기업 지배구조와 사회적책임활동이 이익조정에 미치는 영향

초록

The purpose of this study is to analyze the relationship between corporate social responsibility, governance, and earnings management. This paper first analyzes the effect of governance and social responsibility on earnings management and then analyzes the influence of corporate social responsibility on relationship between corporate governance and earnings management. The sample of the study consists of domestic companies whose ESG(Environment, Social, Governance) ratings were announced by Korea Corporate Governance Service from 2011 to 2018. Discretionary accruals are estimated using the modified Jones model, and major hypotheses are tested through multivariate regression analysis. The main results are as follows. First, firms with good corporate social responsibility activities were more likely engaged in earnings management and tended to report earnings downward. Second, the better the corporate governance structure, the higher the level of social responsibility activities. It was also shown that companies with good corporate governance structure tended to report earnings upward, which was not statistically significant, though. Third, companies with good governance structure were more likely to participate in earnings management and tended to report profits downwards in comparison with those with bad governance structure when corporate social responsibility activities were bad. In an additional analysis of surplus and deficit firms, the results show the same phenomenon in surplus firms, but not in deficit firms. These results show that the relationship between corporate social responsibility, corporate governance, and earnings management is very complex, and that the relationship between corporate governance and earnings management is difficult to fully understand without considering the influence of corporate social responsibility activities.

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