COVID-19이 화장품산업의 실제이익조정에 미치는 영향

This study conducted an empirical analysis of the performance of the Korean cosmetics industry from 2015 to 2022, using accounting information, with a special focus on the real earnings management strategies employed to overcome the crisis during the COVID-19 pandemic. Analyzing accounting variables such as sales, cost of goods sold, and SG&A expenses, we discovered that the cosmetics industry peaked in sales during 2015 and 2016, followed by a gradual decline. This descent became particularly severe after the onset of the COVID-19 pandemic in 2020. The global economic downturn, changes in consumer behavior, and increased market uncertainty are likely contributors to this trend. Simultaneously, despite the decrease in sales, we found a consistent increase in the cost of goods sold within the cosmetics industry. This can be attributed to factors that are beyond managerial discretion, such as inflation and labor costs. To counteract this, companies within the cosmetics industry have attempted to optimize their cost structures by reducing discretionary SG&A expenses, including R&D, welfare, and advertising expenses. However, these efforts have not been sufficient to completely offset the decline in sales amid the COVID-19 pandemic, leading to financial performance not meeting expectations. Hence, this study examined the real earnings management behavior of managers during the COVID-19 period within the cosmetics industry, specifically focusing on companies listed on the KOSPI and KOSDAQ. Our analysis found that, apart from cash flows from operating activities, real earnings management using abnormal discretionary expenses and abnormal production costs showed statistically significant results. These findings suggest that during the pandemic, companies in the cosmetics industry were more inclined to adjust profits upward through real earnings management rather than through discretionary accruals. Our study underscores the need for the domestic cosmetics industry to proactively respond to the uncertain market environment and emphasizes the importance of management strategies that focus on optimizing cost structures and efficient resource allocation.