실제 신용등급과 예상 신용등급 간의 차이가 비대칭적 원가행태에 미치는 영향
The Effect of Gap between Actual Credit Ratings and Expected Credit Ratings on Asymmetric Cost Behavior
- 주제(키워드) Credit Ratings , Asymmetric Cost Behavior , Earnings Management , Mean Reversion , 신용등급 , 비대칭적 원가행태 , 이익조정 , 평균회귀
- 주제(기타) 회계학
- 설명문(URI) https://www.kci.go.kr/kciportal/ci/sereArticleSearch/ciSereArtiView.kci?sereArticleSearchBean.artiId=ART002739090
- 등재 KCI등재
- 발행기관 한국경영교육학회
- 발행년도 2021
- URI http://www.dcollection.net/handler/ewha/000000182688
- 본문언어 한국어
- Published As http://dx.doi.org/10.23839/kabe.2021.36.3.1
초록/요약
[Purpose]This paper examines whether firms that deviate from an empirically modeled credit rating engage in earnings management in order to reach the expected credit rating. In addition, we analyse whether the cost adjusting efforts of firms with rating gap affect the next credit rating, further strengthening the mean reversion of credit ratings. [Methodology]We analyze the effect of gap between actual credit ratings and expected credit ratings on cost adjustment in a sample of 2,092 firm－year observations listed manufacturing firms in Korea during the period from 2000 to 2019 using the asymmetric cost behavior framework of Anderson et al. (2003). [Findings]We find evidence that firms use income－increasing (decreasing) earnings management when they are below (above) their expected ratings. According to the analysis, when sales decrease, stickiness of selling, general, and administrative costs (SG&A) is strengthened in firms above their expected ratings, while stickiness of SG&A is alleviated in firms below their expected ratings. [Implications]This study demonstrates the mean reversion of credit ratings in Korean firms, and suggests that managers try to reach the expected credit rating by managing earnings through cost adjustment.
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