은행의 최고경영자 교체와 매도가능금융자산의 선택적 처분에 관한 연구

[Purpose] This study examined whether the selective disposal and earnings management by the available for sales were used in the current year and the next year when the CEO was replaced in the Korea banks. [Methodology] This study was conducted from 2003 to 2017 with five commercial banks, Industrial Bank of Korea, Standard Chartered, Korea City Bank, and six local banks. The available for sales disposal profit is the value standardized as total assets by deducting the disposal loss from the available for sales disposal profit (AFSGAIN) and the available for sales evaluation profit is the value standardized as total assets by deducting the evaluation loss from the available for sales evaluation profit (AFSHOLD). The hypothesis was verified by responding to the main verification variables, CHANGE and NEXT dummy variables. [Findings] The main variable CHANGE was shown to be a significant negative (－) explanatory power to AFSGAIN, while the coefficient of CHANGE for AFSHOLD was shown to be significant positive (＋) result. This means that the bank’s CEO disposed the available for sales holding loss which was not the current loss, to recognize the current loss by selectively disposing of financial portfolios. On the other hand, NEXT showed significant positive (＋) and positive (－) explanatory power in AFSGAIN and AFSHOLD, respectively, and showed a non－significant negative (－) explanatory power. This can be interpreted as the result of a strong incentive to raise the reporting earnings after the change of the CEO by realizing the disposal profit by intentionally selling the financial products. [Implications] This study is contributing to the fact that the new CEO is strategically adjusting earnings management through selective disposal of unrealized holding profit or loss of the available for sales.