제약산업의 접대비성 지출이 이익관리에 미치는 영향

[Purpose]This study aims to examine whether 1) pharmaceutical firms increase their earnings in proportion to entertainment costs as measure of perquisites consumption in comparison with the other industrial firms, and 2) in pharmaceutical firms, entertainment costs are related to earnings management. [Methodology]The test sample consists of 11,005(medical firms 601, the other firms 10404) firm－year data, selected from the KOSPI and KOSDAQ listed companies of the fiscal year during 2009－2015. Earnings management is proxied by discretionary accruals(DA) estimated using the version of Kothari et al.(2005). Managers’ perquisites consumptions are measured as the only entertainment costs(PERK1) and the sum of entertainment expenditures and employee benefits(PERK2). [Findings]Results of empirical tests report that earnings management for the entertainment costs in pharmaceutical firms are significantly higher than those of the other industrial firms, and have positive relationship with discretionary accruals. [Implications]This study will contribute to showing the result that pharmaceutical firms boost their reported earnings to compensate the entertainment costs with excessive entertainment costs.