외환위기 및 분식회계사건이 벤처 및 비벤처 상장기업의 이익조정에 미치는 영향

This study analyzed the effects of currency crisis and window dressing settlement on earning management, and investigated the difference between venture listed firms and non-venture listed ones in terms of earning management. We examined the total 13,260 samples satisfying the analysis standards among the KOSPI and KOSDAQ listed firms from 1997 to 2006. First, when all listed firms were analyzed, there was earning management increasing the report earning in the period right after the currency crisis and the window dressing settlement, comparing to the period of the currency crisis circumstance; on the contrary, little difference turned up during the period between right after the currency crisis and the window dressing settlement. Secondly, when we analyzed samples of venture listed firms and non-venture listed ones, venture listed firms showed more earning management in the period right after the currency crisis than the currency crisis circumstance; however, earning management reduced right after the window dressing settlement. On the other hand, non-venture listed firms showed the same results with all listed firms. This study showed the effects that currency crisis and window dressing settlement might have on earning management of venture listed firms. As a result, this study has its importance that the venture listed firms, pursuing high-risk and high-return, showed more earning motivation under the dangerous conditions than the one of the usual circumstances.