글로벌 금융위기 이후 최고경영자의 경영전략이 보수주의에 미치는 영향

초록

This study empirically examines how business strategy influences accounting conservatism in Korean listed firms before and after the Global Financial Crisis. Based on the Miles and Snow (1978) strategic typology, firms are classified into prospector and defender strategies, and multiple measures of accounting conservatism PZ, Skewness, and C_SCORE are employed. The empirical results show that prospector firms significantly increase their level of accounting conservatism following the crisis, reflecting managerial responses to heightened investor demand for conservative financial reporting under increased uncertainty. In contrast, defender firms exhibit no significant post-crisis change, as they had already maintained relatively high levels of conservatism prior to the crisis. These findings indicate that strategic orientation plays a critical role in shaping firms’ accounting choices during periods of economic distress. This study contributes to the literature by highlighting the differential effects of business strategy on financial reporting behavior and by providing evidence that managerial strategic characteristics and information environments jointly determine accounting conservatism.

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