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재량적 판매관리비를 이용한 이익조정

Earnings Management using Discretionary Selling, General, and Administrative Expenses

권선국|김지령
한국산업경영학회 (Korean Association Of Industrial Business Administrarion)|2008.12|경영연구 (Journal of Business Research)|제23권 제4호|pp. 189-216|DOI 10.22903/jbr.2008.23.4.189

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참고문헌

키워드

Thresholds실물활동을 통한 이익조정비연속적 이익분포이익목표Earnings Management through Real Activities ManipulationDiscontinuity in Earnings Distribution
주제분류경영학

초록

최근에는 재량적 발생액과 같은 가공의 수단을 이용한 이익조정보다는 적발하기 어려운 영역의 실물활동을 통한 이익조정이 증가하는 추세이다. 이익조정에 의한 이익의 비연속적인 분포를 가정하고, 이익목표를 겨우 달성한 의심스러운 구간의 집단과 나머지 집단으로 구분하여 실증 분석하였다. 본 연구 결과, 재무제표의 투명성을 강조하고 회계기준 및 감사가 엄격해지는 상황에서 이익목표, 즉 손실회피, 이익감소 회피 및 재무분석가의 예측치를 달성하기 위하여 그 기준점에 미달할 것으로 예상하는 기업은 재량적 판매관리비의 지출을 감소 또는 지연하는 것으로 나타났다.

Abstract

Recent studies find that the level of artificial earnings management, such as discretionary accruals, has declined, while earnings management through real activities manipulation has increased. This suggests that firms are likely to shift from using artificial to real earnings management methods which are harder to detect. There are discontinuities around thresholds in earnings distributions. The histograms of scaled earnings, earnings changes, and analysts' forecast errors exhibit discontinuities around zero with a disproportionately low frequency in the partition immediately to the left of zero and a disproportionately high frequency in the partition immediately to the right of zero. We assume earnings management contributes substantially to the discontinuity in frequency of firm-years around zero, then compare firm-years in the interval to the immediate right of zero, the suspect firm-years, with the rest of the sample. We find evidence suggesting reduction/delay of discretionary selling, general, and administrative expenses, such as research and development, advertising and maintenance expenses, to achieve each of three thresholds: avoiding losses, sustaining recent performance, and meeting annual analyst forecasts. This result is likely to be engaged with the firms that expect to fall short of earnings targets in the environment of emphasizing on the improvement of accounting transparency and tightening accounting standards and audits.

참고문헌 (39)

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