물류비의 하방경직성과 발생액 이익조정에 관한 연구 (A Study on the Stickiness of Logistics Costs and Accruals Earning Management)

서지정보

· 발행기관 : 한국유통물류정책학회
· 수록지 정보 : 유통물류연구 / 10권 / 2호 / 83 ~ 98페이지
· 저자명 : 인신환

초록

본 논문에서는 실증분석을 통하여 기업들의 물류비 하방경직성(Stickiness)을 파악하고, 물류비의 하방경직성으로 인하여 발생액 이익조정이 발생하는지에 대해서 객관적인 연구결과를 제시하였다. 본 논문에서설정한 연구가설을 검증하기 위해 t-test와 회귀분석 을 통해 가설을 검증하였고, 실증분석시 통계 프로그램은 SAS 9.4 Version을 사용하였다. 본 연구의 표본기간은 2012년부터 2021년까지이며, 표본대상은 KOSPI 상장기업 및 KOSDAQ 등록기업이다. 최종 표본으로 12,938개 기업을 사용하여 실증분석을 수행하였다. 본 논문의 연구결과를 요약하면 제시하면 아래와 같다. 우선, Dechow et al.(1995)의 방법으로 측정한 재량적 발생액과 Kothari et al.(2005)의 방법으로 측정한 성과대응 재량적 발생액 모두 물류비의 하방경직성이 존재할 때가 물류비의 하방경직성이 존재하지 않을 때에 비해 유의미하게 더 큰 것으로 도출되었다. 이러한 결과를 통해, 물류비의 하방경직성이 존재할 때 발생액 이익조정 수준이 물류비의 하방경직성이 존재하지 않을 때 발생액 이익조정 수준보다 유의미하게 더 크다는 사실을 알 수 있다. 다음으로, 기업 물류비의 하방경직성이 클수록 Dechow et al.(1995)의 방법으로 측정한 재량적 발생액이 유의미하게 증가하는 것으로 나타났다. 이는물류비의 하방경직성이 클수록 발생액 이익조정 수준이 더 크게 나타난다는 것을 의미한다. 또한, 물류비의하방경직성이 클수록 Kothari et al.(2005)의 방법으로 측정한 성과대응 재량적 발생액은 유의미하게 증가하는 것으로 도출되었다. 이는 재량적 발생액을 Dechow et al.(1995)의 방법으로 측정하였을 때와 일관성 있는분석결과이다. 즉, 본 논문의 연구가설인 물류비의 하방경직성이 클수록 발생액 이익조정 수준이 더 크게 나타난다는 사실이 객관적이고 신뢰성 있게 입증되었다.

영어초록

This study analyzed whether the stickiness of companies’ logistics costs has a significant effect on the accruals earning management. To verify the research hypothesis set in this paper, the hypothesis was performed through t-test and regression analysis, and SAS 9.4 version was used as the statistical program for empirical analysis. The sample period of this study is from 2012 to 2021, and the sample targets are KOSPI-listed companies and KOSPI-listed companies. An empirical analysis was conducted using 12,938 companies as the final sample, and the stickiness, the key variables of this paper, was calculated by Balakrishnan et al. (2004) and Hamburg and Nasev (2008), and the accruals earning management was calculated by Dechow et al. (1995) and Kothari et al. (2005). The summary of the research results of this paper is as follows. First, both discretionary accruals measured by Dechow et al. (1995) and performance matched discretionary accruals measured by Kothari et al. (2005) were found to be significantly greater when there was no stickiness of logistics costs. From these results, it can be seen that the level of accruals earning management when there is stickiness in logistics costs is significantly greater than the level of profit adjustment in accruals when there is no stickiness in logistics costs. Second, the greater the accruals earning management of corporate logistics costs, the more significant the discretionary accruals measured by the method of Dechow et al. (1995). This means that the greater the stickiness of logistics costs, the greater the level of accruals earning management. Third, it was found that the greater the stickiness of logistics costs, the more significant the discretionary accruals in response to performance measured by the method of Kothari et al. (2005). This is a consistent analysis result from when discretionary accruals were measured by the method of Dechow et al. (1995). In other words, it has been proved objectively and reliably that stickiness of logistics costs, which is the research hypothesis of this paper, the greater the level of accruals earning management. The contribution points and expected effects of this paper are as follows. First, this paper contributed to the study of corporate logistics cost characteristics and the expansion of the scope of research on accruals earning management by providing empirical analysis results that the stickiness of corporate logistics costs has a significant effect on corporate accruals earning management. Second, in practice, useful information was provided to understand the characteristics of a company’s logistics costs, and meaningful information was also provided on the relationship between the company’s logistics costs and the accruals earning management.

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