경영자의 자기과신 성향과 이익조정의 관계에 영향을 미치는 요인：산업 내 경쟁도를 중심으로

[Purpose] Managers are likely to distort the corporate reporting profit with the intention of creating a favorable situation in their terms or rewards, thereby infringing on the interests of shareholders and interested parties involved with the firm. This study considered that this trend would be more serious if managers had a tendency to overconfidence. This Research was conducted to explore the exogenous factors of the entity, namely whether external circumstances of the competitive environment it faces are controllable. [Methodology] The empirical analysis was made based on a regression analysis of local KOSPI and KOSPI listed companies. As a dependent variable, this study used both the measure of earnings management through discretionary accruals and the measurement of real earnings management. [Findings] The analysis showed that the level of competition in each industry plays a controlling role in the trend of raising earnings management through discretionary accrual by managers. However, for real earnings management, it did not achieve a consistent result on the level of control of competition within the industry, resulting in partial support for the hypothesis. [Implications] This is meaningful in that it partly supports the fact that competition within the industry serves as a control over management’s actions. There is also a contribution in terms of providing another empirical basis for the prior study, in which a high level of competition within an industry is likely to mitigate problems caused by information asymmetry, because there is a large number of entities in that industry and the amount of information that is exposed in relation to that industry or entity.