기업의 이익공시행태와 이익의 질과의 관계 ：경영자의 기회주의적 동기 관점에서

[Purpose] The purpose of this study is to identify the opportunistic behaviors of corporate earnings announcements and empirically investigate the relationship between the managerial opportunism and the quality of earnings. [Methodology] Utilizing the data of quarterly earnings announcements and the relevant financial statements data for the Korean listed companies from 2003 to 2016, this study identifies the consistency of the opportunistic strategies for earnings announcements and conduct regression tests on the association between the earnings announcement strategies and the quality of earnings including earnings adjustments. [Findings] Firms tend to consistently implement the earnings announcement strategies to hide negative earnings news including late announcement, Friday or after－market－closing announcement. Further, the firms which frequently use the opportunistic earnings announcement strategies show relatively higher level of earnings adjustments, lower earnings consistency, and higher earnings volatility. [Policy Implications] This study suggests that financial statement users and policy makers need to pay attention to the behaviors of corporate earnings announcements in order to identify any potential financial manipulation and detect firms subject to additional screening for regulatory audit.