본문 바로가기
KERD
논문KCI 등재

시장경쟁질서와 이익관리 간의 관계

Market Competition Order and Corporate Earnings Management

이상은|손판도|김상현
한국질서경제학회 (Korea Ordo Economics Association)|2017.09|질서경제저널 (Ordo Economics Journal)|제20권 제3호|pp. 1-22|DOI http://dx.doi.org/10.20436/OEJ.20.3.001

1

조회

0

다운로드

1

인용

0

참고문헌

키워드

이익관리상품시장파워재량적 발생액 관리산업구조와 경쟁Discretionary Accrual ManagementProduct Market PowerIndustrial Structure And CompetitionProfit Management

초록

본 논문에서는 상품시장 경쟁 압박과 경영자의 이익관리 간에 유의적인 연관성을 가지고 있는가에 대해서 실증 검증한다. 기존 연구에 의하면 시장의 경쟁 강화로 인하여 상품시장 가격결정 방법은 원가 충격을 기업이 소비자에게 이전시킬 수 있도록 하는 완충장치의 작동원리로써 작용할 수 있다는 것이 설명되었다. 또한 인위적인 이익관리는 시장기대에 부응하기 위하여 약한 가격 결정력을 가진 기업이 하는 것이고, 이익관리를 통해서 경쟁적 우위 유지를 위해 경쟁자에게 왜곡된 정보를 전달하는 유인이 존재한다는 것이다. 따라서 경쟁적 압박이 많은 기업일수록 경쟁 상태에 있는 기업에 활용 가능한 정보의 제한을 통해서 이익관리를 할 유인이 존재함을 알 수 있다. 이 같은 기존의 연구가 국내 거래소 시장에 상장되어 있는 비-금융기업에서도 발견되는지를 실증 검증한다. 본 연구결과에 의하면 다음과 같은 결과를 도출하였다. 상품시장에서 높은 가격 결정력을 보유한 기업은 재량적 이익 발생액에 대하여 낮은 성향이 존재하며 이 같은 결과는 기업 재무제표의 질 및 신뢰성과 투명성을 파악하는데 또 다른 요인이 된다. 즉 강한 경쟁 산업에서 더 많은 이익의 조정이 상대적으로 높게 나타나고 있는 것을 발견할 수 있다. 이와 같은 결과들은 미국의 연구결과와도 일치하는 것으로 나타난다. 본 연구의 실증결과에서 상품시장 가격 결정력과 경쟁을 기반으로 한 기업 이익의 질과 정보에 대한 의미를 분석할 수 있는 동기가 된다.

Abstract

We investigate whether there is relationship between product market competition and earnings management using non-financial firms listed in KOSPI market over periods of 1981 to 2015. Suggested hypotheses are as follows: First, we conjecture that there is strong association between pricing power of product market and earnings management. Second, also we conjecture that there is strong association between industry competition and earnings management. Based on these hypothesis, empirical test results are as follows: The firms with high pricing power in product market tend to have lower earning accrual. This result implies that it provides new factor to better understand the quality of financial statement and transparency of financial statement. This means that firms in high product market competition could have high earnings management relative to firms in low product market competition. This empirical evidence is consistency to evidence of U.S firms. As a result, we suggest that this evidence provides the direct implication for understanding quality of earning and information of financial statement with regard to product market competition. This study is summarized as follows. First, it is shown that discretionary accruals are lowered as the pricing power is higher as a result of the empirical test on how the effect of discretionary accruals is influenced by the substitution variable EPCM of individual firm pricing power. In other words, it suggests that firms have more incentive to manipulate more profits than in more competitive situations and that the quality of profits is lowered. Second, discretionary accruals are lowered as the HHI index, which shows industry concentration, shows lower. As a result, the higher the industrial competitiveness, the higher the discretionary accruals. Third, the analysis using the number of competitors in the industry shows that discretionary accruals become higher as the number of competitors increases. This shows that the more competitive the industry, the lower the quality of the profits. From the viewpoint of managerial strategy, companies that fail to secure a competitive advantage under market competition will need to strengthen their pricing power by securing a competitive advantage, which will lead to enhanced transparency and reliability of the company’s financial statements. It is necessary to establish a management strategy for a competitor considering the competitiveness of the competitor in analyzing the financial information of the competitor, in order to meet the expectations of the market and to maintain the competitive advantage through the artificial profit management.

참고문헌 (39)

  1. Allen, F., "Corporate Governance and Competition, Published in Corporate Governance: Theoretical and Empirical Perspectives" (2000), Cambridge University Press
  2. Bartov, E., "Discretionary-accrual models and audit qualifications", Journal of Accounting and Economics, 30(3), pp.421~452 (2001)
  3. Bebchuk, A., "What matters in corporate governance?", Review of Financial Studies, 22(2), pp.783~827 (2004)
  4. Becker, C., "The effect of audit quality on earnings management", Contemporary Accounting Research, 15(1), pp.1~24 (1998)
  5. Bowen, R., "Accounting discretion, corporate governance and firm performance", Contemporary Accounting Research, 25(2), pp.351~405 (2008)
  6. Collins, D., "Earnings-based and accrual-based market anomalies:one effect or two?", Journal of Accounting and Economics, 29(1), pp.101~124 (2000)
  7. Datta, S., "Product market pricing power, industry concentration and analysts’ earnings forecasts", Journal of Banking and Finance, 35(6), pp.1352~1366 (2011)
  8. Dechow, P., "Detecting earnings management", The Accounting Review, 70(2), pp.193~226 (1995)
  9. Dechow, P., "Causes and consequences of earnings manipulation: an analysis of firms subject to enforcement actions by the SEC", Contemporary Accounting Research, 13(1), pp.1~36 (1996)
  10. Diamond, D.W., "Disclosure, liquidity, and the cost of capital", Journal of Finance, 46(4), pp.1325~1359 (1991)
  11. Domowitz, I., "Business cycles and the relationship Between concentration and price-cost margins", RAND Journal of Economics, 17(1), pp.1~17 (1986)
  12. Fama, E. F., "Agency problems and the theory of the firm", Journal of Political Economy, 88(2), pp.288~307 (1980)
  13. Fan, J., "Corporate ownership structure and the informativeness of accounting earnings in East Asia", Journal of Accounting and Economics, 33(3), pp.401~425 (2002)
  14. Gal-Or, E., "Information sharing in oligopoly", Econometrica, 53(2), pp.329~343 (1985)
  15. Gaspar, J., "Idiosyncratic volatility and product market competition", Journal of Business, 79(6), pp.3125~3152 (2006)
  16. Gertner, R., "Simultaneous signaling to the capital and product markets", RAND Journal of Economics, 19(2), pp.173~190 (1988)
  17. Giroud, X., "Corporate governance, product market competition, and equity prices", Journal of Finance, 66(2), pp.563~600 (2011)
  18. Guidry, F., "Earnings-based bonus plans and earnings management by business unit managers", Journal of Accounting and Economics, 26(1-3), pp.113~142 (1999)
  19. Harris, M. S., "The association between competition and managers’ business segment reporting decisions", Journal of Accounting Research, 36(1), pp.111~128 (1998)
  20. Hart, O., "The market mechanism as an incentive scheme", The Bell Journal of Economics, 14(2), pp.366~382 (1983)
  21. Haushalter, D., "The influence of product market dynamics on a firm’s cash holdings and hedging behavior", Journal of Financial Economics, 84(3), pp.797~825 (2006)
  22. Hayes, R, "Segment reporting to the capital market in the presence of a competitor", Journal of Accounting Research, 34(2), pp.261~279 (1996)
  23. Healy, P., "A review of the earnings management literature and its implications for standard setting", Accounting Horizons, 13(4), pp.365~383 (1999)
  24. Hermalin, B., "Information disclosure and corporate governance", Journal of Finance, 67(1), pp.195~233 (2012)
  25. Hoberg, G., "Real and financial industry booms and busts", Journal of Finance, 65(1), pp.45~86 (2010)
  26. Holmstrom, B., "Moral hazard in teams", Bell Journal of Economics, 13(2), pp.324~340 (1982)
  27. Hribar, P., "Errors in estimating accruals: implications for empirical research", Journal of Accounting Research, 40(1), pp.105~134 (2002)
  28. Jones, J., "Earnings management during import relief investigations", Journal of Accounting Research, 29(2), pp.193~228 (1991)
  29. Kale, J.R., "Product market power and stock market liquidity", Journal of Financial Markets, 14(2), pp.376~410 (2011)
  30. Karuna, C., "Industry product market competition and managerial incentives", Journal of Accounting and Economics, 43(2-3), pp.275~297 (2007)
  31. Klein, A., "Audit committees, board of director characteristics and earnings management", Journal of Accounting and Economics, 33(3), pp.375~400 (2002)
  32. Kothari, S., "Performance matched discretionary accruals", Journal of Accounting and Economics, 39(1), pp.161~197 (2005)
  33. Lang, M., "Corporate disclosure policy and analyst behavior", The Accounting Review, 71(4), pp.467~492 (1996)
  34. Lindenberg, E, "Tobin’s q ratio and industrial organization", Journal of Business, 54(1), pp.1~32 (1981)
  35. Nalebuff, B, "Prices and incentives: towards a general theory of compensation and competition", Bell Journal of Economics, 14(1), pp.21~43 (1983)
  36. Narayanan, N. P., "Managerial incentives for short-term results", Journal of Finance, 40(5), pp.1469~1484 (1985)
  37. Peress, J., "Product market competition, insider trading and stock market efficiency", Journal of Finance, 65(1), pp.1~43 (2010)
  38. Peteraf, M., "The cornerstones of competitive advantage: a resource-based view", Strategic Management Journal, 14(3), pp.179~191 (1993)
  39. Porter, M., "Competitive Strategy: Techniques for Analyzing Industries and Competitors" (1980), Free Press

관련 논문AI추천

기업이 직면한 시장경쟁이 발생액의 품질에 미치는 영향에 관한 연구임승연한국국제회계학회 · 국제회계연구2015 · 제64호기업의 산업 내 경쟁정도와 이익의 예측가능성에 관한 연구김민수, 이명건한국상업경영학회 · 상업경영연구2017 · 제31권 제5호산업 내 경쟁정도와 미래이익반응계수정현욱한국공인회계사회 · 회계ㆍ세무와 감사 연구2016 · 제58권 제2호The Empirical Study of Relationship between Product Market Competition Structure and Overvaluation박미희, 차상권한국유통과학회 · 유통과학연구2020 · 제18권 제2호특수관계자 거래가 경영자의 재량적 의사결정에 미치는 영향: 산업 내 경쟁정도에 따른 조절효과를 중심으로김원신, 허봉구한국국제회계학회 · 국제회계연구2022 · 제105호감사시장의 경쟁과 회계정보의 질박현재국가미래기술경영연구소 · 기술경영2023 · 제8권 제4호

이 간행물의 다른 논문 (6건)

비인지적 능력의 임금효과 분석윤혜린, 김은주pp. 23-44Effects on Drinking Water of the New Arsenic Standard: With Contaminant Occurrence Data서미숙pp. 45-67무역자유화는 항상 공정한 교역질서를 보장하는가?: 비시장경제와 시장경제간의 무역을 중심으로오세신, 김상기pp. 69-88중국의 경제정책과 소득불균형 완화정책에 대한 연구김재필, 정군오, 임응순pp. 89-108가족협약을 통한 기업승계 해외사례 연구: 독일 Henkel과 프랑스 Mulliez를 중심으로이성봉pp. 109-127
원문 보기