은행의 최고경영자 교체와 매도가능금융자산의 선택적 처분에 관한 연구

Abstract

This study examined whether the selective disposal and earnings management by the available for sales were used in the current year and the next year when the CEO was replaced in the Korea banks. This study is limited to the available for sales applied to the K-IFRS(Korea Adopted International Financial Reporting Standards) No. 1039, so it is necessary to pay attention to whether the earnings management strategy using the unrealized gains is directly displayed on the managerial performance as other comprehensive gains and losses, while the available for sales disposal gains and losses are recognized as the current gains and losses. This study was conducted from 2000 to 2017 with five commercial banks including KB Kookmin, Shinhan, Hana (KEB), Woori, and NH Nonghyup, Industrial Bank of Korea, Standard Chartered (SC First Bank), Korea City Bank (CITY), and six local banks. It was obtained through FnGuide database. The available for sales disposal profit is the value standardized as total assets by deducting the disposal loss from the available for sales disposal profit (AFSGAIN) and the available for sales evaluation profit is the value standardized as total assets by deducting the evaluation loss from the available for sales evaluation profit (AFSHOLD). The hypothesis was verified by responding to the main verification variables, CHANGE and NEXT dummy variables. The results of the empirical analysis are as follows. First, the correlation coefficient between AFSGAIN and CHANGE was significant negative (-) correlation at 1% level, while the correlation coefficient between AFSHOLD and CHANGE was showed positive (+) correlation at 1% significance level. This implies that the bank recognizes losses or still has the holding profit of the available for sales by intentionally disposing of the available for sales in the year when the CEO is changed. However, in the next year when CEOs were replaced, the disposal profit of the available for sales was significantly positive (+), and the holding profit of the available for sales was significantly negative (-). This implies that the bank has a strong incentive to realize the financial portfolios that the CEO holds as a available for sales holding profit to prepare for the next year of CEO replacement. Second, as the result of mean difference analysis, the disposal profit of the available for sales was significantly lower than that of the comparative year in the year of the replacement of the CEO of the bank, while the average of the holding profit of the available for sales was significantly higher than that of the other years. However, in the next year of CEO replacement, the disposal profit of the available for sales was significantly higher than the average value. Third, as the result of multiple regression analysis, the main variable CHANGE was shown to be a significant negative (-) explanatory power at 1% level in AFSGAIN, while the coefficient of CHANGE for AFSHOLD was shown to be significant positive (+) result. This means that the bank's CEO disposed the available for sales holding loss which was not the current loss, to recognize the current loss by selectively disposing of financial portfolios. On the other hand, NEXT showed significant positive (+) and 5% positive (-) explanatory power in AFSGAIN and AFSHOLD, respectively, and showed a significant negative (-) explanatory power. This can be interpreted as the result of a strong incentive to raise the reporting earnings after the change of the chief executive officer by realizing the disposal profit by intentionally selling the financial products corresponding to the unrealized holding profit among the available for sales held in the next year of the bank's CEO replacement. In short, the disposal loss of available for sales is reported more in the year when the CEO of the bank is replaced, and unrealized holding profit part of the available for sales reserved for the next year of the CEO replacement is disposed. This study is contributing to the fact that the new CEO is strategically adjusting earnings management through selective disposal of unrealized holding profit or loss of the available for sales.