최대주주지분율과 이익조정 관계의 비선형적 특성에 대한 연구：대규모기업집단 소속여부를 중심으로

[Purpose]This study empirically investigates the non－linear relation between ownership structure and earnings management. This study further examines whether the non－linear relation can be differentiated by large business group－affiliation status. [Methodology]To conduct empirical analyses, we constructed our samples which consist of 9,323 firm－years from the firms listed in Korea Securities Exchange from 1996 to 2015. We utilize the largest shareholder ownership and the estimation from both the accrual－based and the real activities earnings management models as proxies for ownership structure and earings management, respectively. In addition, based on the ground that there are differentiated characteristics between business group－affiliation and non－affiliation in Korea business environment, we divide our samples into two groups by large business group－affiliation status to test our hypotheses. [Findings]We find the U－shaped non－linear relation between the largest shareholder ownership and accrual－based earnings management for non－affiliated firms, implying that incremental effects of largest shareholder ownership on earnings management have non－linear properties. We also find a positive linear relation between the largest shareholder ownership and real activities earnings management for group－affiliated firms. [Implications]The empirical findings in this study suggest that the properties of the relation between the ownership and earnings management can be differentiated by large business group－affiliation status.