산업특성이 이익관리에 미치는 영향

Using a sample of manufacturing industry firms listed on the Korea Stock Exchange(KSE) and Korea Securities Dealers Automated Quotation(KOSDAQ) in Korea for the years 2012-2013, this study is to test empirically the earnings management of mangers by situational variables classified industrial characteristics into three proxies, industry growth, capital intensity, and product differentiation, without dealing with prior researches. We find that discretionary accruals, an important proxy variable showing the level of earning management of managers, are a wide difference between firms. There is a significant positive correlation between discretionary accruals and capital intensity, and we suggest that the higher the capital intensity, the higher the level of earnings management. The results show that the size of industrial characteristics does not an impact on the discretionary accruals. As for the total samples, we show that managers adjust discretionary accruals using industry growth and product differentiation variables. Also, as for the two samples classified KSE and KOSDAQ, the capital intensity among three proxies of industrial characteristics only does an impact on the discretionary accruals. This study has a limitation by analysing an effects of earning management for only three types of industrial characteristics despite many other factors having an influence on earning management. But this study has a very important implications on the necessity for ethics education of managers, and institutional grid that enables managers to protect earning management in Korea legally.