연결 자회사를 통한 사업 다각화 수준이 이익조정과 정보비대칭에 미치는 영향

초록

[Purpose]This study measures the level of corporate diversification of a company through the number of consolidated subsidiaries and examines the effect of this number on earnings management. Furthermore this study analyzes the effect of the number of consolidated subsidiaries on information asymmetry. Specifically the study focuses on providing empirical evidence on how capital market participants evaluate the level of corporate diversification through consolidated subsidiaries. [Methodology]This study selects non－financial companies listed on the KOSPI and KOSDAQ from 2012 to 2024. Earnings management is measured using discretionary accruals and performance－matched discretionary accruals. Information asymmetry is measured using the standard deviation of daily stock returns and the standard deviation of unexpected stock returns. [Findings]The analysis reveals that the number of consolidated subsidiaries does not significantly effect discretionary accruals and performance－matched discretionary accruals. However, the study found that earnings management worsened for companies with an increasing number of consolidated subsidiaries. Therefore it’s not the current level of corporate diversification that affects earnings management, but rather the fact that earnings management intensifies as the number of consolidated subsidiaries increases, leading to higher levels of corporate diversification. Meanwhile information asymmetry was found to worsen when the number of consolidated subsidiaries increased. In other words, capital market participants may have a negative view of corporate diversification. [Implications]In a context where conflicting arguments about corporate diversification coexist, the results of this study are expected to provide additional perspectives on corporate diversification. Furthermore by analyzing the effect of corporate diversification on information asymmetry, this study is unique in that it directly analyzes the capital market’s evaluation. Lastly, by examining the tripartite relationship between the level of corporate diversification, earnings management, and information asymmetry, this study is expected to provide implications for companies, capital market participants, and relevant institutions.

키워드