글로벌 금융위기 전·후 기업의 소유구조가 이익조정에 미치는 영향

The global financial crisis that began at the end of 2007 expanded Korean financial market and the volatility of foreign exchange market. According to a study, one of the main reasons that affects volatility is declining of foreign investors in the local market. In a prior studies that are targeting at a securities company, the earning management behavior attributed to the major shareholder has increased than ever from the global financial crisis. It is a timely study that the effect of corporate governance on earnings management and earnings management's change before and after the global financial crisis has a point. This study analyzed that global financial crisis have an effect on earnings management of firm and that a major shareholder and foreign investor holding ratio have effect on earnings management of firm. The results of this study can be summarized as follows. First, using a t-test, global financial crisis weakens accounting transparency in Korea. Also, foreign investor holding ratio is lower and the power of major shareholder has relatively increased. Second, using a regression method, high foreign shareholding ratio reduces discretionary accrual and improves the reliability of financial reporting. High major shareholding ratio makes more earnings management. Finally, discretionary accrual increased after global financial crisis may weaken transparency in Korea's accounting environment. So there is something needs to be done.