상호출자지분과 경영자의 회계선택

This study empirically examines managers accounting choices by chaebol's company and its effects on intercompany shareholding ratio. This paper use the test framework of Choi and Kim(2005) from which to test hypotheses. Discretionary accruals are used as a proxy for earnings managements. Earnings are partitioned into operating cash flows, discretionary accruals, and nondiscretionary accruals and the respective response coefficients are examined. Sample of the chaebol firms consists of all Korean Stock Exchange listed firms which belong to the thirty largest chaebols for the period from the year 1993 to the year 2001 inclusive. The major results of the study are as follows：First, the absolute value of discretionary accruals are significantly larger for the high intercompany shareholding ratio sample than for the non－chaebol sample. This result obtains after controlling differences in price－to－book value ratio, three year loss, size and industry membership between the two samples. Second, the response coefficients of discretionary accruals are insignificantly smaller or greater for the high intercompany shareholding ratio sample than for the low sample. These results are inconsistent with the fact that much of the earnings managements by high intercompany shareholding ratio company are opportunistic which increases noise of the reporting systems of the chaebol firms as perceived by outside shareholders.