이사회 구성원의 교육적 배경과 재무보고의 질 (The Educational Background of Board of Directors and Financial Reporting Quality)

서지정보

· 발행기관 : 한국경영학회
· 수록지 정보 : 경영학연구 / 42권 / 5호 / 1263 ~ 1288페이지
· 저자명 : 양준선, 김기환

초록

본 연구는 이사회 구성원의 인구 통계학적인 특성이 재무 보고의 질에 미치는 영향을 이사회 구성원이 전공한 교육적 배경을 중심으로 알아본다. 특히, 이사회 구성원의 교육 배경을 법학전공자와 경영학 전공자로 분류하여 이들의 특성에 따라서 성과를 조정한 재량적 발생액의 절대값 및 발생액의 질과 어떠한 관계에 있는지 확인한다. 2002년부터 2010년까지의 표본을 선정하여 분석한 결과 이사회 구성원 중에서 법학 전공자와 경영 전공자의 비율이 높은 경우, 이들의 수가 많은 경우 그리고 이들을 포함하고 있는 이사회의 경우는 재량적 발생액의 절대값이 작은 것으로 나타나서 재무보고의 질과 양(+)의 관계를 보이고 있다. 이러한 관계는 연도별 변동성과 Propensity Score Matching 모형을 이용한 내생성의 통제 이후에도 일관성 있게 나타나고 있다. 단, 내생성을 통제한 결과의 값은 한계적으로 유의적이므로 그 해석에 주의를 요한다. 추가 분석으로 사외 이사와 사내 이사를 분리하여 분석한 결과에 따르면 사내 이사의 교육적인 배경이 영향력이 큰 반면에 사외 이사 교육적인 배경이 미치는 영향은 약한 것으로 나타난다. 결과적으로 본 연구는 이사회 구성원이 가지고 있는 교육적 배경이 재무보고의 질에 영향을 미친다는 실증적인 증거를 제시하고 있다.

영어초록

This study investigates the influence of demographic characteristics of the board of directors on financial reporting quality. Among demographic characteristics, we focus on educational background represented by academic majors in law and business. Previous researches show that the demographical characteristics of top management team such as age, gender, experience and educational background affect on financial reporting quality. Especially, researches argue that the educational background are related with risk preference of management. Also accounting and financial experience have positive relation with financial reporting quality. In this study, we use absolute value of discretionary accruals measured by the Performance matched modified Jones Model (Kothari et al 2005) and accrual quality measured by modified Dechow and Dichev model (Francis et al 2005) to proxy financial reporting quality. In addition, we classify educational background based on the highest level of schooling of the directors. We measure educational background of directors as ratio (proportion of the board of directors), numbers (number of directors with each major), and indicator variables (at least one director with each major). The sample is gathered from TS2000 database collected by Korea Listed Companies Association from 2002 to 2010.
We find that the proportion, the number and the indicator of directors majoring in law and business are negatively related with the absolute value of discretionary accruals meaning higher financial reporting quality. The result is consistent using modified Dechow and Dichev model. We also analyze the relationship between the educational background of inside and outside directors and the absolute value of discretionary accruals. The results show that the major of inside directors has strong relation with financial reporting quality while there is no significant relation between the major of outside directors and financial reporting quality. This result means that the educational characteristics of inside directors affect on the financial decision more strongly than that of outside directors.
In conclusion, the educational background of directors such as their major affects on the financial reporting quality. Especially, the majors of law and business affect positively the financial reporting quality. This paper contributes to the existing literature by investigating the personal characteristics of decision makers affecting on earnings quality while prior research focused on the firm level variables. Our findings also complement prior research in this area by providing new evidence on the role of educational background of board of directors affecting financial reporting quality that has not been investigated. Finally this paper expands the “upper echelons” perspectives into Korean companies that demographic characteristics of top management team affect on the management decision.

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