국민연금 주주행동주의가 최고경영자 경영권집중과 이익조정에 미치는 영향

Abstract

The purpose of this study was to analyze the impact of shareholder activism on the earnings management caused by the concentration of the CEO’s managerial centrality. Based on the study by Bebchuk et al. (2011), it tried to verify that the shareholder action of the national pension fund controls the profit adjustment of the CEO’s managerial centrality. If the National Pension Service exercises shareholder rights in favor of corporate decisions, it can be assumed that it is exercising control over earnings management based on CEO’s managerial centrality. Among the major variables, the quality of accruals was measured using the Dechow and Dichev (2002) model (DD model) and the modified Jones model (1991). The larger the measure of quality of the accrual, the more an entity’s earnings management can be expected. The analysis was made to see if the National Pension Service controlled earnings management based on concentration of managerial control in companies with investment of 5% or more. In the preceding studies, the higher the CEO’s managerial centrality, the more likely it was to be exposed to earnings management, so it is expected that a positive relationship will emerge. As a result of the analysis, it was found that CEO’s managerial centrality had a positive effect on the quality of the accruals (DD model), so the higher CEO’s managerial centrality, the easier it was to be exposed to an entity’s earnings management. However, seen from the perspective of the modified Jones model, it was positive but not statistically significant. Next, it was confirmed that shareholder activism of the NPS has been shown to control earnings management by the CEO’s managerial centrality. Analysis of the combination variables of the national pension and the concentration of managerial control revealed a significant negative effect on profit adjustment. This study can be said to be significant in that the shareholder activism of the National Pension Service can have control over earnings management for companies with a high CEO’s managerial centrality.