기업설명회가 실물 이익조정에 미치는 영향 －지배구조 및 감사품질에 따라－

The objective of this research is to test the effect of the Investor Relation(IR) on Real Earnings Management(REM). Especially we examine the effect of Firm’s Governance and Audit Quality on the relevance between Investor Relation(IR) and Real Earnings Management(REM). The Real Earnings Management(REM) is measured by the method of Roychowdhury(2006). The sample of this research is listed manufacturing firms and is consisted by 1,155 firm－year observations from 2008 to 2011. Financial data is collected by FnGuide and the Investor Relation(IR) data is collected by annual report and KIND data at hand. The results of this research show that the current Investor Relation have negative relevances with of the current and next Real Earnings Management(REM). Therefore, we can explain that the firm that held the Investor Relation at this year, have more real management action at this or next year than those that do not. Especially the corporate that held the Investor Relation at this year and have a good Firm’s Governance, have more real management action at this or next year than those that do not. We hope that our result can help investor making a reasonable decision on investment and officials making a effective policy on the Investor Relation.