도시개발공사 경영자의 과거경력이 발생액과 미래현금흐름의 관계에 미치는 영향

초록

[Purpose] This study examines whether executives with professional experience and politically appointed executives differently influence the relationship between accruals and future cash flows in state－owned enterprises. Politically appointed executives often focus on short－term performance to enhance their career prospects, potentially relying on discretionary accruals. This study investigates whether their accruals exhibit lower realization into future cash flows compared to those of professionally experienced executives. Additionally, it explores whether this relationship is linked to earnings management. [Methodology] This study conducts a regression analysis on the relationship between accruals and future cash flows, as well as earnings management behavior, by categorizing executives into those with professional experience and those appointed for political motives. The analysis is based on data from 15 urban development corporations from 2010 to 2021, utilizing executives’ past career information and public enterprise accounting data disclosed on the ‘Clean Eye’ website. [Findings] Results indicate that accruals reported by politically appointed executives have a weaker association with future cash flows than those reported by professional executives. In other words, the extent to which current accruals translate into future cash flows is weaker. This appears to be driven by more frequent earnings management among politically appointed executives. Furthermore, they tend to use ‘big bath’ more actively in their first year of appointment. [Policy Implications] This study is the first to empirically assess how executives’ career backgrounds affect the relationship between accruals and future cash flows in state－owned enterprises. Unlike previous studies that broadly classified all former public officials as political appointees, this study differentiates professional and politically motivated appointments for a clearer analysis of earnings management incentives. The findings highlight the need to strengthen appointment criteria for public enterprise executives by emphasizing managerial, financial, and accounting expertise. It also calls for institutional safeguards to ensure that qualified professionals are selected through politically independent review processes.

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