분기재무제표에서 기업소유구조와 의무검토 여부가 이익조정에 미치는 영향에 관한 연구

This study investigated the effects of the corporate ownership structure and the mandatory review of the quarterly financial statements on earning management in the quarterly financial statements in Korea that have been made public since 2000. The results of the analyses are as follows. First, the t-test showed that the mandatory review system of the quarterly financial statements enhanced accounting transparency in accounting environments in Korea. The difference in the large shareholders' ownership did not make a difference to discretionary accruals but the difference in foreign ownership made a difference to discretionary accruals. That is, higher foreign ownership led to lower discretionary accruals. Second, the regression analysis on the entire sample revealed that the companies conducting the mandatory review had lower discretionary accruals and higher foreign ownership reduced discretionary accruals, which increased the reliability of financial reports. On the other hand, large shareholders' ownership did not influence earning management. Third, the regression analysis on each group divided according to the ownership structure average displayed that the mandatory review did not affect discretionary accruals in the group with lower foreign ownership whereas the mandatory review reduced discretionary accruals in the group with higher foreign ownership. In addition, the analysis based on the division of the large shareholders' ownership also confirmed that in both groups, the mandatory review decreased discretionary accruals, which boosted accounting transparency.