Journal of the Korea Convergence Society (한국융합학회논문지)

Korea Convergence Society (한국융합학회)
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The effect of Unrelated Diversification on Earnings Management : Focusing on the Moderating Effect of Audit Committee

비관련다각화가 이익조정에 미치는 영향 : 감사위원회 조절효과를 중심으로

  • Jung, Woo-Sung (School of Business Administration, Busan University of Foreign Studies)
  • 정우성 (부산외국어대학교 경영학부)
  • Received : 2018.02.23
  • Accepted : 2018.05.20
  • Published : 2018.05.28
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Abstract

The objective of this study is to investigate the effect of unrelated diversification on earnings management, and then to analyze the moderating effect of Audit Committee on the relationship. The sample of this paper consists of 206 firms and 1,924 firm-year data listed on Korea Exchange from 2000 to 2009. The results are as follows. First, unrelated diversification is positively associated with earnings management. Second, there are the moderating effects of Audit Committee establishment and independence on the relevance between Unrelated-diversification and earnings management. These findings imply that it is important to strengthen the effectiveness of Audit Committee in unrelated diversification firm.

본 연구의 목적은 비관련다각화가 이익조정에 어떠한 영향을 미치는지를 살펴보고, 이러한 관계가 감사위원회의 효율성에 따라 달라지는지를 검증하는 것이다. 분석을 위한 표본자료는 2000년에서 2009년까지 한국거래소에 상장되어있는 제조기업 중 264개 기업, 1924개의 기업-연(firm-year)자료를 이용하였다. 분석결과는 다음과 같다. 첫째, 엔트로피지수로 측정한 비관련다각화는 이익조정에 양(+)의 영향을 미치는 것으로 나타났다. 둘째, 비관련다각화가 이익조정에 미치는 양(+)의 영향에 대한 감사위원회의 상호조절효과를 검증한 결과, 비관련다각화수준이 높은 기업에서 감사위원회의 설치 및 독립성이 높은 경우 이익조정이 감소하는 음(-)의 관련성이 있는 것으로 나타났다. 이러한 연구결과는 비관련다각화지수가 보다 높은 기업의 경우, 경영자를 감시하는 감사위원회의 효율성을 강화하는 것이 중요함을 시사한다.

Keywords

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