기업의 사회공헌활동이 회계투명성에 미치는 영향 -발생액의 질과 실제이익조정을 중심으로

The purpose of this study is to determine the relation between Corporate Philanthropy (CP) and accounting transparency by analysing the effect of CP on Accrual Quality (AQ) and Real activities Earnings Management(REM). The research results are as follows. First, it is proved that CP and AQ move in the opposite direction. If contribution to asset/revenue ratio or evaluation value of social part in ESG are adopted as the proxy of CP, the higher CP, the lower AQ. Second, it is found the CP lowers the possibility of REM. In case of using contribution to asset ratio or evaluation value of social part in ESG as the proxy of the CP, there exists statically significant relevancy. Third, for control variables, their results were different from earlier studies. For example, in this study, the larger the firm size, the higher motivation for REM. Similarly, this study offers conflicting results on foreign share－holding ratio and the size of accounting agency. This study can be said that it is the first attempt which used social part in ESG as the proxy of CP and linked accounting transparency to CP. In the future, I hope that the more diverse proxies for CP are developed and more studies about the CP, AQ, and REM are done.