IPO 기업의 이익조정: K-GAAP과 IFRS 채택 기간 간의 비교

The IPO year is characterized by stronger regulation and market surveillance compared to its subsequent years. The different nature of the period around the IPO can be a useful tool for analyzing the relationship between the intensity of regulatory and market surveillance and the effectiveness of the adoption of principle-based IFRS. The purpose of this study is to investigate whether regulation and market monitoring can be factors in determining the effectiveness of the introduction of IFRS by comparing earnings management between IPO year and subsequent year. The analysis results are as follows. First, we find that discretionary accruals in the IPO year are relatively smaller in the IFRS application period than in the K-GAAP period, and the IPO follow-up year showed no difference between the K-GAAP and IFRS periods. Second, we find that the time lag earnings management calculated as the difference in discretionary accruals between the year IPO and the year following it is reduced in the IFRS period than K-GAAP period. Finally, we set 4 years after IPO as the sample period and compared the size of abnormal accruals, and find that the abnormal accruals for the period after IPO increase in the IFRS period than K-GAAP period. These results suggest that strong regulation and market surveillance can increase the positive effect of IFRS adoption.