상장기업과 비상장기업의 이익조정에 관한 연구

Depending on the results of previous studies, the firm characteristics of unlisted companies are different from the listed companies such as earnings management incentives and earnings management types by the impact on the capital markets. In this study whether the listed companies or not are likely to differ earnings management incentives and earnings management types used as four earnings management index suggested by Leuz et al. (2013) and Burghstahler et al. (2006). The results of this study are that unlisted companies were statistically significant more manage for earnings used by measures such as the loss avoidance, the accruals, the income smoothing and the correlation between changes in accruals and changes in cash flows than the listed companies. In addition, we examine whether the between listed companies and unlisted companies are the differences absolute value of discretionary accruals and the differences of discretionary accruals in accordance with the quartile of leverage ratio, generally used to ‘Modified Jones model’ (1995) and Kothari and Wasley (2005) for discretionary accrual. Their findings are consistently a similar result that the discretionary accruals of unlisted companies were significantly higher than the discretionary accruals of listed companies. And the analysis for the difference of discretionary accruals between listed companies and unlisted companies by the quartile of leverage ratio is that the discretionary accruals of unlisted companies were significantly a greater than the discretionary accruals of listed companies. As a result of using a various measures for earnings management in this paper, the unlisted companies has more earnings management compared to the listed companies. This study contributes how the capital market pressure affect the companies to report earnings by comparing the earnings management incentives and earnings management types of listed companies and unlisted companies.