경영의사결정재량수준이 회계보수주의에 미치는 영향

[Purpose] The purpose of this study is to empirically analyze the relationship between management decision－making discretion level and accounting conservatism according to the level of authority granted in various situations, such as the characteristics and ownership structure of CEOs, to study the effect of management decision discretion level on accounting conservatism, which represents the quality of accounting profits and financial solvency. [Methodology] The analysis period for sample companies is from 2000 to 2020 for KOSPI and KOSDAQ companies operating non－financial businesses, and regression analysis is conducted on 12,776 samples by company－year. We measure the level of management discretion by Hambrick and Abrahamson (1995) and the accounting conservatism by Penman and Zhang (2002), Givoly and Hayn (2000), and Feltham－Ohlson (1995). [Findings] It shows that the higher the level of management decision－making discretion, the higher the level of accounting conservatism. The level of management decision－making discretion depending on the level of authority granted in various situations, such as CEO characteristics and ownership structure, can give accounting conservatism that reflects accounting profits and financial soundness. [Implications] If the level of management decision－making discretion is high, it is likely to be an owner, and sanctions against family succession, social reputation, and private interest pursuit play a very important role, indicating that financial reports reflecting high accounting conservatism can be made by prioritizing future growth and corporate value from a long－term perspective of a company.