영업실적 예측공시의 특성과 예측성향이이익조정에 미치는 영향

In this study we examines the effects of different choices of operating performance forecast of fair disclosure on Earnings management(AEM). The main findings of this study are summarized as follows:First, in the firms disclosed operating performance forecast, disclosure frequency do not affect accruals earnings management. The number of disclosure items has positive effect on accruals earnings management but the frequency of revision disclosures has restricted accruals earnings management. Second, we find that the firms disclosed operating performance forecast through the fair disclosure are more involved in accruals earnings management than those did not. The downward forecasting tendency, which disclose lower performance forecast number than the financial analysts’number, performs as a prior means to earning management so increases the incentive to manage accruals. The results of this study have implications to improves our understanding of the effects of disclosure of operating performance forecast on Earnings management. We examine the various choices related to forecast disclosure simultaneously to identify the interrelationships between choices in their impacts on Earnings management.