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재벌기업의 이익조정, 관계회사 간 거래와 ESG 경영이 경영성 과에 미치는 영향

The Effects of Earnings Management, Related Party Transactions and ESG Management of Chaebol Firms on Corporate Performance in Korea

김성환|리우위에|나랑투크에스 나몽
경영경제연구소 (management & economic research institute)|2022.03|아태비즈니스연구 ((APJB) Asia Pacific Journal of Business)|제13권 제1호|pp. 103-123|DOI https://doi.org/10.32599/apjb.13.1.202203.103

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참고문헌

키워드

ESGCorporate PerformanceRPTEarnings ManagementFinite Distributed Lag Model

초록

Purpose - This study investigates the effects of earnings management, related party transactions between chaebol affiliates on earnings management and ESG score on their profitability using return on assets (ROA). Design/Methodology/Approach - We use data including ESG (Environmental, Social, and Corporate Governance) score of the Korea Corporate Governance Service(KCGS), and financial data of 10,145 firm-year observations from the Total Solution 2000 (TS 2000) and Korea Companies-Information Service (KOKOInfo), and apply the finite lagged models to investigate the long-term effects of related party transactions between chaebol affiliates of earnings management on ESG scores and corporate performance. Furthermore, to take into consideration the simultaneous mutual effects on each other of main variables, we introduce finite distributed lags of five years. Findings - First, ESG-rated firms have a higher total asset return than non-ESG-rated firms. Second, chaebol firms have a higher profitability than non-chaebol firms. Third, profit management of related party transactions between affiliates within a chaebol has a positive effect on the short-term profitability and a negative effect on the long-term profitability. Fourth, chaebol ESG firms have a lower impact on profitability due to rating up (down) than non-chaebol ESG firms. Research Implications or Originality - Based on the above results, it can be concluded that firms used related party transactions for earnings management, the effects of related party transactions change over time, and chaebol firms manipulate earnings through related party transactions and ESG scores.

Abstract

Purpose - This study investigates the effects of earnings management, related party transactions between chaebol affiliates on earnings management and ESG score on their profitability using return on assets (ROA). Design/Methodology/Approach - We use data including ESG (Environmental, Social, and Corporate Governance) score of the Korea Corporate Governance Service(KCGS), and financial data of 10,145 firm-year observations from the Total Solution 2000 (TS 2000) and Korea Companies-Information Service (KOKOInfo), and apply the finite lagged models to investigate the long-term effects of related party transactions between chaebol affiliates of earnings management on ESG scores and corporate performance. Furthermore, to take into consideration the simultaneous mutual effects on each other of main variables, we introduce finite distributed lags of five years. Findings - First, ESG-rated firms have a higher total asset return than non-ESG-rated firms. Second, chaebol firms have a higher profitability than non-chaebol firms. Third, profit management of related party transactions between affiliates within a chaebol has a positive effect on the short-term profitability and a negative effect on the long-term profitability. Fourth, chaebol ESG firms have a lower impact on profitability due to rating up (down) than non-chaebol ESG firms. Research Implications or Originality - Based on the above results, it can be concluded that firms used related party transactions for earnings management, the effects of related party transactions change over time, and chaebol firms manipulate earnings through related party transactions and ESG scores.

참고문헌 (48)

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관련 논문AI추천

ESG 수준과 이익조정 간의 관련성 ：경영자 보상의 조절효과이은주한국전산회계학회 · 전산회계연구2025 · 제23권 제2호ESG 경영이 이익조정에 미치는 영향: 감사품질의 조절효과를 중심으로정우성한국디지털정책학회 · 디지털정책학회지2025 · 제4권 제2호A Study on Earnings Management in Companies Achieving Sustainability: Accruals-based and Real Earnings Management안상봉, 오한모, 윤기창, 지상현한국유통과학회 · 유통과학연구2019 · 제17권 제9호기업의 ESG 활동이 이익조정에 미치는 영향：매출액이익률을 중심으로이흔열, 정우성한국전산회계학회 · 전산회계연구2023 · 제21권 제3호기업의 ESG 등급이 발생액 이익조정 및 실물 이익조정에 미치는 영향강경구, 나형종, 박정열한국국제회계학회 · 국제회계연구2023 · 제107호Corporate Social Responsibility and Financial Reporting Quality: Evidence from Korean Retail Industry이정환, Sang-Su Kim한국유통과학회 · 유통과학연구2019 · 제17권 제6호

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