공기업에 대한 배당정책이 이익조정에 미치는 영향

[Purpose]Dividends from public institutions serve as a major source of revenue for the government. Accordingly, the decision－making on dividends by public institutions is finalized in consideration of the government’s financial conditions and the financial soundness of the dividend institutions. Since the government is adjusting the dividend payout ratio of public institutions that invest, the government’s dividend policy may exert financial pressure on public enterprises. Therefore, the relationship between the government’s dividend pressure on public enterprises and accounting transparency was analyzed. [Methodology]Using public enterprises as a sample, from 2012 to 2018, the impact of dividend policies on public enterprises on earnings management is analyzed. Dividend policy is measured by Dividend payout ratio, whether or not dividends are paid, and whether or not there is a dividend increase, and multivariate regression analysis is used to verify research hypotheses. [Findings]As a result of the analysis of the study, it was found that the higher the dividend payout ratio of public enterprises, the higher the earnings management. It was also confirmed that public enterprises that pay dividends have a stronger propensity for earnings management than public enterprises that do not. In addition, it was found that public enterprises with increased dividends had a higher level of earnings management than public enterprises that did not. [Implications]It was confirmed that the government's dividend policy for public enterprises has an impact on earnings management. Policy authorities need to make efforts to fully consider financial factors of public enterprises when decision－making on dividends. In addition, it is necessary to strengthen supervision of institutions that implement unreasonable dividends by evaluating the appropriateness of dividends. Additionally, it is judged necessary to conduct an analysis of the appropriate level of dividends for public enterprises.