경영자의 이익조정과 재량적연구개발비 투자 간의 비대칭적 관계에 대한 실증연구

Abstract

ABSTRACT

An Empirical Study on the Asymmetric Relationship Between Managerial Earnings Management and Discretionary R&D Investment

Kim Su Kyung Advisor : Prof. Gyung-soon Kim, Ph.D. Major in Business Information Education Graduate School of Education, Chosun University

This study verified whether the managers at the high-technology company use the expense of discretionary research cost for the purpose of providing signals to provide complementary evidences related to the preceding research. According to Qian et al.(2012), Kim et al.(2017), there is a possibility that investment in discretionary research cost could be a signal of the managers or mean an optimistic investment caused by the managers self-assurance. They say that the possibility of it being a signal is more supported. Based on the preceding research, it researched whether increase in discretionary research cost is a sincere signal of the managers or it is mixed with the result of the managers opportunistic adjustment in benefit, and it focused the possibility of discretionary research cost becoming a useful measured value to pick up the managers signal. According to the analysis result, the sample of downward adjustment of benefit didn’t show any statistical relation between discretionary research cost and discretionary accruals while there was a statistically minus(-) relation between discretionary research cost and discretionary accruals in the sample of upward adjustment of benefit. These results were especially shown in the sample belonging to the high-tech industry where research and development cost is sensitive to company value. So, increase in discretionary research and development cost forms relationship with the managers signal hypothesis rather than with the managers opportunism or immoderate optimism. In other words, it supports the study result by Qian et al.(2012), Kim et al.(2017), who say that the expense of discretionary research cost is the managers signal, and provides complementary result related to their study result. Provision of such a complementary study result can be interpreted to make a contribution academically and operationally since it provided a strong evidence that discretionary research and development cost can be a useful measured value picking up the managers signal in information asymmetric situation in the high-tech industry.

keyword: discretionary accruals, adjustment in benefit, discretionary research and development, signal effect, immoderate optimism