ESG 활동이 기업 조세혜택에 미치는 영향에 대한 연구

Abstract

·Research topic: This paper conducted an empirical analysis on whether corporate ESG(Environmental, Social, and Governance) activities have a significant impact on corporate tax benefits. · Research background: In 2021, the Financial Services Commission also institutionalized Korea to make ESG activities mandatory for listed companies in the securities market with total assets of more than 2 trillion won from 2025 From 2030, all listed companies in the securities market, regardless of their total assets, are obligated to disclose ESG activities, that is, corporate ESG activities are recognized as an important corporate evaluation factor worldwide, and in Korea, corporate ESG activities have become a major indicator of corporate value evaluation. This study investigates whether corporate ESG activities that meet this trend of the times can have a significant impact on corporate tax benefits. · Differences from prior research: The subject of this study is the first attempted topic in corporate tax benefits and ESG research. In addition, this study presented more objective research results by introducing a one-year tax benefit variable and a one-year tax benefit variable. · Research method: In this paper, data were collected from KOSPI-listed companies excluding the financial industry from 2012 to 2020. Specifically, the company's financial data were collected by Nice Credit Rating Company's Kis-value, and data on the company's ESG rating were collected by the Korea ESG Standards Institute (KCGS). This study calculated the measurement of tax benefit variables by referring to Lopez et al. (1998), Jung(2016), Lee and Baek(2021), and tried to present more objective research results by presenting the results of empirical analysis using two tax benefit measures. In addition, the variables for tax benefits were derived from one-year tax benefit proxy variable and three-year tax benefit proxy variable and used for empirical analysis. · Research results: The following is a summary of the research results of this paper. First, it was found that the more active a company's comprehensive ESG activities are, the higher the level of corporate tax benefits is. Both the one-year tax benefit level and the three-year tax benefit level were higher as the company's comprehensive ESG activities were active. Second, it was found that there was no significant relationship between environmental activities and the level of corporate tax benefits among corporate ESG activities. Third, it was found that there was no significant relationship between social activities and the level of corporate tax benefits among corporate ESG activities. Fourth, the study found that the more active the corporate governance among ESG activities, the higher the level of corporate tax benefits. Both the one-year tax benefit level and the three-year tax benefit level were higher as corporate ESG activities were active in governance. · Contribution points and expected effects: The contribution points and expected effects of this study are as follows. First, the subject of this study is the first attempted topic in corporate tax benefits and ESG research. From an academic point of view, this paper is a study that conducted an empirical analysis of corporate ESG activities and tax benefits, and is expected to contribute to the expansion of the scope of research in the field of corporate tax benefits and corporate ESG. Second, in practice, the research results of this paper are expected to provide useful information to remind companies of the importance of ESG activities, while also providing meaningful information to tax authorities on the need to consider ESG activities when establishing tax benefit policies for companies.