소폭손실 및 소폭이익과 이익조정: 비상장기업을 이용한 분석

Although it is more common that firms report small profits, small losses are also frequently found. If small profits are indeed the result of earnings management as prior studies claim, firms with small profits likely have systematically different abilities and incentives to manage earnings than do firms with small losses. We examine this using unlisted firms to better understand the potential differences between listed and unlisted firms. The results reveal that both listed and unlisted firms show a sudden discontinuity in frequency around 0. Furthermore, discretionary accruals for firms with small profits are significantly larger than those with small losses. This is consistent with the argument that small profits are most likely from earnings management. In unlisted firms, loans from banks and management shareholdings are larger for firms with small losses relative to those with small profits. However, debts other than loans from banks are larger for firms with small profits. This suggests that the method of financing is systematically related to earnings management in unlisted firms. Listed firms show that firm size and institutional shareholdings are larger for firms with small profits than those with small losses.