기업의 사내유보금과 이익조정에 관한 연구

[Purpose] At a time when there is a social controversy over the adequacy of corporate internal reserve at the level of corporate reserves, the purpose of this study is to examine whether there is a significant link between the level of corporate internal reserve and the earnings management seen as management’s financial reporting behavior. [Methodology] In this study, corporate internal reserve are defined by dividing retained earnings by the underlying total assets. The proxy variable for the accrual earnings management used Kothari et al.(2005) model and the proxy variable for the real earnings management used Cohen(2008) model. [Findings] A negative(－) relationship emerged between the corporate internal reserve level variable and the earnings management variable. This shows that management’s financial reporting methods vary depending on the level of corporate internal reserve. [Implications] This study can consider accounting information of retained earnings account, as well as management’s accounting choices for corporate internal reserve. In addition, in situations where policies such as the Corporate Income Refund Tax are implemented, this study provides useful information to policy authorities and users of accounting information.