회계이익·과세소득 차이와 기업설명회 관련성 연구

The objective of this study is to examine the relevance of between Firm's Earning Management. and Investor Relation(below IR). Earning Management is measured by Book-Tax Difference(below BTD). The samples are selected from listed corporate, consist of 1,629 firm-year observations from 2004 to 2007. Financial data and IR data are collected at TS2000 and KIND(kind.krx.co.kr). Especially, Taxable Income is collected by hand at comments in the audit report. The result of this study can be summerised in the following. First as expected, BTD have partly significant negative relevance on IR activity. Second the Earning Management have very significant negative relevance on the frequency of IR activity. Third in the case of the firms of higher audit quality(Big4, Unchanged audit), the Earning Management have higher negative relevance on the frequency of IR activity than the case of the firms of lower audit quality. We hope that our study can help the decision making of firm's various stakeholders relating to IR. But this study have some limitation. Especially, in the spite of various IR activity, we only utilized the frequency of IR activity. So we think that following study needs.