글로벌 금융위기에 따른 기업의 소유구조가 이익조정에 미치는 영향에 관한 연구

The global financial crisis has brought much changes to Korean accounting environment. As the weight of foreign investment was rapidly decreased in Korea, the relations with earnings management resulted from the influence of major shareholders on companies became an important issue. This study analyzed the influence of the global financial crisis on corporate earnings management in Korean securities market, and also the influence of variables of corporate ownership structure characteristics such as major shareholders' share ratio and foreign ownership on earnings management. First, the changes in Korean accounting environment before/after the global financial crisis were examined through t－test. Regarding discretionary accruals, The global financial crisis decreased foreign ownership in Korean accounting environment and increased major shareholders' share ratio while also having influence on discretionary accruals. Second, the influence of major shareholders' share ratio and foreign ownership on earnings management and also the influence of the global financial crisis on earnings management were examined through regression analysis. The result in which corporate earnings management act was increased when the major shareholders' share ratio including affiliated person was high was also shown in the empirical analysis on KOSPI and KOSDAQ markets. Only in KOSPI market, the dummy variable of the global financial crisis showed significantly positive relations with discretionary accruals, which means that the global financial crisis became a factor of increasing earnings management in KOSPI market.