재벌기업의 이익조정, 관계회사 간 거래와 ESG 경영이 경영성과에 미치는 영향

• 영문명: The Effects of Earnings Management, Related Party Transactions and ESG Management of Chaebol Firms on Corporate Performance in Korea
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 나랑투크에스 나몽(Namuun Narantugs) 리우위에(Yue Liu) 김성환(Sung-Hwan Kim)
• 간행물 정보: 『아태비즈니스연구』아태비즈니스연구 제13권 제1호, 103~123쪽, 전체 21쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2022.03.30

영문 초록

Purpose - This study investigates the effects of earnings management, related party transactions between chaebol affiliates on earnings management and ESG score on their profitability using return on assets (ROA). Design/Methodology/Approach - We use data including ESG (Environmental, Social, and Corporate Governance) score of the Korea Corporate Governance Service(KCGS), and financial data of 10,145 firm-year observations from the Total Solution 2000 (TS 2000) and Korea Companies-Information Service (KOKOInfo), and apply the finite lagged models to investigate the long-term effects of related party transactions between chaebol affiliates of earnings management on ESG scores and corporate performance. Furthermore, to take into consideration the simultaneous mutual effects on each other of main variables, we introduce finite distributed lags of five years. Findings - First, ESG-rated firms have a higher total asset return than non-ESG-rated firms. Second, chaebol firms have a higher profitability than non-chaebol firms. Third, profit management of related party transactions between affiliates within a chaebol has a positive effect on the short-term profitability and a negative effect on the long-term profitability. Fourth, chaebol ESG firms have a lower impact on profitability due to rating up (down) than non-chaebol ESG firms. Research Implications or Originality - Based on the above results, it can be concluded that firms used related party transactions for earnings management, the effects of related party transactions change over time, and chaebol firms manipulate earnings through related party transactions and ESG scores.

목차

Ⅰ. 서론

Ⅱ. 선행연구

Ⅲ. 연구 가설 및 실증분석 모형

Ⅳ. 실증분석

Ⅴ. 결론

키워드

RPT Earnings Management ESG Corporate Performance Finite Distributed Lag Model