배당이 이익조정에 미치는 영향

초록

This study investigated the effect of dividend level on earnings management. This study is expected to provide additional empirical evidence to the results of previous studies by confirming the effect of the dividend level. The dividend level was measured as 1 if the dividend payout ratio, dividend rate, and dividend yield were in the top 20%, and 0 otherwise, to classify companies with high dividend levels. Earnings management was estimated by the research method of Kothari et al. (2005). Using the samples of KOSPI and KOSDAQ firms from 2009 to 2020, we find that high dividend levels decreases discretionary accruals. It indicates managers of companies with high dividend payout ratios, dividend yields, and dividend yields will lessen their involvement in financial reporting to pursue private interests. As a result of additionally dividing KOSPI and KOSDAQ market, dividend-related variables in the KOSDAQ market showed negative correlation with earnings management, but only dividend yield showed a significant relationship in the KOSPI market. In addition, it was possible to derive significant results from the main analysis even when earnings management was measured in the next period. Lastly, when the direction of earnings management was considered, we finds that the effect of dividends was identified as an upward revision, not a downward revision. This study suggests that companies with high dividend payout ratios, dividend yields, and dividend yields have a significantly lower level of earnings management, thereby reducing information asymmetry and reducing opacity in financial reporting for companies with high dividend payout ratios and dividend yields.

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