earticle

영어

Most of the previous studies focused on characteristics of companies to which stock option was granted, responses of stock price to its public announcement, and executive compensation in respect to stock option. Also previous studies on earning management dealt with whether earnings management was made in the year immediately before the grant of stock option was given, but this study focused on the followings:Whether companies which extended the period into three years before the stock option was given had earnings management continuously before or only in the year immediately before the grant of stock option was given, (2) whether there were difference a in the points when stock option was granted between the groups which upgraded and lowered their earnings with the groups divided based on the medians of revised earnings according to the Revised Jones Model, and (3) whether there were differences between earnings management of groups according to the stock option grant ratio. Firstly, it was discovered that throughout the years from three years before stock option was granted to the year when stock option was granted, positive coefficients were shown and earnings kept being revised. In addition, it was discovered that the companies with net profits and negative cash flow earnings management. In particular, statistically significant values were shown in the year immediately before the stock option grant and the year when stock option was granted, which indicates that they were more actively engaged in upward earning management involving stock option grant. It is interpreted that it reflects a possibility that the executive select strategies to reinforce their positions in a long term point of view rather than lower stock option price in a short term point of view Also, it reflects the possibility that the executive may emphasize that it is justifiable for themselves to have stock option granted by continuously increasing earnings as stock option may be granted as compensation for the past performance. As most of the companies have stock option granted in regular general meetings which announce performance of the last year and shares, the possibility that the executive may increase earnings of the past years is bigger. It is thought that there may more variables which have explanatory power in addition to variables used in the study as the Revised Jones Model did not reflect business environment or economic conditions of our country properly. As a result of verifying (2), it was discovered that the group which upgraded earnings based on the median lowered earnings immediately before the stock option grant and upgraded earnings at the point of the stock option grant, which was not statistically significant. Also, the group which lowered earnings had positive values in all the period, which indicates that earnings were upgraded. As a result of analysing (3), it was discovered that in analysing differences in means between companies with high and low grant ratios, the companies with high ratio lowered earnings at the point of stock option grant while the companies with low ratio upgraded earnings. As presented in the results of (2) and (3), the executive kept revising earnings regardless of stock option grant to maximize compensation according to stock option grants and granting ratios. It is suggested that various institutions or regulations to improve it should be developed in the future. This study has a meaning in that it focused on whether the companies which extended the year into three years before the stock option was granted had revised earnings continuously before while previous studies focused on whether companies revised earnings in the year immediately before the stock option grant, and it was discovered that the companies did not lower their earnings only in the year immediately before the stock option grant. Therefore, it is suggested that they revise earnings for various purposes such as maximum compensation or reappointment as well as stock option. This study has limitations that differences between groups according to the frequency of grant were not considered as a focus was given to errors in measuring discretional earning management and only the first grant date in selecting standards, and further studies for which such things are supplemented are needed.

한국어

스톡옵션의 부여시점 직전연도에 이익조정을 실시하는지의 여부를 주로 다룬 선행연구와는 달리 본 연구는 스톡옵션의 부여시점 전 3개연도로 기간을 확장하여 (1) 경영자가 이익조정을 지속적으로 행하고 있는지 아니면 스톡옵션을 목적으로 직전연도에만 행하는지 (2) 수정 Jones 모형에 의한 이익 조정치의 중위수를 중심으로 집단을 구분하여 상대적으로 이익을 상향조정한 집단과 하향조정한 집단에 있어서 스톡옵션 부여 시점 간에 차이가 있는지를 살펴보고, (3) 스톡옵션 부여비율에 따라 이익조정에 차이가 있는지를 검증하기 위하여 부여비율의 상․하위 집단 간 차이분석을 실시하였다. 분석결과, 스톡옵션을 부여하기 전 3개년과 부여년도까지 전체기간에 걸쳐 양(+)의 계수 값을 보이고 있어 지속적으로 이익조정을 행하는 것으로 나타났다. 다음으로 이익조정의 크기를 중심으로 중위수 이상의 집단에서는 스톡옵션 부여직전에만 스톡옵션부여와 음(-)의 관계를 나타내고 다른 기간에서는 양(+)의 관계를 나타내고 있으며, 중위수 이하의 집단에서는 스톡옵션부여와 관련하여 모든 기간에서 양(+)의 관계로 나타났으나 통계적으로 유의하지는 않았다. 또한, 스톡옵션 부여비율이 높은 집단에서는 이익을 감소시키는 이익조정을 하고 스톡옵션 부여비율이 낮은 집단에서는 이익을 증가시키는 이익조정을 하고 있는 것으로 나타났다. 이와 같은 결과는 경영자가 단기적 관점에서 스톡옵션 행사가격을 낮추려 하기 보다는 좋은 실적을 바탕으로 자신의 입지를 강화하기 위한 전략을 택하고 있는 것으로 해석되며, 또한 경영자가 보상극대화를 위하여 기회주의적으로 이익조정을 행하고 있음을 보여주는 결과라 할 수 있을 것이다