기업지배구조와 조세회피의 관련성에 관한 연구

Abstract

This study is to verify the relationship between corporate governance and tax avoidance through empirical analysis. In 2011, there was a major change in accounting environment due to the application of K-IFRS to listed companies. Therefore, it is considered and this study is to verify that the application of K-IFRS influences the relationship between corporate governance and tax avoidance. As for corporate governance factors, variables such as major shareholder ratio, foreign ownership ratio, and minority stockholder ratio were selected as variables related to ownership structure, and as for the external governance structure, the study aims to examine the relevance of tax avoidance activities by applying the affiliation of large corporations and foreign large accounting corporations. The main results of this study about the relationship between corporate governance and tax avoidance are as follows. First, in the case of K-GAAP applying period, the book-tax income difference(BTD) for the tax avoidance estimation, and using of the estimated amount of tax avoidance by the Desai and Dharmapala(2006) model(DD_BTD) showed the same result. In other words, in the tax avoidance estimate, only foreign large accounting corporation affiliate audits(BIG4) showed a significant positive(+) effect, and the remaining explanatory variables showed no significant results. In the period of K-GAAP application, when the BIG4 accounting corporation is an auditor, maximizing accounting profits is more considered than other matters. Second, in the period of K-IFRS application, the effect of explanatory variables for two kinds of tax avoidance estimation appeared the same result as the period of K-GAAP application. The result reveals that major shareholder ratio(OWN) influences a significant positive(+) effect foreign ownership ratio(FOR) influences a significant negative(-) effect. It seems that there is more aggressive tax avoidance activities when major shareholder ratio(OWN) is high, and foreign investors are more interested in obtaining high-dividend by maximizing accounting profits. In this study, it is significant that the cases of before and after applying K-IFRS is analyzed by applying both of the ownership structure(major shareholder ratio, foreign ownership ratio, minority shareholder ratio) of corporate governance and external governance(large corporations, foreign large accounting corporation affiliates) as analyzed with explanatory variables from the precedent researches.