재벌의 회계선택에 관한 실증적 연구

This study empirically examines earnings managements by chaebols and its effects on earnings response coefficients. The critical part of obtaining evidence of earnings management is to show that managers' discretionary accounting choices are indeed opportunistic(Choi and Kim 2005). This paper uses 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 nondiscre- tionary accruals and the respective response coefficients are examined. The major results of the study are as follows：First, the absolute value of discretionary accruals are significantly smaller for the chaebol sample than for the non－chaebol sample. This result obtained 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 chaebol sample than for the non－chaebol sample. These results obtain after controlling differences in price－to－book value ratio, three year loss, size and industry membership between the two samples. These results are inconsistent with the fact that much of the earnings managements by chaebols are opportunistic which increases noise of the reporting systems of the chaebol firms as perceived by outside shareholders.