상호저축은행의 소유지배구조와 회계정보품질 간의 관련성에 관한 연구

Many major Mutual Savings Banks (hereinafter referred to as “Savings Banks”), including the first and second Savings Banks in the industry, have been removed from the market due to illegal acts such as misappropriation of major shareholders and deterioration in financial soundness after the global financial crisis in 2008. One of the main reasons for the failure is the ownership structure of Savings Banks. In spite of the importance of the ownership structure of the Savings Banks, there is not much empirical research on Savings Banks due to their small share in the financial sector. However, it is important to understand the relationship between the ownership structure of the Savings Banks and the quality of accounting information of the Savings Banks because they play a key role for the finance of small businesses. In this study, we examine the relationship between the quality of accounting information (discretionary loan loss provision, DLLP) depending on ownership structure. The results of the analysis are summarized as follows. First, the largest shareholder’s ownership and the DLLP have a significant negative association. This implies that the higher the ratio of the largest shareholder, managers are more likely to adjust their earnings to higher levels by reporting a lower DLLP. Second, if the largest shareholder is an individual, there is no significant association with the DLLP. Third, when the largest shareholder participates in management, there is no significant association with the DLLP. Fourth, if the largest shareholder is a corporation and the type is bank - affiliated financial holding company, there is no significant correlation with the DLLP, but, if the type is lender, it has a significant positive association with the DLLP. This means that if the largest shareholder is a lender, there is an incentive for managers to lower earnings by reporting higher DLLP.