CG－Index와 이익조정의 관련성에 관한 연구－CSV와 EVA간의 차이를 중심으로－

The main interest in this study is to test whether earnings management and corporate governance mechanisms may help bridge the gap between accounting values, approximated by economic value added(EVA) and market values, approximated by created shareholder value(CSV). It is studied empirically using GG－Index conducted by the Korea Corporate Governance Service(CGS) and discretionary accruals as a proxy of earnings management. CG－Index consist of five items(Protection of shareholder interests, Board of directors, Disclosure, Auditing body, Disclosure of corporate, Distribution of the proceeds of operation). The analysis results are as follows. First, a positive correlation is identified between the difference(CSV－EVA) and discretionary accruals, proxy of earnings management. Secondly, among five items, Board of directors item and Distribution of the proceeds of operation item show significant relationship with earnings management. Thirdly, it is found that Disclosure item and Distribution of the proceeds of operation show significant relationship with the gap between market values(CSV) and accounting values(EVA).