코스닥기업의 경영자교체와 이익조정

This study analysed three patterns of earning management through selection of discretionary accounting by newly appointed CEOs in a sample of 489 KOSDAQ-listed firms which had reported the leadership change during from January 1 2000 to December 31 2005. And the study analysed whether the new CEOs had done earning management or not to identify if "big bath phenomenon" is a generalized fact among them by dividing the whole sample firms into two subgroups: a booming period group and a recession period group. In the final analysis, DA and DCA measured by modified Jones model and Rangan model showed statistically significant negative values at 0.1% significance level in the year in which CEO changed except for DCA measured by modified Jones model. Among the booming period subgroup, except for DCA measured by modified Jones model, DA by modified Jones model and DCA by Rangan model showed statistically significant negative values at 0.1% significance level. Among the recession period group, however, DA and DCA in the year in which CEO changed showed negative value during the analysed period, but the value was not statistically significant. Consequently, this study suggests that earning management by big bath is not a generalized phenomenon.