특수관계자 거래가 이익조정에 미치는 영향

This study targeted listed companies with related party transactions and analyzed the impact of related party transactions on corporate profit adjustment and the moderating effects of the largest shareholder's shareholding ratio and foreign ownership ratio. A total of 4,889 company-years of listed companies were selected as the final sample for the study from 2011 to 2023. In the empirical analysis of this study, Kothari et al.'s (2005) performance-responsive discretionary accruals were used as a proxy variable for profit adjustment. Related party transactions were analyzed by dividing them into cash flow tunneling, asset tunneling, and equity tunneling, as classified by Atanasov et al.(2011), and the main analysis results of this study are as follows. First, when the earnings adjustment amount is negative, equity tunneling appears to have an effect on earnings management. Second, when the earnings adjustment amount is positive, the interaction term between asset tunneling and the largest shareholder's equity ratio during related party transactions was found to be significant. Third, when the earnings adjustment amount was negative, the interaction term between cash flow tunneling and the largest shareholder's equity ratio was found to be significant. Fourth, when the earnings adjustment amount is negative, the interaction term between cash flow tunneling and foreign ownership ratio and the interaction term between asset tunneling and foreign ownership ratio were found to be significant.