이익조정연구에 대한 고찰: 동기연구, 연구설계 및 발생예측모델을 중심으로

• 영문명: The Review on the Earnings Management Literature: Motivations, Research Designs and Accrual Prediction Models
• 발행기관: 인하대학교 산업경제연구소
• 저자명: 이성규
• 간행물 정보: 『경상논집』경상논집 제15집 제2호, 95~124쪽, 전체 30쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2001.12.01

영문 초록

Accounting regulators as well as accounting information users worry about the prevalent management's activities to manage the earnings and its profound effects on the resource allocation. This study reviews previous works on the earnings management with emphasis on management motivations, research designs and accrual prediction models. The earnings management studies show that firms appear to manage earnings for capital market reasons, contracting motivations and regulatory considerations. However, it is unclear whether this behavior is widespread or infrequent and which accruals are most likely used to manage earnings. Also, the impact of earnings management on resource allocation is not clear. The research designs commonly used in the earnings management literature include aggregate accruals, specific accruals and the distribution of earnings after management. In Korea, most studies use the Jones model or modified Jones model to estimate aggregate accruals. Previous study shows that measurement error in the estimate of discretionary accruals is correlated with the partitioning variable in the Jones model. The existing literature has presented little theory or evidence for how the accruals behave with or without earnings management. In order to characterize the nature and magnitude of earnings management, more powerful test methods are required. Prior studies also indicate that discretionary accrual estimates are correlated with earnings performance and nondiscretionary accruals. In estimating discretionary accruals, several problems are identified such as the difficulty in maintaining the assumption of no earnings management in the estimation period, the requirement of sufficient series of data, and the choice of reliable measure of accruals. As to the ability of extant models to forecast accrual, most models except for Kang- Sivaramakrishnan model provide little ability to predict accruals. show lower accuracy than the naive model estimating constant accruals. They show lower accuracy than the naive model estimating constant accruals. The prediction accuracy is enhanced under modified Jones models. The earnings management literature has an objective to increase our understanding on whether earnings are managed in a given context, how they are managed and the incentives that shape the environment for discretionary behavior. In order to achieve this objective, continuous efforts are required with emphasis on the following areas; 1) The factors that motivate managers to manipulate earnings and the empirical research reflecting these factors. 2) New accrual models to identify firms with or without earnings management and reliable earnings management measures such as cash flows from operation or current versus non-current accruals. 3) The factors affecting the behavior of total accruals or specified accrual and the models characterizing these factors. 4) Research efforts to exploit the distributional properties of earnings and other components. 5) The magnitude and frequency of earnings management, the methods to manage the earnings and the impact of earnings management on resource allocation. 6) continuous evaluation of models' predictive ability and development of diverse evaluation standards.

목차

1. 서론

2. 이익조정의 동기

3. 연구설계

4. 발생예측모델의 평가

5. 결론

별첨: 우리나라 이익조정연구 목록

참고문헌

Abstract