사외이사 특성과 이익조정과의 관련성 연구

The purpose of the present research is to investigate the relation of the outside director characteristics and the real activity earnings management of a company and this research did an intensive analysis on specific subjects such as the salary of the outside directors, the existence of inspection committee, and the effect of the percentage of the outside directors on the manager's real activity earnings management. To give empirical analysis, the research used the fact that the salary information of the outside directors is open to public since 2009 to gather 2009 and 2010 data of 988 companies of non-financial industry listed in the Korea Stock Exchange and made an analysis on them to find out what effect the outside director system gives to the manager's real activity earnings management. Results of the research can be summarized as follows:Outside director characteristics include outside director's salary, the existence of inspection committee or not, and the percentage of outside directors. In other words, when the outside director salary is higher, its monitoring on the company becomes more intense and it is shown that CEO adjusts the profit downward. Also, if the inspection committee exists, its monitoring on the company activity is also more intense and follows the downward profit adjustment, and the same conclusion for the case of higher percentage of the outside directors. In conclusion, the relation between the outside director characteristics and the manager's real activity earnings management shows that salary of the outside directors, existence of the inspection committee, and higher percentage of the outside directors all prevent the manager from manipulating the profit arbitrarily and hence the outside director characteristics play positive roles to the society in the sense of clarity and prudence of companies.