Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 54, No. 2, pp.385-411
ISSN: 1226-1874 (Print)
Print publication date 30 Apr 2025
Received 03 Dec 2024 Revised 14 Jan 2025 Accepted 01 Feb 2025
DOI: https://doi.org/10.17287/kmr.2025.54.2.385

감사보수잔차와 기업운영효율성

이혜미 ; 홍창목
(주저자) 홍익대학교 상경대학 강사
(교신저자) 국민대학교 경영대학 명예교수
Residual Audit Fees and Firm Operational Efficiency
Hyemi Lee ; Changmok Hong
(First Author) Lecturer at Hongik University 84ham@naver.com
(Corresponding Author) Professor emeritus of accounting at Kookmin University's College of Business cmhong@kookmin.ac.kr


Copyright 2025 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.

초록

본 연구는 2003년부터 2022년까지 유가증권시장 및 코스닥시장에 상장된 12월 결산 비금융법인을 대상으로 감사보수잔차와 기업운영효율성 간의 관계에 대한 실증분석을 수행하였고 유의적인 음(-)의 관계를 확인하였다. 이는 피감사기업의 회계품질수준에 대한 감사인의 사적평가를 반영하는 감사보수잔차가 클수록 즉, 전반적인 회계품질수준이 낮을수록 경영자의 다양한 의사결정이 비효율적으로 이루어질 가능성이 높다고 해석할 수 있다. 강건성 및 추가 분석을 통해 가설과 일치되는 추가적인 증거를 얻었다. 높은 품질의 정보가 요구되는 영업불확실성이 큰 상황일수록 감사보수잔차와 기업운영효율성 간의 음(-)의 관계가 보다 강화되는 결과를 확인하였다. 또한, 전통적인 회계품질변수들을 연구모형에 추가하여도 감사보수잔차와 기업운영효율성의 관계가 유지되어 감사보수잔차가 회계품질을 대용하고 있다는 주장을 뒷받침하는 결과를 얻었다. 내생성에 대한 우려를 해소하기 위하여 차분분석모형, 기업고정효과모형 그리고 2SLS IV분석을 수행하여도 동일한 결과를 보여 주었다. 본 논문은 감사보수잔차가 감사인이 사전적으로 평가한 기업 전반의 회계품질수준을 대리하는 측정치로서의 타당성을 지니는지에 대하여 국내연구환경에서 실증적으로 입증하였고, 재무회계와 관리회계를 연계시키는 연구의 확장에 기여하고 있다.

Abstract

This study aims to empirically investigate the association between residual audit fees and firm operational efficiency, using a sample of non-financial firms listed on the KOSPI and KOSDAQ markets with December fiscal year-ends from 2003 to 2022. The findings indicate a significant negative relationship between residual audit fees and operational efficiency. This suggests that higher residual audit fees are associated with lower operational efficiency, reflecting auditors' private evaluations of auditee accounting system quality. Robustness checks and additional analyses, including analyses of firms with high operating uncertainty, consistently support this finding. Furthermore, the results remain consistent even when controlling for traditional accounting quality variables. This study contributes to the literature by validating residual audit fees as a proxy for overall accounting quality within the Korean context and by bridging financial and managerial accounting perspectives.

Keywords:

Residual audit fees, Accounting quality, Operational efficiency, Managerial decision-making

키워드:

감사보수잔차, 회계시스템품질, 기업운영효율성, 경영의사결정

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∙저자 이혜미는 현재 홍익대학교 상경대학에 강사로 재직 중이다. 학부는 명지대학교 인문대학에서 학사학위를 취득하였고, 이후 국민대학교에서 회계학석사 및 박사학위를 취득하였다.

∙저자 홍창목은 국민대학교 경영대학 회계학 전공 명예교수이다. 서울대학교 경영대학에서 학사, KAIST에서 산업공학석사를 각각 취득한 후, 미국 텍사스 오스틴 대학교에서 회계학 박사학위를 취득하였다. 박사 학위 취득 이후에는 국민대학교 경영대학에서 회계학교수로 재직하였다.