경영자 교체와 세무상 이월결손금이 실물이익조정에 미치는 영향

This research carried out analysis on if managers do the earnings management through real activity depending upon the CEO turnover and the tax loss carryforward. The sample used in the research was composed of 6 years of data from 2005 to 2010, and real activity earnings management used the model of Roychowdhury (2006) and Das et al. (2007) that uses various real activity earnings management models to reach clearly the standard of finance reports. Using the manager characteristics and tax loss carryforward, four hypotheses were devised and the results after empirical analysis are as follows:First, after investigating the effect on the real activity earnings management of whether the manager is replaced or not and whether the tax loss carryforward exists or not, it was shown that replaced managers adjust upward the earnings from real activity. Second, with the 3 measurement values (abnormal operating cash flow, abnormal cost of production, abnormal discretionary expense) related to the earnings management through real activity, the relation of the CEO turnover and the tax loss carryforward was closely investigated. Results show that CEO turnover and tax loss carryforward have a tendency to report overestimated earnings, while are particularly related to the abnormal operating cash flow among the above 3 values of the earnings management through real activity.