기업지배구조 및 기업특성이 이익조정에 미치는 영향 : 대주주지분을 중심으로 = The Effects of Corporate Governance And Characteristics for Earnings Management|RISS 상세보기

다국어 초록 (Multilingual Abstract)

This study tried to verify whether they appear even if analyzing with extending samples and years to the recent 10-year portion as for the entrenchment hypotheses by La Porta et al.(1998, 1999, 2000) who reported that the nation with the weaker legal protection for outside small-scale shareholders leads to the stronger opportunistic behavior in controlling shareholders and the stronger entrenchment incentive on outside small-scale shareholders, and by Park Jong-Il(2003) who presented a research as saying that the influence according to controlling shareholders upon an executive's corporate management activity is great in South Korea, which has complex governance such as mutual stocks holdings through a company based on family management or through affiliate company, unlike America in which ownership shares are well distributed.
Also, like the findings by Morck et al.(1988), the entrenchment hypothesis is being supported on the whole. But dividing the majority equity's holding by sphere, the bottom range is indicated the entrenchment hypothesis. The upper range was shown the interest alignment hypothesis. Thus, the empirical verification was made on whether the research results of having insisted on showing the image of a U-lettered type can be applied even to South Korean market.
Especially, it additionally analyzed whether the entrenchment hypothesis is indicated even if extending samples and years in South Korean market, and the influence in a relationship of having dominance(33%) upon the earnings management in accordance with Article 434 of the commercial law by sphere in the majority equity's holding(50%) in terms of the researches by La Porta et al.(1998, 1999, 2000) and Park Jong-Il(2003) and the research by Morck et al.(1988). Hence, it investigated how the conflicting theory is shown between the entrenchment hypothesis and the interest alignment hypothesis. The purpose of this study can be considered to inquire into and verify whether the same empirical outcome appears even if inspecting with dividing it into independent variable and interacting variable as for a relationship between debt ratio and firm size, which correspond to governance and corporate characteristic, as well as a relationship between the controlling shareholder and the earnings management, which was verified, above all, through a previous research.
As a result of this study, the entrenchment hypothesis was confirmed to have appeared even when having extended Park Jong-ll(2003)'s research to the recent 10-year data. Through re-verifying the research by Morck et al.(1988) in South Korean market, the verification result could be identified in a concave type of the interest alignment hypothesis, which leads to the business owner's substantial loss given exceeding more than the certain stakes, even if some of the majority equity's holding and earnings management appear to be the phenomenon of the interest alignment hypothesis on the whole. A significant value couldn't be found as for verifying interaction between the majority equity's holding and debt ratio in terms of the earnings management. However, significant positive(+) relationship was partially indicated given the realm-based interaction.
The verification of interaction between the majority equity's holding and firm size regarding the earnings management was indicated to have a significant positive(+) relationship similarly to the existing research. But in consequence of having inspected which influence the majority equity's holding, debt ratio, and corporate characteristic called firm size have upon the earnings management through interaction, the empirical analysis led to having obtained what a difference in a significant positive(+) relationship is partially shown in the earnings management, unlike a previous research that inquired into and verified it as the existing independent variable.

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