K－IFRS 도입이 기업집단의 이익조정에 미치는 영향

This study investigates the effect of K－IFRS on earnings management of chaebol firms. Discretionary accruals and real－activities earnings management are used as earnings management proxies, so this study would confirm how chaebol firms conduct earnings management under K－IFRS. We use the sample listed on KOSPI and KOSDAQ from 2006 to 2007 for pre－K－IFRS and from 2012 to 2013 for post－K－IFRS, so 3,516 firm－year are used in our analysis models during sample periods. The results are as follows. First, we find that discretionary accruals earnings management of chaebol firms increases after K－IFRS adoption, which suggests that managers of chaebol firms have more chances to conduct earnings management with various choices of accounting standards and fair valuation after K－IFRS adoption. Second, we find that real－activities earnings management of chaebol firms decreases after K－IFRS adoption, which means that the adoption of K－IFRS makes the trade－ off between discretionary accruals and real－activities earnings management of chaebol firms. The results of additional analysis are as follows. First, we find that abnormal operating cash flow, abnormal discretionary expenses, and abnormal production costs all decrease after K－IFRS through analysis by individual factor of real－activities earnings management. Second, we find that the results with PSM (Propensity Score Matching) are the same with the main results, which means that our results are due to more opportunities of earnings management with various choices of accounting standards and fair valuation under K－IFRS in chaebol firms, not merely because of endogeneity of chabol firms. Finally, we perform regressions with subsample of chaebol and non－chaebol and regressions with absolute value of discretionary accruals earnings management and real－activities earnings management and the results make the main results from regressions with total sample robust.