외국인 지분율이 실물이익조정에 미치는 영향 - 세무상 이월결손금을 중심으로 -

This study investigates whether and how foreign investors' shares and tax loss carryforwards is affect to the earnings management through real activities, There have been several studies which investigated regression analysis of tax loss carryforwards and foreign investors’ shares with earnings management on real activities using a large sample of the companies listed on the Korea Stock Exchange firms over the 4-year period from 2006 to 2010. This study can be summarized as follows. First, the regression results show that the aggregated ownership of foreign investors is negatively related to the income increasing earnings management on real activities. It means the monitoring role of foreign investors on real earnings management to reduce agency costs caused by the investment companies' information asymmetry. Second, the existence of tax loss carryforwards lead a statistically significant increase of earnings management on real activities. More specifically, it is supported that corporate with tax loss carryforwards attain the economic benefits arising from the tax sheltering by the unusual management activities. Third, the results of this study provide implications foreign investors’ shares and tax loss carryforwards are tend to increase earnings management through real activities. Existing studies have documented that interaction effect in the presence of foreign investors’ shares and tax loss carryforwards are associated with increases with the intensity of earnings derived from abnormal products costs and real earnings management proxy.