This study established a model to be theoretical to distinguish the relation between discretionary accruals of the listed companies in Korea. A company result From 2001 to 2008. And also analyzed theoretical pattern positively using a fixed effect mode as panel data that time series data of cross section data of listed companies. In this research, divides company's result into an accounting result and a result that is decided to market and compared the study finding. And in this research, measured discretionary accruals by corrected Jones model and Jetter and Shivakumar model that propriety is authorized in virtue researches about discretionary accruals. Study finding in this study first, a hypothesis 1 of this study that valued company's assessment is decrescent at stock market as absolute value of discretionary accruals gets bigger is supported. Second, hypothesis 2 that as absolute value of discretionary accruals, accounting result also grows is supported too. Third, study model that present in this research had statistical synonymy from significance level 1%, and it was little differences with revolution result of occasion that measure using Jones model that is revised discretionary accruals and occasion that measure using model with Shivakumar and Jetter. Fourth, when control variances that present in this research used dependent variable in result in the market, there is statistical synonymy and is agreeing as mark expects, but when I used dependent variable in result the accounting enemy, is appearing as expect. This study can influence importantly in discretionary accruals in case of use the cross section data as well as advantage of panel data use compared with study's findings in these field, but may look for meaning, given that uses the panel data to solve inhomogeneous problem that could happen because omit variance that do not sight and verified regression model. On the other hand, limitation of this study first, is not grasping other various factors that this research tried to explain company's result as discretionary accruals of company but this study affects in owner's decision-making. Second, this study wished to examine substantial result of company by discretionary accruals but did not consider endogenous problem between variance related to business management. Third, because analyzed actual proof to manufacture company listing for the securities exchange for positive analysis, it is difficult to provide result of this study uniformly in all companies.
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