최대주주지분율과 자산횡령의 관련성

Recently, asset embezzlement scandals have been frequently taking place in Korean listed firms, which has brought severe demage on firm’s interested groups. Especially, the manager who misappropriated firm’s asset has a motive to distort financial statement to avoid exposure of embezzlement. So, it is necessary to investigate embezzlement in accounting research field. So, this paper empirically examines a relation between Major Shareholder’s Holdings and embezzlement in Korean firms. Results are as follows, first, Major Shareholder’s Holdings have a non－significant effect on occurring embezzlement. Second, there is a high possibility that the embezzlement may occur from firms with larger size and debt ratio, lower ratio of Returns on asset. Third, Audit quality(Y/N of BIG4) has a non－significant effect on embezzlement. These results give the future studies about Korean firm’s embezzlement theoretical background and besides, offer useful empirical evidences about firms that have higher probability on occurring embezzlement. So, these results will be used beneficially for policy makers to make a regulations for protecting firm and firm’s interested groups from asset embezzlement.