탄소효율성과 이익조정: 지속가능경영 시대의 회계투명성 제고에 관한 연구

This study empirically examines whether corporate carbon efficiency—an important dimension of environmental performance—affects the quality of financial reporting in the era of sustainable management. Specifically, using carbon efficiency scores derived from Data Envelopment Analysis (DEA), the study investigates their relationship with discretionary accruals based on the Modified Jones Model, aiming to determine whether efficient carbon management discourages opportunistic earnings management. The regression results reveal a significant negative association between carbon efficiency and discretionary accruals, suggesting that firms with superior carbon efficiency are more likely to engage in ethical reporting behavior and maintain higher accounting transparency. In contrast, the environmental score (E-score) from ESG rating agencies showed no significant association with earnings management, implying that quantitative and outcome-based environmental indicators are more informative than qualitative ESG ratings in explaining financial reporting quality. These findings highlight the importance of aligning sustainability performance with accounting practices and offer both academic and practical implications for ESG data users.