사업 영위 형태와 실제이익조정-수주업에 대한 분석을 중심으로-

This study analyses how company's business type affects real earnings management focused on order-made company. Specifically, the empirical study of real earnings management is conducted in the difference of business types between order-made company and manufacturing company as well as between service-type company and construction-type company within order-made industry. In addition, through further analysis, this study investigates whether or not different real earnings management behavior according to different business types is associated with earnings smoothing in terms of playing positive roles in the capital market through the delivery of private information in enhancing the corporate value. The results are summarized as follows. First, we find that order-made industry tends to conduct more real earnings management rather than manufacturing industry and that service-type order-made industry tends to conduct more real earnings management through real earnings management rather than construction-type order-made industry. According to further analysis, we find that the difference in business types doesn’t affect earnings smoothing significantly in the full samples. This study can provide information to stakeholder in capital market that industrial differenses have a differentiated impact on earnings management. In other words, this study informs investors that they have to reflect more thoroughly in deciding to invest in order-made industry based on financial statement. Regulation agency also needs to establish the policies to improve the quality financial information of order-made industry.