경영성과에 따른 이익조정방법의 선택이 자본시장에 미치는 정보효과

[Purpose]This study examines how firms’ earnings management choices－between accrual－based and real activities manipulation－differ by performance level and how these choices affect market information efficiency. [Methodology]Using data from non－financial firms listed on the KOSPI and KOSDAQ from 2002 to 2021, the study employs OLS and logistic regression models. Key variables include ROA, discretionary accruals (DA), real earnings management (REM), and Tobin’s Q. [Findings]Results show a substitutional relationship between the two approaches：high－performing firms prefer accrual－based management, while low－performing firms rely more on real activities manipulation. Firms using accrual－based management rarely combine it with real manipulation, and stronger earnings management intensity weakens market reactions. When both forms are high, markets sometimes view them as strategic actions signaling optimism. [Implications]Investors should assess both the type of earnings management and firms’ operational performance. Regulators and auditors must monitor low－performing firms for real manipulation, while managers should consider the long－term costs of short－term earnings management. The study clarifies the dual nature of earnings management and its informational effects in the Korean capital market.