본문 바로가기
KERD
논문KCI 등재

경영자 능력이 전략적 일탈과 영업활동현금흐름의 관계에 미치는 영향

The Impact of Managerial Ability on the Relationship between Strategic Deviance and Cash Flow from Operating Activities

박원
대한산업경영학회 (Dae Han Society of Industrial Management)|2024.09|산업융합연구 (Journal of Industrial Convergence)|제22권 제9호|pp. 17-30|DOI https://doi.org/10.22678/JIC.2024.22.9.017

1

조회

0

다운로드

0

인용

0

참고문헌

키워드

경영전략경영성과경영자 능력이익조정전략적 일탈Strategic DevianceManagerial AbilityEarnings management영업활동현금흐름Cash Flow from Operating activities
주제분류학제간연구

초록

본 연구는 전략적 일탈, 경영자 능력이 경영성과인 영업활동현금흐름에 미치는 영향을 검증하고자 하였다. 또한 전략적 일탈과 영업활동현금흐름의 관계에 경영자 능력이 미치는 영향을 검증하고자 하였다. 표본 선정은 2011년부터 2020년까지 12월 결산상장법인 중에서 비금융업을 대상으로 추출하여 분석하였으며 그 결과는 다음과 같다. 분석 결과, 전략적 일탈은 영업활동현금흐름에 유의적인 음(-)의 영향을 미치는 것으로 확인되었으며 경영자 능력은 영업활동현금흐름에 유의적인 양(+)의 영향을 미치는 것으로 나타났다. 또한 이익조정 수준이 높은 집단에서 이러한 결과를 재확인할 수 있었다. 본 연구는 최근 경영전략과 관련된 연구를 확대하여 영업활동현금흐름에 미치는 영향을 검증한 것에 의미가 있다. 또한 이러한 관계에 경영자 특성을 규명한 것에 의미가 있을 것으로 보인다.

Abstract

This study focuses on the effect of strategic deviance and managerial ability on cash flow from operating activities, which is financial performance. In addition, this paper examines the effect of managerial ability on the relationship between strategic deviance and cash flow from operating activities. The sample was extracted and analyzed for non-financial businesses among listed corporations with settlement of accounts in December from 2011 to 2020. As a result of the analysis, it was confirmed that strategic deviance found a significant negative effect on the cash flow from the operating activity, and managerial ability found a significant positive effect on the cash flow from the next operating activity. Strategic deviance was found to have a significant negative relationship with cash flow from next operating activities as managerial ability was higher, and this result was reconfirmed in the group with a high level of earnings management. This study is significant as it expands recent research related to management strategies by examining their impact on operating cash flow. Therefore, it seems that it is meaningful to identify the characteristics of managers in this relationship.

참고문헌 (52)

  1. S. W. Shin, "The Effect of Fit between Strategy and Leadership Style on Corporate Performance", Management & Information Systems Review, 40(4), pp.85~98 (2021)[DOI]
  2. R. E. Miles, "Organizational Strategy, Structure and Process" (1978), McGraw Hill
  3. R. E. Miles, "Organizational Strategy, Structure, and Process" (2003), Stanford University Press
  4. C. D. Ittner, "Quality Strategy, Strategic Control Systems, and Organizational Performance", Accounting, Organizations and Society, 22(3-4), pp.293~314 (1997)[DOI]
  5. K. D. Choi, "Business Strategy and Tax Avoidance", Korean Accounting Review, 40(5), pp.271~326 (2015)
  6. H. S. Ryu., "Business Strategy and Cost of Capital", Korean Accounting Journal, 24(6), pp.293~429 (2015)
  7. R. Wang, "Strategic Deviance and Accounting Conservatism", American Journal of Industrial and Business Management, 8, pp.1197~1228 (2018)[DOI]
  8. M. A. Carpenter, "The Price of Change : The Role of CEO Compensation in Strategic Variation and Deviation from Industry Strategy Norms", Journal of Management, 26, pp.1179~1198 (2000)[DOI]
  9. J. Tang, "Dominant CEO, Deviant Strategy, and Extreme Performance : The Moderating Role of a Powerful Board", Journal of Management Studies, 48, pp.1479~1503 (2011)[DOI]
  10. X. Dong, "Strategic Deviance and Cash Holdings", Journal of Business Finance and Accounting, 48, pp.742~782 (2021)[DOI]
  11. I. I. Hwang, "Managerial Ability and Stock Price Crash Risk", Korean Accounting Review, 44(1), pp.111~154 (2019)[DOI]
  12. R. Cyert, "A Behavioral Theory of the Firm" (1963), Prentice-Hall
  13. M. Schrand, "Executive Overconfidence and the Slippery Slope to Fiancial Misreporting", Journal of Accounting and Economics, 53(1-2), pp.311~329 (2012)[DOI]
  14. M. E. Porter, "Competitive Advantage" (1980), Harvard Business Press
  15. S. Y. Won, "The Effect of Firm Life-cycle and Competitive Strategy on Performance Persistence", Korean Accounting Journal, 25(5), pp.33~65 (2016)
  16. N. Houqe, "Corruption, Political Institutions, and Accounting Environment: A Cross-Country Study", International Journal of Accounting Symposium (2013)
  17. K. A. Bentley, "Business Strategy, Financial Reporting Irregularities, and Audit Effort", Contemporary Accounting Research, 30(2), pp.780~817 (2013)[DOI]
  18. Business Strategy and Internal Control over Financial Reporting, "K. A. Bentley", University of NewSouth Wales, ~ (2015)
  19. R. Banker, "An Empirical Investigation of an Incentive Plan That Includes Nonfinancial Performance Measures", The Accounting Review, 75(1), pp.65~92 (2000)[DOI]
  20. S. R. N. Kim, "The Effect of Business Strategy on Cost Stickines", Study on Accounting Taxation &Auditing, 58(4), pp.255~295 (2016)[DOI]
  21. S. M. Kim, "Strategic Deviance, Cash Holdings, and the Value of Cash Holdings", Korean Accounting Journal, 32(2), pp.59~84 (2022)[DOI]
  22. S. M. Kim, "The Influence of Strategic Deviance on Asymmetric Cost Behavior", Journal of New Industry and Business, 40(2), pp.179~197 (2022)[DOI]
  23. J. H. Lee, "Strategic Deviance and Asymmetry Cost Behavior", Korean Management Review, 50(4), pp.1037~1069 (2021)[DOI]
  24. M. Luo, "Deviant Strategy and Earnings Management", Korean Business Education Review, 38(1), pp.229~253 (2023)[DOI]
  25. H. Damle, "Strategic Deviance and Trade Credit", International Journal of Managerial Finance, 19, pp.831~852 (2023)[DOI]
  26. S. M. Kim, "The Effect of Strategic Deviance on the Cost of Debt", Korean Management Review, 50(2), pp.557~582 (2021)[DOI]
  27. J. H. Lee, "The Effect of Strategic Deviance on Stock Price Crash Risk", Korean Accounting Journal, 31(6), pp.75~105 (2022)[DOI]
  28. M. K. Park, "Business Strategy and Stock Price Crash Risk", Korean Accounting Review, 47(6), pp.1~32 (2022)[DOI]
  29. S. Finkelstein, "Strategic Leadership" (1996), West Educational Publishing
  30. P. Demerjian, "Quantifying Managerial Ability : A New Measure and Validity Tests", Management Science, 58(7), pp.1229~1248 (2012)[DOI]
  31. P. Demerjian, "Managerial Ability and Earnings Quality", The Accounting Review, 88(2), pp.463~498 (2013)[DOI]
  32. J. R. Graham, "Managerial Attributes and Executive Compensation", The Review of Financial Studies, 25(1), pp.144~186 (2012)[DOI]
  33. S. R. N. Kim, "Managerial Overconfidence and Cost Stickiness", Korean Accounting Journal, 23(6), pp.309~345 (2014)
  34. A. Koester, "The Role of Managerial Ability in Corporate Tax Avoidance", Management Science, 63(10), pp.3285~3310 (2016)[DOI]
  35. C. E. Fee, "Raids, Rewards, and Reputations in the Market for Managerial Talent", The Review of Financial Studies, 16(4), pp.1315~1357 (2003)[DOI]
  36. X. Gabaix, "Why Has CEO Pay Increased So Much?", The Quarterly Journal of Economics, 123(1), pp.49~100 (2008)[DOI]
  37. "Managerial Ability and Earnings Quality:an International Analysis" (2012)[URL]
  38. C. Y. Ko, "The Effects of Managerial Ability on Cost Behavior of R&D Costs", Korean Management Consulting Review, 21(3), pp.163~172 (2021)
  39. S. H. Ko, "The Effect of Managerial Ability on the Implied Cost of Equity Capital", Accounting Information Review, 33(4), pp.161~192 (2015)
  40. Y. K. Lee, "The Effect of Managerial Ability on the Financial Score and Credit Score", Review of Accounting and Policy Studies, 21(5), pp.1~23 (2016)
  41. S. M. Jo, "The Effect of Accounting Quality and Competition Intensity on the Relationship between Managerial Ability and Firm Performance", Korean. Journal of Management Accounting Research, 17(1), pp.149~178 (2017)
  42. S. R. Choi, "The Effect of Managerial Ability on Real Earnings Management Using R&D Cuts", Korean Accouting Journal, 28(1), pp.101~139 (2019)[DOI]
  43. B. B. Francis, "Are Female CFOs less Tax Aggressive? Evidence from Tax Aggressiveness", The Journal of the American Taxation Association, 36, pp.171~202 (2014)[DOI]
  44. S. A. Kang, "Effects of Industrial Characteristics on the Relationship between Management Ability and Short or Long-term Performance", Accounting Information Review, 37(4), pp.217~237 (2019)[DOI]
  45. S. Y. Park, "The Effect of Managerial Ability Using DEA on Investment Efficiency", Korea Business Review, 20(4), pp.255~275 (2016)
  46. U. Malmendier, "Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction", Journal of Financial Economics, 89(1), pp.20~43 (2008)[DOI]
  47. Y. J. Kim, "The Effect of Suitability between Business Strategy and Executive Compensation on Corporate Performance", Korean Accounting Journal, 26(5), pp.45~72 (2017)[DOI]
  48. M. C. Anderson, "Are Selling, General, and Adminstrative Costs‘ Sticky’?", Journal of Accounting Research, 41, pp.47~63 (2003)[DOI]
  49. S. O. Jang, "Information Asymmetry and Earnings Management", Accounting Information Review, 25(1), pp.221~244 (2007)
  50. T. K. Lim, "The Association between Discretionary Accruals and Analysts'Forecasts", Study on Accounting, Taxation &Auditing, 44, pp.311~334 (2006)
  51. M. G. Lee, "The Material Weakness of Internal Accounting Control System and Firm Characteristics", Accouting Information Review, 25(2), pp.161~194 (2007)
  52. J. J. Jones, "Earnings Management during Import Relief Investigation", Journal of Accounting Research, 29, pp.193~228 (1991)[DOI]

관련 논문AI추천

경영자 특성(경영자 능력, 과신성향)이 전략적 일탈에 미치는 영향권예경대한경영정보학회 · 경영과 정보연구2024 · 제43권 제4호전략적 일탈이 기업가치, 미래 성과, 성과지속성에 미치는 영향박원한국융합학회 · 한국융합학회논문지2022 · 제13권 제4호경영자능력과 전략유형 및 회계부정 위험도간 관련성반혜정, 정인회한국국제회계학회 · 국제회계연구2018 · 제81호현금흐름 성과가 경영자 보상에 미치는 영향：매개효과를 중심으로김정애, 이성희한국세무회계학회 · 세무회계연구2021 · 제69호경영자 능력과 투자효율성이 이익조정에 미치는 영향김태완, 스위팅, ․훠치신한국전산회계학회 · 전산회계연구2025 · 제23권 제2호경영자 능력이 세무계획과 세무위험에 미치는 영향신현미대한산업경영학회 · 산업융합연구2024 · 제22권 제11호

이 간행물의 다른 논문 (15건)

라이브 커머스의 특성이 브랜드 이미지, 신뢰 및 재구매의도에 미치는 영향최다연, 윤재만, 이형석, 이인석pp. 1-15FRP 마스코트 조형물 제작 실무자 실태 연구이두희pp. 31-41노인 여가스포츠 참여자의 여가기능과 회복탄력성 및 생활만족의 구조적 관계이정일, 이상행pp. 43-52간호대학생의 지역사회 감염병 예방 봉사활동 경험에 따른 COVID-19 감염예방 태도, 셀프리더십, 감염병 예방행위 차이안성윤, 김윤정, 조의영pp. 53-6112주간 운동 형태가 중년여성의 신체조성, ABI 및 PWV에 미치는 영향백순기pp. 63-68
원문 보기