최고경영자의 보수적 성향과 기업의 사회적 책임활동 수준이 이익지속성에 미치는 영향

Purpose: The purpose of this study is to evaluate the influence of CEO’s conservative tendency and the level of corporate social responsibility(CSR) on earnings persistence. In detail, we used age as a measure of CEO’s conservative tendency and we selected total CSR score as a measure of the level of corporate social responsibility. we analyze whether the conservative managers make risk averse decisions and level of corporate social responsibility activities induces transparent financial reporting. Research design, data, and methodology: To implement research, we selected sample companies registered in KRX from 2011 to 2013. There were total of 218 companies satisfied the criteria of this study. To test the hypothesis, we employed multiple regression model. Results: First of all, CEO’s conservative tendency has a positive influence on earnings persistence. This result suggests that conservative CEO tend to avoid fluctuation in reported earnings. Second, the level of corporate social responsibility is negatively associated with earnings persistence. This result indicates that the level of CSR reinforce transparency in financial reporting. Conclusions: Based on this study, when the users of the financial information make the decision, they have to consider CEO’s conservative tendency and the level of CSR as the measures of reporting quality in financial statements.