세무위험이 배당의사결정에 미치는 영향
The Effect of Tax Uncertainty on Dividend Payout Policy
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본 연구는 세무위험이 기업의 배당의사결정에 영향을 미치는지 분석하였다. 구체적으로 세무위험이 높은 기업일수록 세후현금흐름의 지속성과 예측가능성이 낮아져 배당지급여부 및 배당률이 낮아지는지 살펴보았다. 분석결과, 과거 5년간의 연도별 유효세율의 표준편차로 측정한 세무위험이 높을수록 배당을 지급하지 않았으며, 배당률도 낮게 나타났다. 또한 세무위험의 변동성이 연구개발과 관련된 활동으로 기인한 것이라면, 연구개발비특성에 따라 세무위험과 배당의사결정과의 관계가 달라지는지 살펴보았다. 분석결과, 연구개발비비중이 높은 기업일수록 세무위험과 배당의사결정과의 음의 관계가 유의적으로 약화됨을 발견하였다. 이는 세무위험이 높을수록 배당률은 낮아지지만, 높은 변동성의 원인이 연구개발활동으로 인한 경우에는 미래성과에 대한 신호로 배당의사결정에 긍정적인 영향을 미치고 있음을 알 수 있다.
Abstract
This study investigates the effect of tax uncertainty on dividend payout policy. Prior studies suggest that a firm with high tax uncertainty affects future cash flow uncertainty and performance. Increased tax uncertainty negatively influences persistence and predictability of after-tax cash flows and short-term liquidity. This predicts a negative relationship between tax uncertainty and dividend payout policy. However, it is also argued that a manager can control a firm’s risk including tax uncertainty. This paper empirically examines the relationship between tax uncertainty and dividend payout policy using Korea firms. The results are consistent with our predictions that a firm with high tax uncertainty is unlikely to pay dividend and have lower dividend rate. We further test the effect of R&D on the relationship between tax uncertainty and dividend payout policy and find a moderating effect of R&D on the relationship. These findings suggest that tax uncertainty is one of important factors on dividend payout policy and R&D affects the relationship between tax uncertainty and dividend payout policy.
참고문헌 (41)
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