기업규모별 윤리수준과 회계투명성의 관련성
The Relationship between the Level of Business Ethics and Accounting Transparency for SME and Large Company
This study examines the relationship between corporate ethical commitment index(ECI)
calculated by Choi and Jung(2008) and discretionary accruals(DA) estimated by modified
Jones model(1995) as accounting transparency. We assume that companies with a higher
level of ethical commitment show better quality financial reporting than those with a lower
level of ethical commitment.
To test the hypotheses, the regression models include ECI and the absolute DA as the
dependant or main independent variables to analyze both sides by ex-ante or ex-post on the
basis of the year 2008. The test sample consists of 451(ex-ante) and 783(ex-post) firm-year
data, selected from the KRX listed companies of 2005～2012.
Consistent with our prediction, we find that companies with a higher level of ethical
commitment are engaged in less earnings management. We also find that
SME(small-medium enterprises) and Large Companies some produce different results for the
differences of ethical perceptions with political cost hypothesis.
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