최대주주 지분율이 이익조정에 미치는 영향 : 제조원가명세서 공시여부에 따른 차별적 반응

This study analyzes the ownership structure of an entity, namely the relationship between the equity rate of the largest shareholders and the means for earnings management. In particular, we examine whether the impact of largest shareholder's holding rate on earnings management varies depending on whether the manufacturing cost is disclosed or not. As a result of the empirical analysis, it was analyzed that the higher the largest shareholder's holding is, the less the discretionary accrual profit adjustment and the greater the real earnings management is. This shows that corporation with higher largest shareholder's holding prefer real earnings management which are relatively free from various regulations compared to discretionary accruals. And the analysis results that real earnings management has increased means that they are in support of minority shareholder hypothesis. It is analyzed that the impact of largest shareholder's holding on discretionary earnings has nothing to do with the disclosure status of the schedule of manufacturing costs, while the impact of largest shareholder's holding on real earnings management is effected by the disclosure status of the schedule of manufacturing costs. As Information asymmetry is relieved by corporate voluntary disclosure, entities may be restricted from discretion in accounting and reporting the result of their operating activities. As a result, it is analyzed that real earnings management is preferred as they are relatively free from various regulations. As corporate social responsibility is emphasized, the need of strengthening the rights of minority shareholders, enhancing the monitoring function of business management and securing transparency in business accounting is increased. And at this point, it is necessary to verify the impact of disclosure in content in order to allow voluntary disclosure of cost information to solve information asymmetry. Thus, as the capital market is counting on the role of voluntary disclosure, systematic analysis of how the voluntary disclosure in the schedule of manufacturing costs actually affects the listed corporation or the capital market is meaningful.