경영자의 과신성향이 재무적 제약과 조세회피에 미치는 영향

• 영문명: The Effect of Managerial Overconfidence on the Relation between Financial Constraints and Tax Avoidance
• 발행기관: 한국세무학회
• 저자명: 박종일(Jong-Il Park) 김수인(Su-In Kim)
• 간행물 정보: 『세무와회계저널』제21권 제2호, 157~204쪽, 전체 48쪽
• 주제분류: 경제경영 > 회계학
• 파일형태: PDF
• 발행일자: 2020.04.30

국문 초록

본 연구의 목적은 재무적 제약이 조세회피 수준을 높이는지, 경영자의 과신성향이 조세회피를 높이는지, 그리고 재무적 제약과 조세회피 간에 양(＋)의 관계가 경영자의 과신성향이 있을 때 더 강화되는지를 현금유효세율 측면에서 알아보는데 있다. 이를 위해 시차모형을 이용하여 종속변수를 기준으로 2003년부터 2018년까지의 유가증권 및 코스닥기업을 대상으로 13,453개의 기업/연 자료를 분석하였다. 본 연구는 재무적 제약의 대용치로 6개의 다양한 측정치를 이용하고, 경영자의 과신성향은 3개의 측정치로 Schrand and Zechman(2012), Ahmed and Duellman(2013) 및 Kim et al. (2016)의 방법에 따라 측정된 더미변수를, 그리고 종속변수인 현금유효세율은 연간 측정치로 분석하였다. 실증분석 결과, 첫째, 재무적 제약과 조세회피 수준 간에 대체로 유의한 양(＋)의 관계로 나타났다. 둘째, 경영자의 과신성향과 조세회피 간에도 유의한 양(＋)의 관계로 나타났다. 앞서의 두 결과들은 전체표본 외에도 시장유형별로 나누어 분석해도 대체로 일치된 증거를 보였다. 셋째, 재무적 제약과 조세회피 간에 양(＋)의 관계가 경영자의 과신성향이 있을 때 더 강화된다는 증거는 Ahmed and Duellman(2013)의 측정치를 제외한 Ahmed and Duellman(2013) 및 Kim et al.(2016)의 경우에서는 관찰할 수 없었다. 마지막으로, 앞서의 결과들은 현금보유 수준이 낮을 때 좀 더 뚜렷한 관계를 보였다. 이상을 종합하면, 본 연구결과는 재무적 제약, 경영자의 과신성향 모두 조세회피와 양(＋)의 관계가 있을 뿐만 아니라 이들의 두 상호작용효과가 조세회피에 미치는지 실증적 증거를 탐구하고 있어 학계에 추가적이고 확장된 증거 제공한다. 따라서 조세회피의 결정요인은 투자자와 과세당국에게도 관심을 가지는 주제라는 점에서 본 연구결과는 유용한 정보를 제공할 것으로 기대된다.

영문 초록

We investigate whether the positive association between financial constraints and tax avoidance, and between managerial overconfidence and tax avoidance, and we also how these constructs interact to influence tax avoidance. Specifically, we examine whether both financial constraints and overconfident CEOs are more likely to engage in tax avoidance activities and whether and how they interact in their decision making on tax avoidance. Overconfidence has been found to be a common personal trait in CEOs that affects their investment decision and financial reporting choices. In that sense, CEO overconfidence plays an important role in various corporate policies and tax strategic decisions. In particular, firms facing increased firm-specific and macroeconomic financial constraints exhibit decreasing cash ETRs (i.e., increased tax planning). Tax avoidance may serve as an effective earnings management tool for companies to meet their earnings target, while alleviating their tax burden. Therefore, overconfident CEOs are more likely to promote tax avoidance when firms facing increased financial constraints will take actions to increase internally generated funds (i.e., cash holdings) via tax planning strategies that reduce firms’ cash tax payments, which may be reflected by lower effective tax rates. For this test, our sample of observations includes KOSPI and KOSDAQ listed firms based on the test variable (dependent variable) from 2002 to 2017 (from 2003 to 2018), thus our final sample 13,453 firm-year observations. We utilize financial constraints measures with various proxies for these six constructs used in the prior research. Following Schrand and Zechman (2012), Ahmed and Duellman (2013) and Kim et al. (2016), we construct two additional CEO overconfidence measures. We also adopt tax avoidance measure, annual cash ETRs, to test our research hypotheses. We document several findings. Consistent with expectations, we find that firms facing increases in financial constraints exhibit increases in cash tax planning. We find that companies with overconfident managers are more likely to engage in tax avoidance activities, relative to firms with non-overconfident managers. We also document an interaction effect showing that firms facing increases in financial constraints are more or less likely to engage in tax avoidance activities when these companies also have overconfident managers, relative to those with non-overconfident managers. Moreover, we find evidence that the positive relation between financial constraints and tax avoidance, as well as between managerial overconfidence and tax avoidance is more pronounced for firms with lower cash holdings levels. In sum, our results suggest that both financial constraints and CEO overconfidence are positively associated with companies’ tax avoidance activities and that such activities should exist or not jointly influenced by firms facing increases in financial constraints and overconfident CEOs’ personality traits. Thus, our results contribute to accounting literature by documenting empirical evidence that both financial constraints and managerial overconfidence and their interaction play no important roles in companies’ tax avoidance behaviors. Our paper also contributes to the growing literature on the determinants of corporate tax avoidance. Furthermore, our study helps investors and regulators understand companies’ decision-making processes with regard to tax avoidance.

목차

Ⅰ. 서 론

Ⅱ. 선행연구 및 가설설정

Ⅲ. 연구설계 및 표본의 선정

Ⅳ. 실증분석의 결과

Ⅴ. 결 론

참고문헌

키워드

재무적 제약 경영자의 과신성향 조세회피 현금보유 수준 Financial constraints Managerial overconfidence Tax avoidance Cash holdings