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한국회계학회> 회계학연구

회계학연구 update

Korean Accounting Review

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수록정보
47권3호(2022) |수록논문 수 : 8
간행물 제목
47권5호(2022년 10월) 수록논문
최근 권호 논문
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SCOPUS

저자 : 우혜진 ( Hye-jin Wu ) , 홍영은 ( Young-eun Hong ) , 한정일 ( Jung-il Han )

발행기관 : 한국회계학회 간행물 : 회계학연구 47권 5호 발행 연도 : 2022 페이지 : pp. 1-42 (42 pages)

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본 연구는 외국인직접투자기업이 조세절감액을 통해 창출된 현금흐름을 어떻게 사용하고 있는지를 알아보는데 목적이 있다. 2018년 7월, 정부는 외국인투자기업에 대한 법인세와 소득세 감면제도를 폐지한다는 내용이 담긴 '투자유치지원제도 개편방안'을 발표하였다. 외국인직접투자자를 유치하는데 조세지원이 가장 큰 유인으로 작용하는 상황에서 법인세 감면을 폐지하는 방안은 외국인직접 투자를 유치하는데 많은 우려를 낳고 있다. 조세지원정책의 실효성을 검증한 연구들에서는 조세혜택수준과 투자지출간의 관련성을 살펴본 연구들이 대부분이며 외국인직접투자기업에 대한 조세부담 경감액의 직접적인 사용을 밝히지 못하고 있는 실정이다. 이에 본 연구에서는 외국인직접투자기업이 조세절감액을 통해 창출된 현금흐름을 어디에 어떻게 사용하고 있는지를 검증하였다. 실증분석결과 첫 번째, 외국인직접투자기업은 외국인간접투자기업에 비해 상대적으로 재무적 제약 수준이 낮아 내부적으로 창출된 현금흐름을 내부에 축적할 유인이 낮은 것으로 나타났다. 또한 우리나라에서도 조세절감으로 창출된 현금흐름은 추징세액에 관한 불확실성이 내재되어 있기 때문에 향후 과세관청으로부터 추징되는 시점에 현금으로 유동화하기 어려운 시설투자보다는 유동성이 높은 자산에 축적하고 있는 것으로 나타났다. 두 번째, 조세절감액으로 창출된 현금흐름을 시설투자에 사용하거나 내부에 축적시키는 정도가 외국인 직접투자기업과 외국인간접투자기업간에 차별적으로 나타나지 않았다. 그러나 배당금으로 사용하는 정도는 외국인직접투자기업이 더 높은 것으로 나타났다. 이러한 결과를 통해 외국인직접투자기업에 대한 조세감면이 시설투자 등 국가 전체적으로 세수손실을 상쇄시킬 만한 긍정적인 효과는 낮고 오히려 배당금 지급으로 활용되고 있음을 알 수 있었다. 이는 정부의 외국인투자기업에 대한 법인세감면 폐지결정에 힘을 실어주는 결과로 향후 외국인직접투자기업을 대상으로 한 제도 개선에도 시사점을 제공할 수 있을 것으로 기대한다.


The purpose of this study is to find out how foreign direct investment companies(“FDI companies”) are using the cash flow freed up by not paying taxes, which we refer to as tax-related cash. First of all, this study examines how the differential characteristics of FDI companies and foreign indirect investment(“FII”) affect the use of internally generated cash flows. Following the discussion of Guenther et al.(2020), we divide internally generated cash flows into tax-related cash and other after-tax cash flows. And we verify that corporations will use tax-related cash differently than the cash flow obtained in other ways due to uncertainty about potential repayment of the tax-related cash to the government. We find that FDI companies have relatively lower levels of financial constraints than FII companies, and FDI companies allocate more internally generated cash flows to cash savings. We also find that firms invest less tax-related cash, unlike other sources of cash flow. We also provide evidence that the extent to which the tax-related cash is used for facility investment or accumulated inside the company did not discriminate between FDI companies and FII companies. However, the degree of use of dividends was found to be higher in FDI companies. Through this, we find that the positive effect of tax reduction and exemption for FDI companies to revitalize the domestic economy is low, but rather is being used as a dividend payment. It is also expected to provide implications for system improvement targeting foreign direct investment companies in the future.

SCOPUS

저자 : 조재희 ( Jaehee Jo ) , 정희선 ( Heesun Chung ) , 김예원 ( Yewon Kim )

발행기관 : 한국회계학회 간행물 : 회계학연구 47권 5호 발행 연도 : 2022 페이지 : pp. 43-75 (33 pages)

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최근 회계법인의 대형화 및 전문화를 위한 회계개혁 법안이 도입되며 회계법인 간 합병이 빈번하게 발생하고 있다. 본 연구는 감사시장이 소수의 회계법인으로 구성되어 감사인 간 경쟁수준이 낮을 경우 기업이 기회주의적으로 감사인을 선택하는 감사의견구매 현상에 어떠한 영향이 있는지 살펴보는 것을 목적으로 한다. 회계법인 간 경쟁수준이 낮은 감사시장에서 감사인은 피감기업에 대해 높은 협상력을 갖게 되고, 이를 이용하여 피감기업의 의견구매 시도에 응하지 않을 가능성이 있다. 그러나 반대의 예측도 가능하다. 경쟁수준이 낮은 감사시장에서 감사인은 현실에 안주하여 전문성을 개발하지 않고 피감기업과 유착하여 그 의견구매 요청에 순응할 가능성도 있다. 특히 그 독과점적 지위를 유지할 목적으로 피감기업의 의견구매에 적극 응했을 가능성이 있다. 본 연구에서는 2007년부터 2019년까지 19,182개의 국내 상장기업-연도를 대상으로 감사의견구매 현상이 감사시장의 경쟁정도에 영향을 받는지 살펴보았다. 분석결과는 다음과 같다. 첫째, 감사의견구매 현상은 감사시장의 경쟁수준이 낮을수록 줄어드는 것으로 나타났다. 이는 회계법인의 대형화 및 전문화가 감사서비스 품질향상에 기여할 것이라는 규제기관의 기대와 일치하는 결과이다. 둘째, 감사시장의 경쟁수준이 낮을수록 감사의견구매 현상이 덜 나타난다는 발견은 Big 4 회계법인에게 감사를 받는 경우뿐만 아니라 non-Big 4 회계법인에게 감사를 받는 피감기업 집단에서도 나타났다. 이는 시장점유율이 상대적으로 낮은 non-Big 4 회계법인의 경우에도 감사인 우위시장에서는 보다 높은 협상력을 가지고 피감기업의 의견구매 시도에 덜 응하고 있음을 시사한다. 본 연구의 발견은 감사품질 제고를 위해 회계법인의 대형화 정책을 펴고 있는 국내 규제기관 및 기타 이해관계자들에게 여러 중요한 시사점을 제공한다.


Auditor change for opinion shopping(OS) purpose occurs when firms dismiss incumbent auditors and hire new auditors that are more likely to issue a clean audit opinion. This change is a symptom of the impaired audit quality for successor auditors, and worldwide regulators have devised a way to prevent firms from engaging in OS. This study investigates whether audit market competition affects firms' opportunistic auditor choices. There are two conflicting predictions on the OS effect of audit market competition. On the one hand, auditors that obtain greater bargaining power over client firms in less competitive audit market are more likely to maintain the independence and reject OS clients. Thus, we predict the lower audit market competition, the less OS-driven auditor changes. On the other hand, if auditors remain complacent with their oligopolistic power in less competitive audit market, audit quality can be deteriorated. Then, we expect that low audit market competition can encourage OS-driven auditor changes. Our findings using Korean data support the former prediction that auditors in low audit market competition are less likely to accept OS clients. We also find that the role of audit market competition in deterring firms' OS attempts is observed in firms audited by Big 4 auditors as well as those audited by non-Big 4. These findings provide important implications for worldwide regulators to improve audit quality and support the Korean regulator's policy to increase the size of auditors.

SCOPUS

저자 : Ga-young Choi , Bryan Byung-hee Lee , Woo-jong Lee , Hee-yeon Sunwoo , Seunghee Yang

발행기관 : 한국회계학회 간행물 : 회계학연구 47권 5호 발행 연도 : 2022 페이지 : pp. 77-105 (29 pages)

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Related literature documents that corporate spinoffs decrease parent firms' industrial scope so the firms can better focus on core businesses. However, prior studies show that not every spinoff is efficiency-increasing and hence value-adding. This study extends the understanding on the implication of spinoffs by examining whether auditors understand the differential risk implications of corporate spinoffs. Specifically, we investigate whether auditors reflect their assessment on corporate spinoffs in audit pricing. Based on 114 corporate spinoffs in Korea for the period from 2002 to 2017, we first document that audit fees decrease significantly for ongoing parent companies after spinoffs, which appears to reflect reduced audit scope due to clients' scale reduction. An exclusive focus on consolidated spinoffs in which the audit scope remains unaffected provides more interesting evidence. We reveal that the fee decrease after spinoffs is more salient for parent clients with greater risk reduction, proxied by 1) more positive market reaction and 2) higher performance growth. Our findings indicate that both the scale effect and the risk effect play distinctive roles in audit pricing during spinoffs.

SCOPUS

저자 : Hansol Lee , Hyoungseok Choo , Ho-young Lee

발행기관 : 한국회계학회 간행물 : 회계학연구 47권 5호 발행 연도 : 2022 페이지 : pp. 107-140 (34 pages)

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This study examines whether a firm's compliance level with the core corporate governance indicators stated by authorities significantly affects a firm's credit ratings. This study uses hand-collected data on firms' compliance status with 15 core corporate governance indicators from the annual corporate governance reports. Following the management disciplining hypothesis, which argues that strong corporate governance mitigates a firm's agency problems and information asymmetry, this study hypothesizes that higher compliance levels with the core corporate governance indicators would positively affect a firm's credit ratings. Using 309 firm-year observations for 2018-2020 period, this study finds a positive relationship between a firm's compliance levels with the core corporate governance indicators and its credit ratings. Furthermore, the results reveal that, among the three categories of core corporate governance indicators, a firm's compliance levels with the board of directors- and audit committee-related core corporate governance indicators significantly impact the firm's credit ratings. By employing a difference-in-difference approach, this study also verifies that the impact of compliance levels with 15 core governance indicators stems from the mandated regulation on the disclosure of a firm's compliance levels with core governance indicators. The study's results provide practical implications for management, regulators, and investors, as they demonstrate the economic benefits of complying with the core corporate governance indicators. Moreover, this study provides empirical evidence that helps regulators encourage firms to comply with the core governance indicators as stated by authorities.

SCOPUS

저자 : 홍준용 ( Jun Yeung Hong ) , 유승원 ( Seung Weon Yoo )

발행기관 : 한국회계학회 간행물 : 회계학연구 47권 5호 발행 연도 : 2022 페이지 : pp. 141-174 (34 pages)

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본 연구는 기업의 최고경영자 유형에 따른 토너먼트 이론(Tournament theory)의 효과성에 대해 검증한다. 구체적으로 최고경영자와 임원 간 보수격차와 기업성과 및 기업가치 간 관계가 전문경영기업과 소유경영기업에서 차별적으로 나타나는지에 대해 분석한다. 2013년부터 2019년까지 유가증권시장 상장기업을 대상으로 분석한 결과, 첫째로 전문경영자가 최고경영자로 존재하는 경우 최고경영자와 임원 간 보수격차와 기업성과 및 기업가치가 양(+)의 관계를 가져 토너먼트 이론이 성립하고 있는 것으로 나타났다. 반면에, 소유경영자가 최고경영자 직책을 맡는 경우에는 보수격차와 기업성과 간에 통계적으로 유의하지 않은 관계를 보였으며, 오히려 기업가치와는 유의한 음(-)의 관계를 가짐을 보였다. 이는 소유경영기업 내에서는 임원의 최고경영자로의 승진기회가 제한됨에 따라 최고경영자와의 보수격차가 인센티브로서의 기능을 하지 못하고 있음을 의미한다. 둘째, 소유경영자가 최고경영자 직책을 맡는 소유경영기업임에도 불구하고, 전문경영자가 복수 최고경영자로서 함께 존재할 경우에는 보수격차와 기업성과 및 기업가치 간에 통계적으로 유의한 양(+)의 관계를 가지는 것으로 나타났다. 이는 소유경영자가 최고경영자로 존재하는 소유경영기업이더라도, 임원에게 공동 최고경영자로서 승진에 대한 기회가 열려있는 경우에는 최고경영자와의 보수격차가 임원에게 인센티브로서의 역할을 할 수 있음을 의미한다. 본 연구의 공헌점은 다음과 같다. 첫째, 본 연구는 토너먼트 이론 관련 국내외 선행연구를 확장하여 실증적으로 토너먼트 이론의 효과성을 검증하기 위해서는 최고경영자의 유형이 고려되어야 함을 제시하였다. 둘째, 기업의 입장에서 임원에게 최적의 인센티브를 부여하기 위한 보상체계를 설계함에 있어 해당 기업의 최고경영자 유형뿐 아니라 복수 최고경영자 체제와 같은 경영자 구조를 함께 고려해야 한다는 정책적 시사점을 제공하였다. 셋째, 본 연구는 선행연구의 소유경영자 구분기준의 한계점을 보완하고 보다 정교하고 정제된 구분기준을 제시하고 있다는 점에서 공헌점을 갖는다.


This study analyzes the effectiveness of tournament theory according to the type of CEO. Specifically, this study analyzes whether the relationship between the compensation gap between the CEO and top managers and firm performance and firm value are differentiated between professional-CEO managed firms and owner-CEO managed firms. The empirical results using KOSPI listed firms from 2013 to 2019 are as follows. First, this study finds that there is a positive relationship between the compensation gap between the CEO and top managers and firm performance and firm value in the professional-CEO managed firms. On the other hand, in owner-CEO managed firms, there was a insignificant relationship between the compensation gap and firm performance, but rather had a significant negative relationship with firm value. In other words, within owner-CEO managed firms, as promotion opportunities of managers to the CEO are limited, the compensation gap does not function as an incentive. Second, even though the owner manager takes the CEO position, when a professional CEO exists as co-CEOs, this study finds significant positive relationship between the compensation gap and firm performance and firm value. This means even in owner-CEO managed firms where the owner takes the CEO position, the compensation gap can give incentive to the managers if they have promotion opportunity to a co-CEO. The contribution of this study is as follow. This study provides policy implications that the CEO type and CEO structure should be considered when designing compensation scheme to provide optimal level of incentives to managers using compensation gap.

SCOPUS

저자 : 김단비 ( Dahn-bee Kim ) , 김지혜 ( Ji Hye Kim )

발행기관 : 한국회계학회 간행물 : 회계학연구 47권 5호 발행 연도 : 2022 페이지 : pp. 175-206 (32 pages)

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본 연구는 자본조달방법에 따라 투자의사결정에 재무변수가 미치는 영향이 상이함을 고려하여, 자본조달 시 기업이 개선하고자 하는 재무변수가 자본조달방법에 따라 달라지는지 분석하고자 한다. 구체적으로, 자기자본조달과 타인자본조달이 이익조정과 영업주기에 미치는 영향을 분석한다. 실증결과, 유상증자 시 재량적 발생액이 증가하고 영업주기도 증가한 반면, 부채조달 시 재량적 발생액이 감소하고, 영업주기가 감소하는 것으로 나타났다. 또한 부채조달을 차입금조달과 사채발행으로 나누어 분석한 결과, 차입금조달 시 영업주기가 감소하지만, 사채발행 시에는 영업주기가 증가하는 것으로 나타났다. 추가분석으로 사채발행을 특수사채와 일반사채로 나누어 분석한 결과, 특수사채발행 시 재량적 발생액이 증가하는 것으로, 일반사채발행 시에는 영업주기가 감소하는 것으로 나타났지만 통계적으로 유의하지 않았다. 따라서 본 연구의 결과는 자본조달의 성격에 따른 자본가치를 측정을 위해 중요시하는 재무변수가 다르며, 그에 따라 기업이 개선하고자 하는 재무변수가 다름을 실증하였다는 점에서 투자자들과 실무자들에게 의미있는 결과이다. 다음으로 선행연구에서 혼재된 결과로 나타난 타인자본조달과 재량적 발생액의 관계에 대하여 영업주기와 연결하여 해석하는 것이 가능함을 보였다는 점에서 의의가 있다. 끝으로, 부채로 분류된 타인자본조달 안에서도 그 특성에 따라 재무변수의 영향이 다르며, 특히 차입금의 경우에는 영업주기가 상당한 영향을 미치는 변수임을 보였다는 점에서 공헌점이 있다.


This study investigates the effect of types of financing on financial reporting considering the different effect of financial variables on investment decisions. Specifically, this paper investigates that the effect of equity financing and liability financing on earnings management and operating cycle. We find that discretionary accruals and operating cycles decrease prior to liability while discretionary accruals and operating cycles increase prior to seasoned equity offering. Moreover, we perform the analysis by categorizing liability financing into loan and bond issue. We find that operating cycles decrease prior to loan financing significantly while operating cycles increase in large prior to bond issues significantly. To figure out the results of bond issues, we perform additional test after categorizing bond issues into special bond issues and plain vanilla bond issues. We find that discretionary accruals increase prior to special bond issues insignificantly and operating cycles decrease prior to plain vanilla bond issues insignificantly. This study contributes to the literature by showing that different financial variables are adjusted prior to financing according to the types of financing because investment decisions are affected differently by financial variables according to the types of financing. Second, this study can provide clearer explanation for different empirical results about the associations between debt capital and earnings management. Last this study contributes to the literatures by suggesting the variable, operating cycle as an important variable to liability financing, especially loan.

SCOPUS

저자 : 이효림 ( Hyorim Lee ) , 유승원 ( Seung Weon Woo )

발행기관 : 한국회계학회 간행물 : 회계학연구 47권 5호 발행 연도 : 2022 페이지 : pp. 207-245 (39 pages)

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본 연구는 미디어에 보도된 부정적인 ESG 뉴스와 경영자의 자발적 예측 공시정보의 정확성과의 관계를 살펴봄으로써 비재무적인 ESG 위험이 시장의 효율에 미치는 영향을 밝히고자 한다. 2012년부터 2019년까지의 표본을 대상으로 한 분석 결과, 부정적인 ESG 뉴스가 발생한 기업의 경영자는 자발적 수익예측 공시를 증가시키는 것으로 나타났다. 미디어에 보도된 부정적인 ESG 뉴스는 이해관계자들의 정보 수요를 증가시키는데, 경영자는 이러한 정보 수요를 충족시키고 시장의 부정적인 인식을 완화하기 위해 재무적 예측공시를 함으로써 적극적인 시그널링을 한다고 해석할 수 있다. 또한, 부정적인 ESG 뉴스가 발생한 기업의 경영자는 낙관적인 수익 예측정보를 공시하는 것으로 나타나, 부정적인 ESG 위험이 증가하는 시기에 경영자는 부정확한 예측정보를 공시함에 따른 위험을 감수하더라도 단기적인 신뢰 회복을 중시하는 경향이 있음을 알 수 있다. 끝으로, 부정적인 ESG 뉴스가 발생한 기업의 예측 오차는 감소하였지만, 낙관 편의적 예측을 한 기업의 발생액 이익조정은 증가하는 양상을 보였다. 즉, 부정적인 ESG 뉴스에 대응하여 경영자는 낙관 편의된 예측공시를 하지만, 부정확한 예측은 경영자에게 불이익을 주기 때문에 경영자는 자신이 공시한 예측치를 달성하기 위해 이익조정에 개입할 가능성을 시사한다. 본 연구는 부정적인 ESG 뉴스가 대리인인 경영자의 확증비용(bonding costs)을 증가시킴으로써 사회 후생손실을 야기할 수 있음을 보였다는 점에서 연구의 공헌점이 있다.


This study examines whether ESG bad news affects the accuracy of management voluntary forecasts. Prior studies mainly focus on stock market reaction to the management voluntary forecasts, this paper extends the determinant of management voluntary forecasts to non-financial ESG news in the media. We select 18 keywords based on indices used in MSCI dataset for the measurement of ESG performance and then search for negative ESG news using the keywords from 2012 to 2019. Using the news and management voluntary forecasts, we find that ESG bad news increases management sales forecasts. This suggests that the negative ESG news calls many stakeholders' attention and managers voluntarily disclose sales forecasts in order to meet the information demand and to alleviate negative reputation. Moreover, ESG bad news is positively correlated with the optimistic bias of management sales forecasts. This finding indicates that managers tend to seek short-term benefits even at the expense of the potential risk caused by inaccurate forecasts. Finally, the manager who discloses the optimistic sales forecasts appear to manipulates reported earnings using the accrual management to reduce his forecast error even though ESG bad news is negatively correlated with the management sales forecasts errors. The results imply that managers manipulate accrual to meet the level of optimistic forecasts in response to ESG bad news because more significant forecast errors increase the variance of operating performance penalizing the manager later. This study contributes to the literature by showing that the negative ESG news increases the bonding cost leading to welfare loss.

SCOPUS

저자 : Jongha Kim , Sehee Kim , Meeok Cho , Bryan Byung-hee Lee

발행기관 : 한국회계학회 간행물 : 회계학연구 47권 5호 발행 연도 : 2022 페이지 : pp. 247-270 (24 pages)

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This paper examines whether stakeholder orientation affects firms' trade credit policy and whether the relation between stakeholder orientation and trade credit provision is affected by customer concentration. Trade credit is the deferment of payments for purchases, and it can benefit customers by providing then with short-term financing. Stakeholder orientation allows managers and directors to incorporate the interests of non-shareholder stakeholders into making business decisions, for example, by extending trade credit to customers. We use the staggered enactment of state-level constituency statutes in the U.S. as an exogenous shock to stakeholder orientation to investigate the relation between stakeholder orientation and trade credit provision. The difference-in-differences analysis reveals that compared to the suppliers unaffected by the constituency statutes, those affected increase trade credit provision to a greater extent. Furthermore, we find that this relationship is more salient for suppliers with a lower customer concentration, indicating that suppliers are better able to extend trade credits when they have a stronger bargaining power towards customers. We further find that the increase in trade credit attributable to the rule change is associated with the enlarged customer base. Lastly, the additional analysis on dynamic effect of treatment shows that our findings are unlikely to be driven by pre-existing trends in trade credit provision. Combined, this study implies that enhanced stakeholder orientation significantly affects firms' decision making process.

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저자 : Suil Pae , Chang Joon Song , Andrew C. Yi

발행기관 : 한국회계학회 간행물 : 회계학연구 47권 3호 발행 연도 : 2022 페이지 : pp. 1-31 (31 pages)

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This paper examines the effect of managers' career concerns on the precision of management earnings forecasts. We find evidence that market responses are significantly negative when earnings realizations are outside the range of managers' earnings forecasts, especially when the realized earnings fall outside the lower bound of the forecast range. To the extent that stock price reactions reflect market assessments of managers' ability, this evidence suggests that providing narrow-range (i.e., high-precision) forecasts can increase career-related costs. We thus hypothesize that CEOs who are more concerned about market assessments of their ability and hence about their career prospects have greater incentives to widen forecast ranges to avoid negative market assessments. Consistent with this hypothesis, we find that short-tenured CEOs and non-founders provide earnings forecasts less precisely than long-tenured CEOs and founders do.

SCOUPUS

저자 : Yeji Lee , Kiho Choi

발행기관 : 한국회계학회 간행물 : 회계학연구 47권 3호 발행 연도 : 2022 페이지 : pp. 33-74 (42 pages)

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Desai and Dharmapala (2006, 2009a, b) and Desai et al. (2007) propose that corporate governance plays a crucial mediating role in the relationship between tax avoidance and firm value (the D&D theory). This theory has received considerable attention in the tax accounting literature, but evidence remains mixed. We extend the D&D theory to an international setting and argue that country-level characteristics moderate the relationship between tax avoidance and firm value. Using a sample of firms from 45 countries, we find that the relationship between tax avoidance and firm value is positive when transparency or stock market development is high but negative when investor protection is strong. Our findings suggest that a key determinant of the positive effect of tax avoidance on firm value is a transparent and developed stock market environment. Under low transparency, shareholders in countries with strong investor protection regard tax avoidance as a negative signal of managerial diversion due to a lack of understanding of tax avoidance. Our research contributes to the debate on the link between tax avoidance and firm value according to the D&D theory by providing additional insights on the mediating roles of country characteristics.

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저자 : Sangyi Shin , Hongmin Chun , Jennifer Brodmann

발행기관 : 한국회계학회 간행물 : 회계학연구 47권 3호 발행 연도 : 2022 페이지 : pp. 75-101 (27 pages)

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This paper examines the effect of foreign ownership on firms' labor investment efficiency, which is an essential factor for the firms' long-term operating performance. Further, this paper examines whether foreign ownership alleviates over or under investment in labor, focusing on the Korean stock market. Using Korean listed 22,924 firm/year observations from 1997 to 2019, we estimate abnormal net hiring by using the abnormal portion of net hiring for each firm/year observations. The empirical results suggest that foreign ownership is negatively associated with the absolute value of abnormal net hiring, which indicates that foreign ownership enhances firms' labor investment efficiency. Additional analyses suggest that foreign ownership alleviates over and underinvestment in labor in the Korean stock market. Further analyses suggest that foreign ownership's monitoring effect toward labor investment efficiency enhances sustainability operating performance. Robustness tests, including firm-fixed effects and two-stage least squares estimation, supports our main results. There is an ongoing debate on whether foreign ownership' active monitoring role in developing countries. Foreign ownership conducts an active monitoring role in developing countries regarding labor investment. Thus, our results suggest that foreign ownership may be an one of determinant of enhancing firms' labor investment efficiency in Korean stock marekt.

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저자 : Lee-seok Hwang , Myung-in Kim

발행기관 : 한국회계학회 간행물 : 회계학연구 47권 3호 발행 연도 : 2022 페이지 : pp. 103-138 (36 pages)

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Despite the significant increase in US multinationals' overseas expansion, and the growing share of foreign earnings among the total reported earnings, empirical literature on earnings conservatism has mostly focused on firms' total earnings. This paper focuses on the segmental earnings conservatism of foreign and domestic operations of US multinationals for the period from 1985 to 2015. We examine how differently US multinationals exhibit earnings conservatism of foreign and domestic operations, and investigate whether the differential earnings conservatism between foreign and domestic operations can be explained by repatriation tax cost, a tax-based explanation for earnings conservatism. Our empirical results show that the degrees of earnings conservatism are significantly less pronounced for foreign operations than domestic operations, suggesting that the presence of earnings conservatism is primarily driven by domestic earnings. More importantly, this study reveals that the tax cost of repatriation can partially explain the lower degree of foreign earnings.

SCOUPUS

저자 : Jongil Park , Kyunga Na , Yun-jeong Lee

발행기관 : 한국회계학회 간행물 : 회계학연구 47권 3호 발행 연도 : 2022 페이지 : pp. 139-181 (43 pages)

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This study examines how abnormal total audit hours and rank-specific audit hours affect earnings quality, proxied by earnings persistence or discretionary accruals. The sample is collected from listed firms in Korea between 2014 and 2019. In particular, this study uses rank-specific audit hours which have been publicly disclosed under the External Audit Act Amendment in 2014 in order to estimate abnormal audit hours for five different ranks: audit quality reviewer, director, registered accountant, associate accountant, and expert in other areas such as tax, IT audit, and asset valuation. Our major findings are fourfold. Firstly, abnormal total audit hours as well as abnormal audit hours for audit quality reviewer, registered accountant and associate accountant are negatively associated with earnings persistence. Secondly, we do not observe any significant relations between discretionary accruals and abnormal audit hours, total or rank-specific. Thirdly, the results stay qualitatively similar when discretionary accruals are replaced with loss avoidance (i.e., reporting small positive earnings), while absolute discretionary accruals appear to be positively related to abnormal audit hours by two positions (audit reviewer and director) as well as abnormal total audit hours. Lastly, results based on log of audit hours (total or rank-specific) are sensitive to the inclusion of firm size as a control variable in the regression model whereas those based on abnormal audit hours are relatively stable regardless of the presence of firm size in the control. Our results suggest that audit hours may act as an indicator of audit risk rather than audit quality.

SCOUPUS

저자 : Hyesoo Ko , Yanghon Chung , Chungwon Woo

발행기관 : 한국회계학회 간행물 : 회계학연구 47권 3호 발행 연도 : 2022 페이지 : pp. 183-204 (22 pages)

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From a manager's rational decision-making perspective, cost stickiness is caused by holding surplus resources rather than disposing of them immediately and can be applied as part of the information on expected future sales rebounds. This paper investigates how innovation, as a key component of business strategy, changes cost behavior. Innovation is closely tied to the long-term survival of an enterprise and plays an important role in creating sustainable competitive advantage and superior performance. We hypothesized that the resource retention rate will change according to the managers' aim and the expectation over the innovation process. Using Korean manufacturing firm data from the Korean Innovation Survey, we provide evidence that firms implementing innovation exhibit greater cost stickiness than those that do not. Furthermore, the reservation of resources occurred mainly in a pessimistic situation, which confirms that the company's innovation strategy aims to overcome the unfavorable current situation of the company. We also verified the different resource commitment decisions that depends on strategic differences by product and process innovation. The findings of the study help to understand how resource allocation is driven by managers' decisions in the context of each type of innovation.

SCOUPUS

저자 : Kyung Soon Kim , Yun W. Park , Jin Hwon Lee

발행기관 : 한국회계학회 간행물 : 회계학연구 47권 3호 발행 연도 : 2022 페이지 : pp. 205-242 (38 pages)

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In the context of controversy over the effect of dividend policy and earnings management on corporate value, this study analyzes future stock returns to investigate whether combinations of dividend and earnings reporting policies signal true firm value or managerial opportunism. We classify firms as low, high, and no-dividend firms, and identify earnings reporting as aggressive or conservative. Our findings are summarized as follows. First, low-dividend policy firms showed the largest negative excess return, and firms that reported aggressive earnings showed negative excess returns. We also find that low dividend firms choose aggressive earnings reporting. These results suggest the possibility that managers link dividend and earnings reporting policies. Second, firms that combine low dividends with aggressive earnings reporting experience more negative excess stock returns, and this effect is more pronounced with low ownership concentration and share repurchases. This result suggests that in firms with large agency risk and information asymmetry, managers have an incentive to manipulate stock prices by combining low dividends and aggressive earnings reporting policies. Overall, our findings suggest that opportunistic managers may combine low cost signals to inflate stock prices, taking advantage of weak monitoring environments.

SCOUPUS

저자 : Minkwan Ahn , Sehee Kim , Hangsoo Kyung

발행기관 : 한국회계학회 간행물 : 회계학연구 47권 3호 발행 연도 : 2022 페이지 : pp. 243-274 (32 pages)

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This paper investigates whether analysts' assessments of managerial ability affect their incentives to put their names in the queue and ask a question on an earnings conference call. We find that managerial ability is positively associated with the number of questions asked on the earnings conference call and managerial ability is negatively associated with the likelihood that there are zero questions asked on the conference call. These findings suggest that higher ability managers elicit more questions from analysts on earnings conference calls. We further investigate how managerial ability affects the information provided for a set number of questions asked on the conference call by looking at changes in the average analyst forecast error around the conference call. We find that when managers of higher ability are asked more questions, the average forecast error becomes smaller, suggesting that more able managers provide more informative answers to the questions they are asked. This finding also validates analysts' apparent beliefs that managers of lower ability are less likely to provide an informative answer to questions asked on the conference call. This paper contributes to our understanding of the interactions between analysts and managers that take place during earnings conference calls.

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회계학연구
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한국회계학회 학술발표논문집
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한국회계학회 학술발표논문집
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