기업의 사회적 책임 활동이 현금 발생액의 질과 실제 이익조정에 미치는 영향: 호텔·레스토랑·레저 상장기업을 중심으로

Recently, corporate social responsibility (CSR) has been recognized as an important strategic element in corporate management. In this study, in order to find out the effect of CSR activities on accounting transparency, accounting transparency was analyzed using the accrual quality (AQ) and real earnings management (REM) as substitute values. The results of the study are summarized as follows. First, it was found that CSR activities and the AQ acted in opposite directions. The more REM activities are, the lower the AQ has been shown, which is likely to be used as a short-term and temporary means for companies to increase corporate value in the short-term, temporarily improve financial performance, or improve corporate reputation. Second, the hypothesis that CSR activities will reduce the possibility of actual profit adjustment has been partially verified, but the possibility of adjustment between cash and discretionary expenses is likely to be small. Third, the signs of the factors used as control variables were different from those of the existing studies focused on the manufacturing industry.