상품시장 경쟁과 발생액의 질의 관련성 (Product Market Competition and Accrual Quality)

서지정보

· 발행기관 : 대한경영학회
· 수록지 정보 : 대한경영학회지 / 29권 / 3호 / 507 ~ 534페이지
· 저자명 : 정석윤, 진승화, 차상권

초록

본 연구는 상품시장 경쟁과 발생액의 질 간의 관련성을 살펴보았다. 상품시장 경쟁의 감소는 이전 연구들에서 지적한 바와 같이 불투명한 정보환경, 높은 대리인비용 및 정보비대칭 등으로 인한 회계정보 품질 저하로 인한 발생액의 질을 감소시킬 소지가 있는 반면 상품시장의 경쟁이 치열할수록 수익성 악화에 따른 이익조정이 발생액의 질을 감소시킬 가능성도 존재한다. 따라서 이 두 변수간의 관계를 실증적으로 검증해볼 필요가 있다고 판단하였다. 이를 위하여 2005년부터 2012년까지의 유가증권시장과 코스닥시장 상장기업을 중심으로 Dechow and Dichev(2002)와 Francis et al.(2005)에서 제시한 발생액의 질 측정치를 활용하였고 관심변수인 상품시장 경쟁은 허핀달-허쉬만 지수로 측정하였다.
분석결과, 산업 집중도가 높아질수록(독점적일수록) 발생액의 질이 감소하는 것으로 나타났다. 이러한 결과는 관심변수를 3사 상위 집중도로 살펴보거나 종속변수를 Pae(2005)에서 제시한 대체적 측정치를 활용한 분석에서도 동일한 결과를 도출할 수 있었다. 즉, 독점적인 상황에서의 회계정보의 질은 발생액의 질을 통해 살펴본 결과 악화되는 것으로 나타났다. 이는 기존의 상품시장의 경쟁이 비경쟁적일 때에 나타나는 회계정보의 품질저하가 발생액의 질을 통해서도 확인됨을 가리킨다. 추가적으로, 독점적일수록 발생액의 질이 감소하는 것은 코스닥시장에서 유의하게 나타나는 바, 독점적이더라도 상장시장에 따라 발생액의 질에 미치는 영향이 차별적임을 확인하기도 하였다.
본 연구의 결과는 다음의 의의를 갖는다. 상품 시장 경쟁이 낮아 독점적일수록 모호한 정보환경과 이로 인한 정보비대칭이 경영자의 사적 이익추구를 심화시키거나 높은 대리인 비용이 발생할 수 있음을 지적한 연구들에 추가적으로 발생액의 질로 살펴본 이익의 질에도 영향을 미칠 수 있음을 제시한 본 연구는 이전 연구들과의 차별성이 존재한다. 상품시장 경쟁의 시장규제효과가 발생액의 질에 미치는 영향이 존재함을 밝힌 연구로써 상품시장 경쟁에 관한 연구를 보다 확장하였다.

영어초록

Product market competition can be decided by firm’s business strategy or managerial decision. Firms’ profitability, stability, or investors reactions is different by the intense of competition (Hou & Robinson, 2006; Dhaliwal et al., 2014).
Previous studies mentioned that product market competition play an effective external corporate governance role by monitoring opportunistic decision of the executive. Thus, this study is to examine role of industry concentration in the accounting perspective. Specifically, using the accruals quality introduced by Dechow and Dichev (2002), we investigated relationship between market competition and earnings quality.
Previous studies showed that managers adjusted quantities of information to make information asymmetry by reducing information about the business segment that profitable to competitors or investors. However, the information asymmetry can be generated through the quality of information as well as the amount of information (Cheng et al., 2013). Because the firm within exclusive market choose the method that lower reported earnings (Hagerman & Zmijewski, 1979). as an evidence of Hagerman and Zmijewski (1979), the firm in exclusive market does more earnings management (Yoo et al., 2013; Shin et al., 2014). if the firm within exclusive market do earnings management through accruals, we hypothesized convertibility of accruals to cash is very low.
Relationship between product market competition and accruals are both direction can be predicted. Lower product market competition increase the possibility of cartel, and create higher profitability. Due to the higher political cost, managers likely to be reluctant to reduce the internal information disclosure. in exclusive industry, disclosure channel are limited and the accuracy of information is low. Inadequate information makes opaque information environment. Investors cannot be achieved appropriate valuation of firms they invested. Thus, investors demand an additional return to companies. Using the opaque information environment, managers increase the pursuit of private interests or expand tax avoidance. To sum up, positive relationship between product market competition and accounting quality is predicted.
On the contrary, there is an opinion of a negative relationship between product market competition and accounting quality. Karuna et al. (2012) and Markarian and Santaló (2014) suggest competition and earnings management are positively related by referring to managers’ compensation and worsen profitability. Markarian and Santaló (2014) suggested that competition and earnings management have a positively relationship by considering managers’ compensation and low profitability. Looking at both the logical point of view, the accruals quality and the product market competition seems relevant.
For test, we use widely used model called Dechow and Dichev (2002) Model. In this model, accruals quality is measured by the extent to which current working capital accruals map onto operating cash flows of the prior, current and future periods. we deal with the conceptual definition of accounting quality that focuses on the accuracy with which financial reporting conveys information about expected cash flows in order to inform stockholders, particularly investors and creditors. Therefore, because accruals are estimates of future cash flows, earnings will be more representative of future cash flows if accruals are of good quality.
In our study, the more intense competition within industries looked a higher quality accruals if competition acts its monitoring function as an effective external governance. But there is possibility that the competition decreased the quality of accounting information.
For empirical test, we did empirical analysis of KOSPI the KOSDAQ market from 2005 to 2012.
The empirical results, the lower the product market competition (the more exclusive) showed a lower quality of accruals. These results have been able to derive the same results analysis utilizing alternative measures, additional results evidence was found as same.

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