기대배당부족과 배당이력이 이익조정에 미치는 영향

This study is to examine the possibility of earnings management for ‘lack of expected dividend and dividend history' with the firm data from 1995 to 2013 in KOSPI. The proxies of earnings management are discretionary accruals with performances estimated by Kothari et al.(2005). Lack of expected amount for dividend is defined by subtraction from dividend paid in prior year to pre-managed earnings, and dividend history is continuous dividend or dividend cut, year on year. The results are as follows; Firstly, lack of expected dividend has significantly positive influence on discretionary accruals, and current dividend payout has significant relationship with earnings increasing management. Secondly, in the case of 'lack of expected dividend', consecutive dividend has significantly positive influence on discretionary accruals. In contrast, dividend cut have significantly negative influence on discretionary accruals. This means that there is the difference of incentive for earnings management by dividend history. In short, managers are likely to adjust their earnings upward to cope with market expectation for dividend. Furthermore, this results may contribute to showing that managers boost their earnings in accordance with the prior dividend paid, implying managers intend to avoid dividend cut despite of lack for expected dividend.