전유성 체계와 실제 이익조정에 관한 연구：한국 제조업을 중심으로

Most of manufacturing firms recently recognize the importance of R&D activity have been steadily expanding their R&D expenditure which requires constant efforts to improve their sustainability. However, firms have successfully developed their new knowledge and ready to create the financial returns from the invention, competitors or potential followers are likely to imitate or produce similar products and deprive expected returns of inventors. Therefore, the firm contrive a way to protect and secure their R&D inventions. In this context, the appropriability regime is defines as means to protect financial returns generated from innovative inventions, and closely links to uncertainty in R&D performance. Even through types of appropriability regime have same purpose for protection, two distinct appropriability means have different effects on productivity in R&D process, information asymmetric between firm and stakeholder, and future benefits. Thus, the main purpose of this paper is to explore how the type of appropriability regime effects on the real earnings management. Our results demonstrate that formal appropriability regime significantly reduce real earnings management related to abnormal production cost and abnormal discretionary cost. Also, informal appropriability regime significantly reduce abnormal production cost. As a whole, results show that the strength of appropriability decrease real earnings management regardless of ways to protection their inventions. The significance of this paper lies in shedding a new light on approaching R&D uncertainty with the notion of appropriability regime, which has received only few attentions in accounting literatures.