KOSPI 상장 해운사의 실제이익조정에 관한 연구

This study analyzes real earnings management behavior of KOSPI listed shipping companies. The shipping industry is very sensitive to the economy, and business performance is greatly influenced by not only internal company factors but also external environmental factors. Therefore, shipping companies may have incentives to earnings management. The means of earnings management include accrual earnings management and real earnings management. Hong(2021) argued that shipping companies engaged accrual earnings management a lot. Therefore, this paper analyzes real earnings management behavior of shipping companies. To verify this, empirical analysis was conducted with a sample of 12,166 firm-year data from KOSPI listed companies from 2001 to 2022. Real earnings management was measured using the method of Roychowdhury(2006). As a result of the analysis, it was found that shipping companies made less real earnings management. Due to the nature of shipping companies operating in the service industry, it is impossible to manage real earnings by transferring fixed costs to inventory through overproduction. The conditions and means for real earnings management of shipping companies may not be easier than those of non-shipping companies. This paper is expected to advance the understanding of corporate characteristics and earnings management of shipping companies.