외환위기 전·후 경영자의 대리인문제와 효율성의 변화

The policy administrators have made efforts to improve the accounting system and restructuring of industries after the Asian financial crisis. Many post－financial crisis studies show that accounting profits and industry's synergy effects have gone up, while officer's tendency to manipulate profit margin has gone down. However, most of the studies have been done by external interested parties such as investors and financial analysts' perspective. Therefore, this study intends to show from the perspective of internal interested party officer, how agency and efficiency changed before and after the financial crisis. During the financial crisis, determinants of costs of the domestic industry's material costthat total cost, revenue cost, sales maintenance, sales cost, maintenance, and labor cost have shown high downward inelasticity compared to other years. Whereas during global financial crisis following the Asian financial crisis, except for revenue cost, other cost items showed low downward in elasticity. The contributing factors of this study is as follows：First, since the Asian financial crisis, most of studies on accounting and business environment reflected investor's, financial analyst's and external interested party's perspective. However, this study surveyed the post－Asian financial crisis agency and efficiency problem from officer's perspective. Secondly, this study showed by comparing Asian financial crisis and global financial crisis, periods, increased understanding of domestic accounting environment post－Asian financial crisis, where previous studies have neglected to control external factors. Through this study, it is hoped that it will provide useful information to those who study domestic capital market and information users.