차입금 의존도와 영업활동 현금흐름 중심의 건설폐기물 기업의 이익조정 연구

The purpose of this study is to analyze whether the financial ratio such as the leverage level and the cash flow from operating activities of the construction waste disposal industry influence adjusting earnings management behavior. The final sample of 138 companies from all the balancing accounts corporate in December which announced their audit report in DART system from 2008 to 2013 were selected for an analysis and added control variables which are known to influence earning management behavior. The research results of each hypothesis are shown below. First, the managers of companies having higher leverage level report increased profits through adjusting discretionary accruals and the result is statistically significant at the 5% level. Second, the managers of companies having weaker abilities of operating cash flow report increased profits through adjusting both discretionary accruals and real activities earings management and the result are statistically significant at the .1% and 5% levels. Third, the moderation effect of leverage level on the relationship between cash flow from operating activities and earnings management behavior is not statistically significant at the 5% level. The results of this analysis confirm that the inducements of earnings management behavior are different according to the financial ratio of construction waste disposal companies including the leverage level and cash flow from operating activities, which suggest important implications for people who have interests in accounts information of construction waste disposal industry.