• 디지털융복합연구
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• 제19권5호
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• pp.241-247
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• 2021

본 연구는 1990년도부터 2019년까지 거래소에 상장된 기업들을 대상으로 발생액 추정모형의 설명력 변화를 분석하였다. 기존의 발생액 추정모형에 사용된 재무적 변수들이 특성이 시간이 지남에 따라 변화하거나, 전체 발생액 중에서 재량적 발생액의 비중이 변화하면 모형의 설명력에도 변화가 있을 것으로 기대하고 이를 가설화하여 분석하였다. 회귀 분석결과 수정 Jones 모형(1995)은 시간의 경과에 따라 그 설명력이 점차 낮아짐을 발견하였다. 이는 발생액 자체의 증가와 모형에 포함된 변수들의 분포가 변화함에 기인하는 것으로 추정된다. 본 연구의 시계열적 분석 결과는 이익조정 연구 등 학술적인 면이나 회계 정보를 이용하는 이용자에게 중요한 시사점을 제공할 것으로 기대된다.

• Communications for Statistical Applications and Methods
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• 제27권3호
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• pp.301-311
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• 2020

Schwarz's Bayesian information criterion (BIC) is one of the most popular criteria for model selection, that was derived under the assumption of independent and identical distribution. For correlated data in longitudinal studies, Jones (Statistics in Medicine, 30, 3050-3056, 2011) modified the BIC to select the best linear mixed effects model based on the effective sample size where the number of parameters in covariance structure was not considered. In this paper, we propose an extended Jones' modified BIC by considering covariance parameters. We conducted simulation studies under a variety of parameter configurations for linear mixed effects models. Our simulation study indicates that our proposed BIC performs better in model selection than Schwarz's BIC and Jones' modified BIC do in most scenarios. We also illustrate an example of smoking data using a longitudinal cohort of cancer patients.

• 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.

• 유통과학연구
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• 제17권4호
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• pp.5-16
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• 2019

Purpose - This study examines whether price cartel firms perform downward earnings management to avoid or minimize penalty surcharges levied by the Korea Fair Trade Commission and analyzes such earnings management in distribution industry. Research design, data, and methodology - We use 247 firms from 64 price cartel cases in the period of 2011-2016, and collect data from 3 years before to 3 years after the start of price cartel. Earnings management is measured by discretionary accruals. Three discretionary accrual estimation models are employed; modified Jones model, ROA adjusted modified Jones model and CFO-adjusted modified Jones model. For pre- and post-cartel periods, one year, two year, and three year windows are used. Additional empirical analyses are performed for distribution industry sub-sample of 25 cartel firms. Result - The regression results show that cartel firms' discretionary accruals are significantly lower in the period after the start of price cartel than before. And discretionary accruals are lower in cartel firms than in non-cartel firms during the cartel period. Cartel firms in distribution industry also show the earnings management similar to those in other industries. Conclusions - These two findings lead to the conjecture that managers of cartel firms manage their earnings downward. This behavior is indistinguishable between firms in distribution industry and other industries.

• The Journal of Asian Finance, Economics and Business
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• 제7권9호
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• pp.315-328
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• 2020

In this study, we examined various aspects of discretionary accruals. We compared the power of Jones Model (JM), Modified Jones Model (MJM) and Performance Matched Model (PMM). Furthermore, we tested whether accruals derived from cash flow approach or balance sheet approach provide better results and we investigated the significance of country and industry control variables in models. In order to perform these tests, we constructed thirty equations. The data consists of 319 non-financial companies over five years in the GCC region. We used panel data regression models, and testing suggests us to use random effect model as the most suitable one. The results show that PMM has the highest explanatory power among models and it is followed by JM and MJM, consecutively. Secondly, results reveal that accruals derived from cash flow approach provide more accurate results. Moreover, country dummies are significant in models with cash flow approach and they lose significance in balance sheet approach. We differentiated industries due to two different classifications: the first group with higher number of industries is more precise compared to the second group with a narrower scope and lower number of industries. The model including both industrial and country-wise dummies scores highest in significance.

• Tribology and Lubricants
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• 제19권4호
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• pp.230-236
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• 2003

In applications such as MEMS and NEMS devices, the adhesion force and contact load may be of the same order of magnitude and the static friction coefficient can be very large. Such large coefficient may result in unacceptable and possibly catastrophic adhesion, stiction, friction and wear. To obtain the static friction coefficient of contacting real surfaces without the assumption of an empirical coefficient value, numerical simulations of the contact load, tangential force, and adhesion force are preformed. The surfaces in dry contact are statistically modeled by a collection of spherical asperities with Gaussian height distribution. The asperity micro-contact model utilized in calculation (the ZMC model), considers the transition from elastic deformation to fully plastic flow of the contacting asperity. The force approach of the modified DMT model using the Lennard-Jones attractive potential is applied to characterize the intermolecular forces. The effect of the surface topography on the static friction coefficient is investigated for cases rough, intermediate, smooth, and very smooth, respectively. Results of the static friction coefficient versus the external force are presented for a wide range of plasticity index and surface energy, respectively. Compared with those obtained by the GW and CEB models, the ZMC model is more complete in calculating the static friction coefficient of rough surfaces.

• The Journal of Asian Finance, Economics and Business
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• 제9권4호
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• pp.39-52
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• 2022

This study examines whether accounting conservatism can support real earnings management by reducing accrual earnings management techniques. The net impact of conservative reporting on earnings management is also analyzed. It is assumed that moderating the role of conservative financial reporting during uncertainty can mitigate earnings management practices. For our analysis, 5354 firm-year observations for the period 2007-2020 of nonfinancial companies listed on the Pakistan Stock Exchange are applied. To measure conservatism in the non-financial sector of Pakistan, Khan and Watts' (2009) model is used to provide evidence that conservatism is a way to restrict earnings management during uncertainty. "Prospector" and "Defender" Business strategy is applied for measuring firm-level uncertainty. To measure accrual earnings management Modified Jones (1995) model and Dechow and Dichev (2002) approach and Kasznik (1999) model are applied, and for real earnings management Roychowdhury model is applied which follows three approaches to measure real earnings management i.e. cash flow manipulation, Overproduction, and discretionary expenses. The estimations support our hypothesis by providing statistically significant proof that conservative financial reporting in a developing economy like Pakistan may be used to overcome the net impact of earnings management during uncertainty. Our results provide critical and practical implications for investors, researchers, and standard setters.

• Macromolecular Research
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• 제17권10호
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• pp.763-769
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• 2009

A chromatographic method is used to measure interactions between dissimilar proteins in aqueous electrolyte solutions as a function of ionic strength, salt type, and pH. One protein is immobilized on the surface of the stationary phase, and the other is dissolved in electrolyte solution conditions flowing over that surface. The relative retention of proteins reflects the mean interactions between immobile and mobile proteins. The osmotic cross second virial coefficient calculated by assuming a proposed potential function shows that the interactions of unfavorable proteins depend on solution conditions, and the proposed model shows good agreement with the experimental data of the given systems.

• The Journal of Asian Finance, Economics and Business
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• 제8권9호
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• pp.189-199
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• 2021

This study attempts to examine the relationship between corporate social responsibility (CSR) disclosure and earnings management practices in the context of Saudi Arabia after mandatory IFRS adoption. It is carried out on an unbalanced panel of 277 observations over the period 2017-2019. For this purpose, CSR disclosure is measured by Bloomberg ESG scores, while the residuals from the modified Jones model are considered for earnings management. As control variables, we have retained the firm performance, market-to-book ratio, firm size, financial leverage, board independence, ownership concentration, managerial ownership, and lagged discretionary accruals. Using the system GMM estimator in the dynamic panel, the results show a positive association between CSR disclosure and earnings management practices, thus supporting the perspective of agency theory. Managers engage in socially responsible activities beforehand to conceal their wrongdoing and convince stakeholders that the organization is transparent. They probably use ethical codes as a tool to achieve their own goals rather than the firm's goals. Our contribution is the use of recent data (2017-2019) taking into account the mandatory adoption of IFRS in Saudi Arabia. Additionally, to our knowledge, this study is the first to address CSR disclosure and earnings management practices using GMM system estimates.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.233-246
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• 2020

This paper investigates the effect of the involvement of the board chairman in the audit committee (AC) on earnings management (EM). It examines Bursa Malaysia-listed companies with the lowest positive earnings for the years 2013 to 2015. The Modified Jones Model by Kasznik (1999) was used to determine discretionary accruals. An AC that includes its board chairman as an ordinary member is associated with greater discretionary accruals. However, a board chairman who is also the chairman of the AC does not seem to influence discretionary accruals. This paper supports the agency theory and policy-makers' efforts to prevent board chairmen from sitting on ACs. It is the first study that uses the agency theory to describe the association between the board chairman's involvement in the both AC and EM. This study alerts policy-makers, stakeholders and researchers to the influence of a board chairman serving on the AC in curbing EM. Furthermore, it provides empirical evidence that the majority of Malaysian companies whose board chairmen are involved in the AC appoint the chairman as an ordinary member of the AC. This indicates that executive directors may affect such actions. Hence, more policies are needed to improve AC independence.