경영자 과신성향과 횡령 및 배임에 대한 연구: 이사회의 독립성과 감사품질의 영향을 중심으로

초록

This study empirically analyzes the moderating effects of board independence and audit quality on the relationship between managerial overconfidence and embezzlement. Embezzlement and embezzlement are serious crimes that can damage a company’s image and even risk delisting, and are characterized by high concealment potential and legal disguise. As a result, managers often attempt to reduce the likelihood of detection through various means, such as accounting manipulation, which increases the information asymmetry between shareholders and investors, thereby increasing agency costs. Overconfident managers are more likely to take excessive risks and engage in fraud, which negatively affects their financial policies and management decisions. They also tend to rely too heavily on their own judgment, which can weaken external monitoring and control. This study examines the role of board independence (proportion of independent directors) and audit quality (audit time and fees) in monitoring and controlling the increased risk of managerial overconfidence. To this end, we analyzed embezzlement and misappropriation firms from 2011 to 2023 for companies listed on the Korea Stock Exchange and found the following results. First, the positive relationship between overconfident managers and misconduct is significantly weakened when the proportion of outside directors is higher. This suggests that the independent director system performs a substantial monitoring function and is effective in controlling managerial behavior-based risks. Second, the positive relationship between overconfident managers and misconduct is significantly weakened as audit time and audit fees increase. This suggests that auditors’ thorough review and risk awareness contribute to curbing the incidence of fraud. This suggests that strengthening board independence and audit quality may contribute to reducing fraud by controlling and monitoring the misbehavior of overconfident managers. The results of this study have implications in that they provide empirical support for the importance of board independence and audit quality in preventing fraud and demonstrate the role of board independence and external audit in mitigating firm risk due to managerial characteristics.

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