企業のESGパフォーマンスと利益管理行動の差異

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:ESGと利益管理の関係を会計操作と実体操作に分解し、構成要素別に検証した実証設計が参考になる。

🏢実務担当者:ESG評価は財務報告の質を補完する指標として投資家説明に活用できる。

🏛政策担当者:ESG評価制度は会計指標だけでなく実体的行動も捉える設計が望ましい。

[Purpose] This study is to empirically analyze how corporate ESG performance affects earnings management behavior. Overcoming the limitations of prior studies that treated earnings management as a single concept, this study examines the differential effects of ESG performance by distinguishing between accrual—based earnings management and real earnings management. Furthermore, by analyzing the effects of individual ESG components －Environmental(E), Social(S), and Governance (G)－ in addition to the overall ESG rating, this study provides a refined analysis of how ESG performance influences corporate earnings management behavior. [Methodology] This study analyzes 2,312 firm—year observations of non—financial firms listed on Korean stock markets from 2020 to 2024. ESG performance is measured using overall and component ratings (E, S, G) from KCGS. Accrual—based earnings management is measured using the Modified Jones model (Dechow et al. 1995) and Kothari performance—adjusted model (2005), while real earnings management follows Roychowdhury’s (2006) methodology. The analysis employs regression models with industry and year fixed effects and firm—clustered standard errors. [Findings] ESG performance shows no significant relationship with accrual—based earnings management but significantly associated with lower real earnings management. Component analysis reveals that Environmental (E), Social (S), and Governance (G) are all significantly associated with lower real earnings management, with Social (S) showing the strongest association, suggesting that stakeholder—oriented performance is the key driver in reducing real earnings management activities. [Implications] This study demonstrates that ESG performance selectively constrains real earnings management rather than suppressing all forms of earnings manipulation. The findings suggest that ESG functions as a non—financial norm associated with substantive operational decisions rather than accounting adjustments. For investors, ESG information should be used as a complementary indicator for evaluating long—term financial reporting quality. For policymakers, ESG evaluation systems should encompass firms’ real activity—based behaviors beyond accounting metrics.

• semanticscholar https://doi.org/10.29189/kaiaair.44.3.9first seen 2026-10-25 05:44:57 · last seen 2026-11-06 05:49:39