접대비성 지출이 이익관리에 미치는 영향

This study examines whether entertainment costs as the measure of perquisites consumption are associated with earnings management. Managers' perquisites consumptions are measured as the sum of entertainment expenditures and employee benefits(PERK). Earnings management is proxied by discretionary accruals(DA) estimated using the version of modified Jones(Dechow et al. 1995). The test sample consists of 6,663 firm-year data, selected from the KOSPI listed companies of the fiscal year during 2004-2014. The results showed that there are positive relationships between discretionary accruals and entertainment costs, and the same in the case of change of entertainment costs, suggesting that managers should increase their earnings in accordance with the portion of entertainment costs. The same results are obtained in analysis by using discretionary accruals by Kothari(2005) and entertainment costs excluding employee benefits. In additional analysis, the analysis for the period of enforcing a real-name entertainment costs system from 2004 to 2008 do not show the significant result. It disprove indirectly that earnings management may be stronger due to the increased entertainment costs after abolishing the upper limit on corporate entertainment expenses. The results of this study can contribute to showing the relationship between entertainment costs and opportunistic management.