투자기회집합과 이익조정, 그리고 소유구조의 매개역할 검증

This study aims to identify the relationship between investment opportunity set and earnings management, and the role of ownership structure in the large business group. The controlling shareholders will have more information about the investment opportunity set than minority shareholders. Thus, if the controlling shareholders use discretion for himself, earnings management may also increase. It is expected that investment opportunity set will reflect the impact of earnings management. In addition, the controlling shareholders have the control rights earnings management will be grow. This study analysis the influence of control rights of controlling shareholders to the investment decisions and the influence of control rights to earnings management. The results of an empirical analysis of this paper are as follows. First, for the relevance of investment opportunity set and earnings management, the more investment opportunities is the better earnings management. Second, an analysis of the relevance of investment opportunity set and ownership architectures has shown that larger investment opportunity set increase the difference of control and ownership rights. Finally, the effectiveness of the investment opportunity set to earnings management depends on the ownership structure, the relationship between the investment opportunity set and earnings management was more pronounced as a growing difference in control and ownership rights.