대손상각비를 이용한 은행의 이익관리: 상장은행과 비상장은행의 비교를 중심으로

This study examine whether listing status of banks can affect the use of LLP for earnings management. Our findings are summarized as follows. First, we find that unlisted banks conduct more earnings smoothing than listed banks. Second, listed banks make greater upward earnings adjustments and less downward earnings adjustment than unlisted banks. Taken together, listed banks have greater incentive for upward earnings management, whereas unlisted banks prefer earnings smoothing to upward earnings management. In addition, we find that banks with government ownership conduct more earnings smoothing and make less upward earnings adjustments than otherwise. Overall, our finding suggest that listing status of banks and government ownership of banks significantly affect use of LLP to manage earnings. This study contributes to the banking literature by revealing the reason behind the conflicting results on the earnings management using LLP and focusing on whether the firm is listed or not. Previous studies only consider the county differences and the differences between testing periods. This indicates that earnings management behaviors using LLP tend to change according to manager’s incentives arising from firm characteristics. Considering the current situation under which Basel Ⅲ is partially adopted, the findings of this paper are expected to provide meaningful information not only to future researchers but also to market participants and policy authorities.