회생이후 경영자교체여부에 따른 이익조정

This study examines the empirical evidence on earnings management associated with CEO changed using real earnings management and discretionary accrual. The samples are consisted of non－banking firms listed on KRX from 2001 to 2012. The major implications of this research are as follows. First, abnormal operating activities(A－CFO), abnormal production costs(A－Prod) and abnormal selling and advertising costs(A－SGA) appeared to be unrelated CEO changed. however REM meaured by Zang(2007)& Cohen and Zarowin(2008)showed statistically positive values at 10% significant level in the year in which CEO changed. Thus our empirical First－hypothesis is accepted. Second, DA in the year in which CEO changed not showed statistically significant. therefore Second－hypothesis is rejected. This paper contributes to the existing earnings management literature. First, CEO turnover influence earnings management using real earnings management. The evidence obtained here in suggests the need for more rigid screening for financial statement around CEO changed in Reorganized firm through M&A. Second, the results in this paper provide an important implication for diverse interest groups participating in the CEO turnover of Reorganization Company. Third, I think that the opportunity to carefully consider the implications of replacing managers in The Reorganized firm through M&A.