정부조달 적격업체 평가기준에 따른 건설폐기물 기업의 이익조정 - 용역이행능력평가액과 신용평가등급기준을 중심으로 -

The purpose of this study is to analyse whether the capability assesment index to perform services as well as credit ratings for the governmental procurement bidding influence earnings management behaviour using discretionary accruals and real earnings management in the construction waste disposal industry. For this study, out of the 530 population(interim disposal service companies for construction waste) across the country, the final sample of 144 companies is selected for an analysis period of six years, starting from 2008 to 2013. The modified Jones model (1995) is used to measure earnings management and the Kothari et al. model (2005) reflecting return on total assets (ROA) is also applied to produce the discretionary accruals. In addition, earnings management through real activities is measured by the model developed by Roychowdhury (2006) and the method developed by Cohen et al. (2008) is adopted to calculate the measurement of integration of real earnings management. Overall, our empirical results of the analysis show that the capability assessment index to perform services as well as credit ratings significantly influence earnings management behaviour in the construction waste disposal industry. First, the managers of companies having higher assessment index report increased profits through adjusting both discretionary accruals and real earings management. Second, the managers of speculative enterprises which rank lower credit ratings use higher income-increasing discretionary accruals. These research findings imply that the regulatory authorities should properly consider the earnings management behavior of the construction waste disposal service industry in setting the qualification standards for the governmental procurement bidding. The usefulness of this study results can be highlighted by alerting the industry managers that improper earnings management practices not only decrease the successful bidding chances of the companies involved but also deteriorate long-term firm values in the market.