• 지식경영연구
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• 제15권4호
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• pp.1-14
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• 2014

This study investigates earnings management of IPO firms in knowledge-based-industry. we analyse the relation between earnings management and R&D expenses(Research and development expense)which is an important expenditure in knowledge based management. First, we found that the earnings management is the largest in the year when the firm is enrolled on the market. Second, the IPO firms have higher DA(discretionary accruals) than existing firms on the market and the size of R&D expenses is larger, too. Finally, in the IPO firms in knowledge-based-industry, the higher accounting receivable and R&D expenses are, the more happens earnings management. Our study shows that the IPO firms of knowledge-basedindustry have high R&D expenses which are core expenditure. Also, earnings management has happened frequently in the IPO firms.

• 산학경영연구
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• 제18권1호
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• pp.19-41
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• 2005

회계정보의 유용성은 기본적으로 정보이용자들의 의사결정에 어느 정도 도움을 줄 수 있는가에 의하여 평가될 수 있는데, 회계정보의 유용성에 대한 하나의 측정치로서 투자자에 대한 회계이익의 정보효과를 이용할 수 있을 것이다. 기업의 소유구조는 기업이 회계이익을 결정하는 과정과 외부 투자자들이 기업관련 정보를 이용하는 문제와 밀접한 관련이 있다. 실제로 기업의 소유구조가 어떠한 형태를 갖고 있느냐에 따라 기업에서 적용하는 회계정책이 달라지고 투자자들이 회계정보 외의 기업관련 정보를 이용함에 있어서도 그 내용이나 접근가능성에 차이가 있다. 따라서 기업의 소유구조는 궁극적으로 회계이익의 정보효과에 영향을 주는 것으로 볼 수 있다. 본 연구에서는 기업의 소유구조를 경영자 또는 내부 지분율이 높은 기업, 기관투자자와 비지배대주주의 지분율이 높은 기업 및 지분분산이 광범위하게 잘 이루어진 기업 등 크게 3 가지로 분류하여 각각의 소유구조가 회계이익과 주가이익률과의 관계에 미치는 영향을 이론적으로 고찰하였다. 이익조작가설은 소유와 경영이 분리된 기업들이 일반적으로 이익을 조작하려는 경향이 있다고 주장한다. 한편 차별적정보가설은 회계정보에 대한 대체적인 정보의 양 및 적시성과 관련이 있다. 소유구조가 주가와 이익과의 관계에 미치는 영향을 분석함에 있어 이익조작가설에 바탕을 둔 기존 연구들은 소유구조와 정보환경과의 관계를 고려하지 않았지만 본 연구는 차별적 정보가설을 함께 고려하여 추가적인 검토를 하였다.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.293-308
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• 2020

This study aims to investigate the direct relationship between ownership structure, earnings manipulation, and organizational performance, and then examine the mediating effect of earnings manipulation in the relationship between ownership structure and organizational performance. This study collected and analyzed secondary data published in financial reports related to all insurance organizations listed in the Jordanian market during the study period (from 2009 until 2018). A panel data analysis was conducted, giving a total of 200 observations. The findings of this study concluded that ownership concentration, foreign ownership, and organization size affect organizational performance proxied by ROA, ROE, and EPS, more specifically, ownership concentration and organization size have a positive effect, whereas foreign ownership has a negative effect. At the same time, board of director ownership, organizational ownership, and CEO compensation did not affect organizational performance. Next, the board of director ownership, ownership concentration, foreign ownership, and CEO compensation affect earnings manipulation separately. In addition, earnings manipulation positively affects organizational performance proxied by ROA, ROE and EPS. This means that the higher the earnings manipulation is, the higher the organizational performance is. Finally, earnings manipulation mediates the relationship between ownership concentration and foreign ownership of ownership structure, and organizational performance.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.389-395
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• 2020

Earnings management is a matter of concern for organizations because it affects the interests of stakeholders. This reduces the quality of information on financial statements of the organizations when the organization performs earnings management behavior. The objective of the article is to examine the impact of corporate governance on earnings management of all Vietnamese listed banks from 2015 to 2019. The article uses time-series data and ordinary least square (OLS) with Eviews 10.0 software to test the regression model. The agency and asymmetry information theory is used to explain the relationship between corporate governance and earnings management. The study results show that two variables - the foreign members of the board of directors and audit committee - have an opposite effect on earnings management behavior of Vietnamese listed banks. Therefore, the managers of listed banks need to raise awareness to express responsibility for honest and reasonable information on the financial statements. This creates trust and credibility for stakeholders. Moreover, Central bank of Vietnam should monitor regularly and enforce strict sanctions to limit earnings management behavior of listed banks. This contributes to improving the quality of accounting information in the Vietnamese banking sector to meet the trend of international economic integration.

• 노동경제논집
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• 제36권3호
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• pp.65-96
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• 2013

한국노동패널 자료를 이용하여 분석한 결과 1998년부터 2010년 사이 소득불평등은 전반적으로 확대되어 왔음에도 불구하고 소득변동성은 감소되어 왔으며 이 소득변동성의 추세적 감소는 첫째, 다양한 인구-경제학적 집단 사이의 구성변화가 아니라 모든 집단에서 변동성 자체가 감소하였기 때문이며 둘째, 이러한 변동성의 감소는 동 기간 소득이동성이 모든 집단에서 추세적으로 감소했기 때문이다. 아울러 소득변동성은 경기역행적이며, 소득변동은 경기하강기에서조차 대칭적으로 나타나 변동성 증가가 반드시 소득위험의 증가를 의미하는 것은 아님을 알 수 있다. 이론적인 면에서 볼 때 Moffitt-Gottschalk의 방법론은 소득의 일시적 부분의 시계열 상관성이 추세를 가질 경우 이를 추정 과정에 반영하지 못함으로써 변동성 추세 연구에 적합하지 않은 것으로 나타났다.

• 산경연구논집
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• 제5권1호
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• pp.5-9
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• 2014

Purpose - This study aims to examine the incremental information content of cash flw from operations and earnings in the Iranian capital market. Design, methodology, and approach - Based on market-based accounting research, this study uses statistical associations between accounting data (earnings and cash flw) and stock returns to assess/measure the incremental information content (value relevance) of cash flw and earnings. A multivariate regression model based on panel data is used to examine the incremental information content of earnings and cash flow from operations. Results - The results show that both earnings and cash flow from operations have incremental information content beyond each other. These results are consistent with the findings of recent studies. Overall, the fidings of this study support the usefulness of cash flw information in addition to earnings, in fim valuation by investors in the Iranian market. Conclusions - The study makes the following contributions to the Iranian literature on incremental information content of cash flw and earnings. First, this study employs actual cash flw data derived from cash flw statements. Second, this study employs a large sample size for a more recent period.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.821-832
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• 2021

Earnings management is very important for companies that aim for decision-making. The research was conducted to analyze the quality of earnings and income smoothing motives in manufacturing companies in Indonesia. The research approach is carried out with a quantitative approach. The sampling method using purposive sampling was associated with several criteria so that a sample of 130 was determined, which was analyzed during the 4 years of the study. The partial least square method was used for data analysis. The results of the study state that institutional ownership has no effect on earnings quality, institutional ownership has a negative effect on income smoothing, leverage has a negative effect on income smoothing, independent commissioners have a positive effect on earnings quality as well as independent commissioners have a positive effect on income smoothing. We assume that the tendency of income smoothing can affect the quality of efficient earnings. Meanwhile, income smoothing affects the quality of company earnings. Management that performs income smoothing is more aimed at conveying the company's prospects for generating profits rather than opportunistic motives.

• 산경연구논집
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• 제11권1호
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• pp.39-47
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• 2020

Purpose: This study investigated the effects of valuation errors on the capital market through the earnings forecasting errors of financial analysts. As a follow-up to Jensen (2005)'s study, which argued of agency cost of overvaluation, it was intended to analyze the effect of valuation errors on the earnings forecasting behavior of financial analysts. We hypothesized that if the manager tried to explain to the market that their firms are overvalued, the analysts' earnings forecasting errors would decrease. Research design, data and methodology: To this end, the analysis period was set from 2011 to 2018 of KOSPI and KOSDAQ-listed markets. For overvaluation, the study methodology of Rhodes-Kropf, Robinson, and Viswanathan (2005) was measured. The earnings forecasting errors of the financial analyst was measured by the accuracy and bias. Results: Empirical analysis shows that the accuracy and bias of analysts' forecasting errors decrease as overvaluation increase. Second, the negative relationship showed no difference, depending on the size of the auditor. Third, the results have not changed sensitively according to the listed market. Conclusions: Our results indicated that the valuation error lowered the financial analyst earnings forecasting errors. Considering that the greater overvaluation, the higher the compensation and reputation of the manager, it can be interpreted that an active explanation of the market can promote the accuracy of the financial analyst's earnings forecasts. This study has the following contributions when compared to prior research. First, the impact of valuation errors on the capital market was analyzed for the domestic capital market. Second, while there has been no research between valuation error and earnings forecasting by financial analysts, the results of the study suggested that valuation errors reduce financial analyst's earnings forecasting errors. Third, valuation error induced lower the earnings forecasting error of the financial analyst. The greater the valuation error, the greater the management's effort to explain the market more actively. Considering that the greater the error in valuation, the higher the compensation and reputation of the manager, it can be interpreted that an active explanation of the market can promote the accuracy of the financial analyst's earnings forecasts.

• 디지털융복합연구
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• 제19권2호
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• pp.51-60
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• 2021

본 연구에서는 기업 내부통제의 중요성을 토대로 내부통제 품질과 이익조정과의 상관관계 분석을 바탕으로 내부통제 품질과 실제 이익 관리와 이익조정과의 상관관계를 분석하였다. 본 연구을 위해 내부통제 및 이익조정의 개념, 분류, 측정 방법 및 모델을 도입하여 본 논문의 연구가설을 제안하였다. 연구분석에서는 관련 측정 모델을 사용하여 기업의 실제 이익관리 수준과 이익조정 관리 수준을 설명 변수로 투입하여 회귀 모델을 설정하고 분석을 진행하였다. 연구결과, 실증 기업의 내부통제 품질, 실질적인 이익과 이익조정 간에는 통계적으로 유의미한 음의 상관관계가 있음을 확인하였으며, 실증 연구를 통해 최종 결과와 결론을 도출할 수 있었다. 이러한 연구결과는, 향후 내부통제 이론의 발전과 더불어 경영자의 이익조정 행동에 대한 관리 및 통제를 위한 기초적 가이드라인을 제공할 수 있을 것이다.

• 대한지리학회지
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• 제30권2호
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• pp.169-187
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• 1995

최근까지 소득수준의 결정에 관한 노동시장 연구는 노동자의 속성 또는 직업의 특 성에 관심을 기울이며 진행되어 지리적 관점의 노동시장 운용에 관한 관심이 미비하였다. 본 연구는 지역노동시장을 실질적인 노동시장 개념으로 설정, 노동력 공급 측면의 특성을 강조하는 인적자본론과 수요측면의 특성을 강조하는 노동시장분절론을 지역적으로 특성화되 어 나타나는 지리적 관점으로 포괄하고, 개인의 소득수준을 개인의 속성과 차별화된 대도시 노동시장의 특성으로부터 영향을 받음을 실증적 분석을 통하여 고찰하였다. 분석에 나타난 개인의 소득수준은 개인의 속성에 의해 영향을 받지만 그 영향은 분절된 노동시장의 대도시 지역간 차별화 단면에 따라 변화함을 보여주고 있다. 이 연구는 기존의 두 주요 노동시장 연구 관점의 절충적 이해를 개인의 소득수준 결정을 통하여 실험적으로 시도하고 실질적 노 동시장의 운용으로 지역노동시장의 중요성을 강조하고 있다.