IPO 기업의 우리사주지분율이 이익조정에 미치는 영향

This study analyzed the significant differences employee shareholder ownership acquired through our Employee Stock Ownership Plan of Newly Listed Firms and on Earnings Management. Up to 20% of the IPO shares can be assigned to the first ESOP. But Executives can adjust the accounting profit to increase the offering price. Therefore, Employee stock ownership and earnings management may be significant negative difference. The sample consists of 396 firm－year observations newly listed in domestic KOSDAQ and KOSPI. Profit adjustment is measured as discretionary accruals. The empirical results that the higher the employee stock ownership was lower significantly on earnings management as expected. In other words, The higher the share of employees shows that the management of checks and profit raise suppression. IPO Firms’ employees should be extended priority allocation of IPO shares to suppress the earnings through our Employee Stock Ownership Plan. It will be an alternative to the active participation of employees ESOP shares earnings mechanisms eventually suppressed. In recent years, Equity participation of employees representing minority shareholders in situations where recent shareholder activism is expected to be strengthened to protect outside investors to participate in the IPO of new effective checks and opportunistic managers.