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CSR 성과의 지속성과 회계정보의 질

The Relationship between Accounting Quality and Consistency of CSR

최종서|남지안
한국국제회계학회 (Korea International Accounting Association)|2022.04|국제회계연구 (Korea International Accounting Review)|제102호|pp. 193-229|DOI 10.21073/kiar.2022..102.009

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참고문헌

키워드

지속성CSRconsistency발생액의 질본질적 발생액의 질재량적 발생액의 질accrual qualityinnate accrual qualitydiscretionary accrual quality

초록

[연구목적]본 연구는 기업의 표면적인 CSR 성과가 기업의 내면 윤리와 합치하는지를 검증하기 위하여 기업의 CSR 활동과 발생액의 질의 관련성을 분석한다. 특히 기업의 우수한 CSR 활동이 내면 윤리와도 일치할 것으로 예상되는 가운데, CSR의 지속성은 이를 설명할 수 있는 핵심적인 요소로 작용할 것으로 기대된다. [연구방법]본 연구는 2011년부터 2019년까지 KEJI 지수가 공시된 경험이 있는 기업들을 대상으로 분석을 행하였다. 주요변수인 CSR 지속성은 Wang and Choi(2012)의 연구방법을, 발생액의 질은 McNichols(2002)의 연구방법을 차용하여 측정하였으며, 추가적으로 발생액의 질은 원천에 따라 본질적 발생액의 질과 재량적 발생액의 질로 분해하여 분석에 이용하였다. [연구결과]분석결과 첫째, CSR 성과가 우수할수록 기업의 발생액의 질이 높은 것으로 나타났다. 둘째, CSR의 지속성은 CSR과 발생액의 질 간의 양(＋)의 관계를 더욱 증폭시키는 것으로 나타났다. 이는 지속적인 CSR 기업일수록 더욱 투명한 재무보고를 통해 기업윤리에 대한 사회적 기대치를 충족시키는 것으로 해석할 수 있다. [연구의 시사점]본 연구는 지속적으로 우수한 CSR을 행하는 국내기업들이 기업의 부정을 은폐하기 위한 경영자의 사익과 관련되기 보다는 내면 윤리와 합치하는 기업일 가능성을 암시한다. 따라서 본 연구의 결과는 기업의 윤리성이 경영자의 질 높은 재무보고를 위한 동인이 될 수 있다는 증거를 제시함으로써 투자자의 투자의사결정에 있어 주요한 시사점을 제공한다.

Abstract

[Purpose]In this study, we examine the association between consistency of CSR and the accruals quality. Specifically, we question whether externally ethical CSR－firms also behave in an internally responsible manner to improve accounting quality in the financial reporting. Provided that firms’ externally ethical behavior(CSR) is consistent with their internal ethical behavior, it is expected that consistency of CSR would play an important role in a link between external and internal ethical behaviors. [Methodology]We analyze samples with KEJI index for the period 2011~2019. We measure CSR consistency by Wang and Choi(2012) and accrual quality by McNichols(2002) while it is subdivided into innate accrual quality and discretionary accrual quality by Dechow and Dichev(2002). [Findings]We find the following results. First, firms with higher CSR scores present higher accrual quality. Second, the consistency of CSR amplifies the positive relation between accrual quality and CSR scores. This implies that firms with consistent CSR tend to meet ethical expectations in society by providing investors more transparent information in financial reporting. [Implications]This paper shows that domestic firms with consistently high CSR scores are not likely to potentially be linked to the pursuit of managers’ self－interest to cover up the impact of corporate misconduct, but more likely to be innately ethical firms. Thus our findings provide important implications on investors’ decision making suggesting that ethical concerns are likely to drive managers to produce high－quality financial reports.

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