소유구조와 유효세율
Ownership Structure and Effective Tax Rates
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초록
본 연구는 소유구조가 기업의 유효세율에 미치는 영향을 분석한다. 또한, 본 연구는 유효세율과 기업규모, 재무활동 의사결정, 투자활동 의사결정 및 영업활동 의사결정 등 기업특성변수간의 관계를 분석한다. 분석결과는 유효세율과 소유구조간의 관계가 음의 관계를 가지나 통계적으로 유의한 결과를 제시하고 있지 않으며, 이것은 대주주지분율이 높은 기업은 더 낮은 조세를 부담할 수 있을 가능성이 있다는 것을 시사한다. 이러한 분석결과는 소유구조가 집중된 기업은 절세에더 많은 관심을 가지며, 이것은 대주주가 경영자의 절세활동을 통제하기 때문이거나 대주주들이 유리한 세무처리를 위해 정부에 로비를 할 가능성이 더 크기 때문이라는 주장을 지지한다. 또한, 분석결과는 유효세율이 기업규모, 재무활동 의사결정, 투자활동 의사결정과 영업활동 의사결정 등 기업특성 변수와 관계가 있는 것으로 나타났다.
Abstract
This paper investigates how ownership structure affect firm’s effective tax rates. Also, this study examines the association between effective tax rate and firm－specific characteristics, such as firm size, and variables proxying for firms’ financing decision, investment decision and operating decision. The results from regression models show that, consistent our expectations, the effective tax rate is negatively and unsignificantly associated with ownership structure, suggesting that firms with more shares held by the largest shareholders pay low taxes. It supports the argument that ownership－concentrated firms are more concerned with tax savings, either because large shareholders monitor management’s tax－saving activities or because large shareholders are more likely to lobby the government for favorable tax treatments. And, overall results on firm－specific characteristics suggest that effective tax rate is associated with many firm－specific characteristics such as firm size, and variables proxying for firms’ financing decision, investment decision and operating decision.
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