산업 특성이 회계정보 품질에 미치는 영향

As a follow－up study of Kim and Sohn(2011), this study attempts to clarify the causality of their results and to discover additional industrial characteristics which affect the quality of accounting information. This study examines whether the capital intensiveness of an industry or investment mode affects the quality of accounting information. In addition, this study analyzes whether, in a highly competitive industry, the low quality of accounting information of a firm reduces the credit rating of the firm, using credit rating grades. It also reviews whether the earnings management through the capitalization of R&D expenses is more prevalent in high－tech industries. The results of this empirical study are as follows：(1) The higher the capital intensiveness of an industry is, the higher the quality of accounting information of the industry will be. This result comes from the fact that, in highly capital intensive industries, the effects of property, plant, and equipment on the total expenses are relatively great and there is little room for managers to apply discretionary estimation to property, plant, and equipment. (2) In the highly competitive industries, the upward adjustment of earnings of a firm severely reduces the credit rating grades of the firm, and the control effect of credit rating on earnings management is great. (3) Earnings management through the capitalization of R&D expenses is more prevalent in high－tech industries. We can infer that the quality of accounting information is low in high－tech industries because it is more difficult for auditors and investors to understand and predict the technological impacts in high－tech industries, and, as a result, the managers are prone to apply greater discretionary judgment.