다각화전략과 실제이익조정에 관한 연구 (Impact of Diversification Strategy on Real Earnings Management)

서지정보

· 발행기관 : 대한경영학회
· 수록지 정보 : 대한경영학회지 / 31권 / 6호 / 1117 ~ 1139페이지
· 저자명 : 김윤태, 라기례

초록

Jiraporn et al.(2008)은 다각화수준이 경영자 이익조정에 미치는 영향으로 정보비대칭(informational asymmetry)가설과 상쇄(offsetting)가설이라는 경쟁적인 두 가설을 제시하였다. 이와 관련하여 본 연구는 2003 년부터 2015년까지 12월 결산법인이면서 금융업을 제외한 유가증권상장기업을 대상으로 7,184 기업-연의 최종표본에 대하여 개별 기업들의 사업다각화 수준이 회계규제 강화로 인해 이익조정 수단으로 보다 적극적으로활용될 것이라 예상되는 실제이익조정에 미치는 영향에 대해 분석한다. 구체적으로 사업부문 수와 베리-허핀달지수(Berry-Herfindahl Index)로 측정한 개별 기업의 국내 사업다각화 수준이 비정상적 현금흐름, 비정상적재고자산, 그리고 비정상적 재량적 지출의 변동에 미치는 영향을 분석한다.
분석결과, 베리-허핀달 지수 및 사업부문 수로 측정된 국내 기업의 사업다각화수준이 증가할수록 경영자의실제이익조정 수준이 감소하는 것으로 분석되어, Jiraporn, Kim, and Mathur(2008)이 제시한 상쇄가설과 일치한다. 그리고 추가분석으로써 다각화수준과 실제이익조정에 대한 음(-)의 관련성이 사전적으로 경영자의 의도적인 이익조정유인이 감소한 결과인지, 아니면 사업부 자체적으로 이익관리를 수행하였으나 사업부 간 상쇄효과로 인해 사후적으로 기업 전체적 측면에서 객관적인 이익관리 행위를 포착하지 못한 결과인지를 분석하고자다각화수준과 정보비대칭의 관계를 분석하였다.
분석결과, 다각화수준은 정보비대칭과 양(+)의 관계를 가지는 것으로 분석되었다. 즉, 다각화수준의 증가에따른 실제이익조정의 감소는 개별 사업부 자체적인 이익관리행위가 상호간 상쇄되어 나타난 결과라는 간접적증거를 제시한다.
본 연구의 실증결과는 개별기업의 사업다각화가 재량적 발생액을 활용한 회계적 이익조정에 미칠 수 있는영향에 대하여 분석했던 선행연구를 확장하여 사업 다각화가 실제이익조정에 미치는 영향에 대해 실증분석하였다는 점에서 선행연구와의 차별성 및 공헌점을 가질 것으로 기대한다.

영어초록

This study analyzes the effect of corporate diversification strategy on actual profit management due to managerial real activity. Specifically, we analyze the effects of the level of diversification of domestic businesses on abnormal cash flow, abnormal inventory assets, and abnormal discretionary spending as measured by the number of business units and the Berry-Herfindahl Index.
Jiraporn, Kim, and Mathur (2008) presented two competitive hypotheses: informational asymmetry hypothesis and offsetting hypothesis on the effects of diversification strategy on managers' profit adjustment behavior. The information asymmetry hypothesis and the offset hypothesis proposed by Jiraporn et al. (2008) are hypotheses presented to explain the relationship between diversification level and earnings adjustment. Jiraporn et al. (2008) used discretionary accruals as a proxy for earnings adjustment, but their hypotheses do not explain only the relationship between diversification levels and discretionary accruals. Therefore, the two opposing hypotheses of Jiraporn et al. (2008) will provide possible explanations in relation to diversification level and actual profit adjustment, another form of profit management.
First, in the information asymmetric hypothesis, the information asymmetry between the manager and the shareholder is expected to increase as the firm diversification level increases, and the complexity of the company size and the business and operation within the organization increases.
In this case, managers of diversified firms are more likely to conduct opportunistic profit adjustment activities by utilizing their own high information advantage. Therefore, the information asymmetric hypothesis suggests that diversification level and profit adjustment are positive (+).
By contrast, in the case of the offset hypothesis, the profit-adjustment behavior of each business unit will be offset by various business units as a whole due to the low cash flow correlation of the individual business units of diversified companies. Therefore, as the level of diversification increases, it is difficult for managers to manage their profits in one direction, which means that the increase in diversification level can reduce the incentive for managers to adjust earnings. Therefore, diversification and profit adjustment are expected to be related to negative (-).
As a result of the analysis, the level of diversification was analyzed as having positive relation with information asymmetry. In other words, the decrease in the actual profit adjustment due to the increase of the diversification level provides indirect evidence that the profit management activities of the individual business units are offset.
The relationship between business diversification and actual profit adjustment is analyzed by Javeria, Harris, and Thanh (2014). They show the relationship between business diversification level and actual profit adjustment Which supported the opportunistic hypothesis. However, this study supports the offset hypothesis by finding the relationship between diversification and actual earnings adjustment. In addition, the relationship between the diversification and the actual profit adjustment is a result of reducing the incentive for managers to adjust earnings, or the profit management of each business unit is canceled out, (2014) in that it carried out further analysis of the data.
This study suggests the following implications in terms of information users and regulators of accounting standards. First, from the viewpoint of information users, it is necessary to additionally consider not only the profit adjustment through the accruals but also the profit adjustment based on the real activities of the managers in the investment decision making of the diversified enterprise.
Second, the result of this study suggests that regulatory agencies should consider the actual profit adjustment in diversified firms and institutional arrangements to prevent and capture them.

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