the future performance of the firms.

참고문헌 (Reference)

1 고종권, "한계세율의 대용치" 한국경영학회 31 (31): 1-879, 2002

2 김지홍, "적자 회피 및 이익 평준화를 위한 실제 이익조정 활동" 한국회계학회 17 (17): 31-63, 2008

3 박희우, "분기이익에 대한 차별적 이익조정 행태－이익/손실기업과 실제 활동을 통한 이익조정을 중심으로－" 한국세무학회 10 (10): 357-386, 2009

4 송인만, "분기별 이익조정의 형태: 적자회피와 반전현상" 한국회계학회 33 (33): 1-28, 2008

5 지현미, "분기 이익정보가 연차이익의 가치관련성에 미치는 영향" 한국회계학회 32 (32): 27-54, 2007

6 박종일, "법인세최소화와 영업현금흐름이 기업의 이익조정에 미치는 영향" 한국세무학회 19 (19): 8-222, 2002

7 신현한, "기업의 투명성：개념과 측정방법" 한국전략경영학회 3-29, 2004

8 Gunny, K, "What are the consequences of real earnings management" University of Coloradsirt Boulttr 2005

9 Dechow, P. M., "The relation between earnings and cash flows" 25 : 133-168, 1998

10 Leggett, D. M., "Real earnings Management and Subsequent Operating Performance" 2009

11 Das, S., "Forth Quarter Reversals in Earnings Changes and Management" 2007

12 Burgstahler, D, "Earnings management to avoid earnings decreases and losses" 24 : 99-126, 1997

13 Roychowdhury, S, "Earnings management through real activities manipulation" 41 : 335-370, 2006

14 Dechow, P, "Earnings Management：Reconciling the Views of Accounting Academics. Practitioners, and Regulators" 14 (14): 235-250, 2000

15 Zhou, J, "Audit Quality and earnings Management by Seasoned Equity Offering Firms" 2003

16 박종찬, "4분기와 1~3분기 중간이익의 차별적 특성: 재량적 발생과 이익예측성" 한국회계학회 32 (32): 91-115, 2007