경영전략이 이익조정에 미치는 영향：경영전략과 이익조정 측정요소의 관계를 중심으로

[Purpose]This study divides management strategies of a company into leading strategies and defensive strategies and then tries to examine the effect of such strategic differences on earnings management. In addition, this study attempts to verify the effect of this management strategy on operating cash flow, sales cost, management cost, and production cost. [Methodology]In order to achieve the purpose of the study, 5,830(company－year) data were extracted and analyzed for listed companies, non－financial companies, which were settled in the period from 2005 to December 2016. The analysis model was verified by adding some variables based on Houqe and Monem(2013). [Findings]According to this study, there was no discriminative effect on earnings management measured by discretionary accrual according to the management strategy, but the difference in sales, management, and production costs among the real activity measures was significant. With the speculation that the difference comes from the management strategies on the actual activity factors, we analyzed the data and found that, in the case of the leading strategy, the sales and management costs were high and, in the case of the defensive strategy, the production cost was high. [Implications]The findings of this study are meaningful in that they can be used as additional research information when there have been inconsistent results of accounting studies on the management strategy and earnings management. In addition, this study can be regarded to contribute to the expansion of accounting research topics when there is lack of the accounting research on the management strategy.