조세회피의 기업가치 관련성 형태 분석

• 영문명: Analysis of Corporate Value Relevance Form of Tax Avoidance
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 권기정(Gee-Jung Kwon)
• 간행물 정보: 『아태비즈니스연구』제14권 제4호, 233~254쪽, 전체 22쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2023.12.31

영문 초록

Purpose - This study aims to verify whether the effect of tax avoidance on corporate value is non-linear in the Korean financial markets. Design/methodology/approach - This study believes that the cause of the inconsistent empirical analysis results of previous studies that verified the relationship between tax avoidance and firm value may be an error in assuming linearity, and verifies whether a nonlinear relationship exists. The sample company in this study is a December settlement corporation listed on the Korean stock market, and the analysis period is from 2000 to 2021. In the empirical analysis model, Tobin’s Q is used as a proxy for corporate value, tax avoidance is used as the main independent variable, and a regression model is designed with corporate size, growth rate, and debt ratio set as control variables. Findings - As a result of the empirical analysis, it can be confirmed that there is an inverted U-shaped nonlinear relationship between tax avoidance and corporate value. In the additional analysis using Ohlson (1995) firm valuation model for the robustness of the results of the empirical analysis, the same nonlinear value relationship between tax avoidance can be confirmed. Research implications or Originality - This study is considered to be meaningful in that it verifies the non-linear relationship of tax avoidance, which has not been attempted in previous studies. The meaning of the inverted U-shaped nonlinear relationship presented in this study is that corporate tax avoidance acts as a factor that increases corporate value up to a certain level, but rather becomes a factor that decreases corporate value when it exceeds a critical point. These results are expected to provide new perspectives and perspectives on tax avoidance to companies belonging to the Korean capital market.

목차

Ⅰ. 서론

Ⅱ. 이론적 배경

Ⅲ. 가설설정과 연구모형

Ⅳ. 실증분석

Ⅴ. 결 론

References

키워드

Corporate Value Relevance Corporate Value Relevance Form Inverted U-shaped Relevance Non-linear Relevance Tax Avoidance