• 유통과학연구
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• 제22권6호
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• pp.11-22
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• 2024

Purpose: Thisstudy aimsto analyze the distribution of audit committee, independent board of commissioners, and institutional ownership on earnings quality with strengthening earnings growth. Research Design data and Methodology: This quantitative research uses a comparative causal approach. The research population consists of manufacturing companies in the basic and chemical industry sector listed on the Indonesia Stock Exchange in 2016-2022. Samples were obtained as many as 112 using purposive sampling method. The analysis technique to test the hypothesis uses multiple linear regression tests and moderation tests with an absolute difference approach. Results: The results showed that the audit committee and board of commissioners provide a significant positive distribution on earnings quality, while institutional ownership provides a significant negative distribution on earnings quality. Earnings growth strengthens the distribution of the audit committee and independent board of commissioners on earnings quality. However, earnings growth does not strengthen the distribution of institutional ownership on earnings quality. Conclusions: Audit oversight from audit committee and management performance oversight from the independent board of commissioners improves the credibility of earnings quality. Management oversight from institutional ownership reduces earnings quality. The interaction of earnings growth with maximum supervision can improve earnings quality, except for supervision from institutional ownership.

• 유통과학연구
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• 제12권4호
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• pp.85-92
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• 2014

Purpose - This study conducted empirical research on non-financial corporations listed on the stock exchange from 2001 to 2010, focusing on the effects of corporate governance on real earnings management of corporations. In particular, this study examined primarily the impact of the largest shareholder who could use earnings management to pursue his own self-interest, and foreign investors who played a checking role against the largest shareholders. The study also reviewed the relationship between corporate governance and earnings management while also considering corporate growth. Research design, data, and methodology - As for the measurements of real earnings management, abnormal operating cash flow and abnormal production cost were utilized. As for the independent variables, share ratio of the largest shareholder and affiliate person (M) and share ratio of foreign investors (FT) were leveraged. This study excluded those organizations that had changed their fiscal years, those that had not submitted an audit report, corporations under supervision, delisted corporations, corporations that had changed their business type, and so on, from the non-financial corporations out of the publicly traded corporations whose fiscal year ended in December from 2001 to 2010 in addition, KIS values were utilized for the corporate financial data in the study. To verify whether management structure and growth had an impact on real earnings management of a corporation through empirical analysis, a multiple regression analysis model was applied. Result - First, as a result of the analysis, the share ratio (M) of the largest shareholder and affiliate person was found to have a significant positive correlation with abnormal cash flow from operations(ACF) and abnormal production cost (APD). When controlling the growth, the share ratio (M) of the largest shareholder and affiliate person was found to have an insignificant correlation with abnormal cash flow from operations(ACF) but a significant correlation with abnormal production cost (APD). Second, foreign ownership (FT) was found to have a significant positive correlation with abnormal cash flow from operations(ACF) and abnormal production cost (APD) at the confidence level of 1 percent when not including the growth dummy. When controlling the growth, foreign ownership (FT) was found to have a significant negative correlation with abnormal cash flow from operations (ACF) and with abnormal production cost (APD). Conclusion - The results imply that the largest shareholder is closely related to earnings management through real activities regardless of corporate growth. It is also possible to determine from these results that foreign investors are related to earnings management through real activities when not considering corporate growth, but that they would reduce earnings management in the case of considering the growth. Thus, this study verified along with the existing studies that foreign investors were conducting the control function on controlling shareholders.

• The Journal of Asian Finance, Economics and Business
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• 제9권10호
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• pp.29-38
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• 2022

Ready-made Garments (RMG) export earnings, which are almost 80% of the total exports of Bangladesh, have been recognized as one of the main catalysts for the recent development of the country. Therefore, the need to determine whether the RMG export had served as a mechanism for increasing the GDP growth as well as the economic development of the country is topical and pressing. We have applied the Johansen Co-integration test and Vector Error Correction Model (VECM) to reveal the linkage of RMG export earnings and other variables with the GDP growth rate in Bangladesh. Using data from 1990 to 2020 for Bangladesh, we have found long-run as well as short-run associations among RMG Export earnings, Foreign Direct Investment (FDI), and GDP growth. A co-integration among the variables is validated through the Johansen Co-integration test. Moreover, a causal correlation running from RMG export earnings to GDP was revealed by the Granger causality test in the long run. Finally, we estimated impulse response functions to observe the variations of model variables in response to a shock. Our result supports the proposition that RMG export earnings are one of the main growth engines in Bangladesh and this sector leads growth in other sectors also in the long term.

• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.63-72
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• 2020

The study aims to investigate the impact level of earnings quality on firm value. The study has used data with 3,910 observations at listed firms on Vietnam Stock Exchange for the period from 2010 to 2018, and GLS regression analysis is employed in this research. Earnings quality is measured in the aspects of earnings management, earnings persistence, and timeliness of profitability. This study also considers a number of controlled variables that positively influence the firm's value such as firm size, fixed asset investment rate and dividend payout ratio. The results show that earnings quality is positively associated with firm value with having statistical significance. In contrast, some determinants negatively influence firm value such as financial leverage, ratio of market value to book value, and revenue growth. Determinants of firm size, the rate of investment in fixed assets, the rate of dividend payment positively affect the firm value. In contrast, determinants of financial leverage, revenue growth rate and market value to book value ratio are inversely related to firm value according to economic value, Tobin's Q or Price. Based on the findings, some recommendations are proposed for investors, management and policy makers as well in the context of emerging countries including Vietnam.

• 한국콘텐츠학회논문지
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• 제22권8호
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• pp.318-328
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• 2022

본 연구의 목적은 지분 집중도와 R&D 투자가 중국 상장기업 수익 증가에 미치는 영향을 분석하는 데에 있다. 이를 위해 본 연구는 WIND 데이터베이스를 이용해 중국 2,366개 상장기업의 14,196개의 표본을 추출해 Python으로 실증 분석법은 활용하였다. 분석한 결과는 다음과 같다. 첫째, 지분 집중도가 중국 상장기업의 수익 증가에 양(+)의 영향을 미치고 있는 것으로 나타났다. 둘째, 지분 집중도가 중국 상장기업의 R&D 투자에 양(+)의 영향을 미치고 있는 것으로 나타났다. 셋째, R&D 투자가 중국 상장기업의 수익 증가에 양(+)의 영향을 미치고 있는 것으로 나타났다. 넷째, R&D 투자가 중국 상장기업의 수익 증가에 미치는 영향은 시차 효과를 미친다. 다섯째, R&D 투자는 지분 집중도와 중국 상장기업 수익 증가에서 부분 매개 효과를 미치는 것으로 나타났다. 이러한 분석 결과를 바탕으로 본 연구에서는 중국 상장기업의 지분 집중도 최적화 및 R&D 투자 향상을 통한 기업의 수익 증대를 촉진하는 대책을 제시하였다.

• 유통과학연구
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• 제17권12호
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• pp.5-12
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• 2019

Purpose - In this paper, we examine the effect of accrual earnings management and real earnings management on the corporate value of retail corporations. Research design, data, and Methodology - The sample cover firms whose settlement is December among retail companies listed on the Korea Stock Exchange's securities market and KOSDAQ market from 2001 to 2016. Of these, the targets were companies with operating profit and equity capital of zero or higher and with sales data. The secondary data was collected through KIS-VALUE data base. The Jones model and the modified Jones model were used for the calculating the accrual-based earnings management and the real earnings management. Result - According to the empirical results, the relationship between accrual earnings management, real earnings management and firm value is positively significant in the retail industry as in manufacturing industry. These results are also significant when controlling the size, profitability, investment, debt ratio, dividend, and growth potential of a company. Conclusions - The characteristics of the distribution business can be identified and the influence of the various kinds of earnings management, which is being researched around the manufacturing industry, can be studied in the distribution industry to give practical implications to investors.

• 경영과정보연구
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• 제12권
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• pp.137-160
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• 2003

The association between accounting earnings and the stock price of an entity is the subject that has been most heavily researched during the past 25 years in accounting literature. Researcher's common finding is that there are positive relationships between accounting earnings and stock prices. However, the explanatory power of accounting earnings which was measured by $R^2$ of regression functions used was rather low. To be connected with these low results, The prior studies propose that there will be additional information, errors in variables. This study investigates empirically determinants of earnings response coefficients(ERCs), which measure the correlation between earnings and stock prices, using earnings level / change, as the dependent variable in the return/earnings regression. Specifically, the thesis tests whether the factors such as earnings persistence, growth, systematic risk, image, information asymmetry and firm size. specially, the determinable variables of ERC are explained in detail. The image / information asymmetry variables are selected to be connected with additional information stand point, The debt / growth variables are selected to be connected with errors in variables. In this study, The sample of firms, listed in Korean Stock Exchange was drawn from the KIS-DATA and was required to meet the following criteria: (1) Annual accounting earnings were available over the 1986-1999 period on the KIS-FAS to allow computation of variables parameter; (2) sufficient return data for estimation of market model parameters were available on the KIS-SMAT month returns: (3) each firm had a fiscal year ending in December throughout the study period. Implementation of these criteria yielded a sample of 1,141 firm-year observation over the 10-year(1990-1999) period. A conventional regression specification would use stock returns(abnormal returns) as a dependent variable and accounting earnings(unexpected earnings) changes interacted with other factors as independent variables. In this study, I examined the relation between other factors and the RRC by using reverse regression. For an empirical test, eight hypotheses(including six lower-hypotheses) were tested. The results of the performed empirical analysis can be summarized as follows; The first, The relationship between persistence of earnings and ERC have significance of each by itself, this result accord with one of the prior studies. The second, The relationship between growth and ERC have not significance. The third, The relationship between image and ERC have significance of each by itself, but a forecast code doesn't present. This fact shows that image cost does not effect on market management share, is used to prevent market occupancy decrease. The fourth, The relationship between information asymmetry variable and ERC have significance of each by. The fifth, The relationship between systematic risk$(\beta)$ and ERC have not significance. The sixth, The relationship between debt ratio and ERC have significance of each by itself, but a forecast code doesn't present. This fact is judged that it is due to the effect of financial leverage effect and a tendency of interest.

• 아태비즈니스연구
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• 제14권4호
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• pp.255-273
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• 2023

Purpose - This study examines whether internal control has an effect on stock price informativeness about future earnings. High quality internal control provides continuous assurance for the quality of financial reports, and these future earnings-related information is accurately reflected in the current stock price. Design/methodology/approach - This study collected 12,862 data from 2006 to 2021 in China to make an empirical analysis using the future earnings response coefficient (FERC) and the multiple regression analysis were hired in order to analyze the data. Findings - We find that internal control strengthens the association between current returns and future earnings, indicating that more information about future earnings is reflected in current stock prices. This positive effect exists in both the main board market and the growth enterprise market of China's stock market, especially in the main board market after the implementation of the internal control policy. In addition, we find that the positive effect is weaker for firms that report internal control deficiencies or receives non unqualified internal control audit opinions. The results using earnings persistence yield similar findings, further supporting the results based on the FERC model. Research Implications or Originality - Our tests provide strong evidence that the quality of internal control affects FERC in China stock market.

• 경영과정보연구
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• 제38권1호
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• pp.155-168
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• 2019

2008년 미국 서브프라임 금융위기 이후 더욱 심화된 국내 대기업-중소기업 간 경제 양극화의 해소 방안 중 하나로 동반성장정책(Win-Win Growth policy)의 중요성이 주목받고 있다. 특히 최근 다소 높은 수준의 최저임금 인상으로 중소기업의 경영난이 가중되고 있는 현 시점에서 동반성장 정책의 도입 및 확산은 대기업이 중소기업을 지배하는 한국 경제의 생태계를 대기업-중소기업 간 상생협력의 동반자적 경제 생태계로 전환하는 하나의 계기가 될 수 있을 것이다. 이에 본 연구에서는 동반성장 기업에 초점을 두고 동반성장 기업의 회계보수주의 수준을 검증하였다. 연구표본은 동반성장지수가 공시되기 시작한 2011년부터 2017년 한국거래소 상장 비금융업 12월 결산법인 총 3,608개 기업연도이다. 분석결과, 동반성장 수준이 높은 기업일수록 회계보수주의 수준이 높은 것으로 나타났다. 특히 이러한 결과는 동반성장평가 기업만을 대상으로 한 추가분석에서도 지지되었다. 본 연구는 최근 그 중요성이 더욱 높아지고 있는 동반성장에 주목하고, 동반성장 기업의 회계이익의 질을 회계보수주의 측면에서 검증한 첫 연구라는 점에서 연구의 의의가 있다고 할 수 있다. 아울러 본 연구가 한국 경제 생태계에 동반성장의 인식 및 확산에 조금이나마 기여할 수 있기를 희망한다.

• 동아시아경상학회지
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• 제7권1호
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• pp.17-25
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• 2019

Purpose - The international market provides a growth momentum for firms by allowing them to tap into a new market. Given information asymmetry between firms and financial analysts, firms' international growth can be perceived as a higher business prospect by analysts. This paper explores the possibility of analysts' over-emphasis on foreign income growth in predicting earnings. Research design, data, and methodology - We utilize a sample of U.S. firms to test the relationship between foreign income growth and analysts' forecast optimism. Our sample of publicly listed and traded U.S. firms between 1976 and 2016 consists of 6,120 firm-year observations. Results - Empirical analyses show that firms that show higher international growth in earnings are likely to face forecast inaccuracy by financial analysts. From the perspective of firms, their earnings are less than what analysts forecasted. Contrary to our prediction on the moderating effect of innovative capabilities, optimistic bias is not intensified - rather, it is reduced - when firms have higher innovative capabilities. Conclusions - Our results imply that while analysts favor firms with higher international growth, innovative capability on the international market places additional risks to firms' operation.