우리나라 기업의 이익관리유형과 기업지배구조의 영향

We investigated whether the firms listed on the Korea Stock Exchange implement earnings management efficiently or opportunistically. We further study whether the effect of ownership structure, and corporate-governance practices have impact on the type of earnings management. The results of this study are summarized as follows. Using multiple regressions, we present the empirical evidence that the type of earnings management tends toward the efficient earnings management. This evidence is inconsistent with the common view that earnings management in Korea is opportunistic. Ownership and the type of audit firms have a significant influence on the type of earnings management selected. Firms with a high proportion of majority ownership and firms audited by the Big audit firms(audit quality) are more inclined to choose efficient earnings management than other types of firms. We find inconsistent evidence about the effect of foreigner ownership , the dependent board and audit committee on the type of earnings management.