공격적 세무보고의 가치관련성과 기업지배구조의 역할

This study is to investigate the relationships between tax reporting aggressive and the firm's value and to investigate whether these relationships between two will be attenuated for firms with good corporate governance structures. This study is based on prior research findings which suggest that the tax reporting aggressive is likely to affect investors’ perceptions on the reliability of financial reporting and that good corporate governance structures are likely to mitigate the adverse effects of tax reporting aggressive. The sample consists of non-banking firms listed on the Korea Exchange that reported annual financial statements over the period from 2005 to 2008. Results of analysis show that there exists a statistically significant adverse relationship between tax reporting aggressive and the value relevance of firms(measured as the RET, MTB) and that this adverse relationship is weaker for firms with two good corporate governance structures. The characteristics of audit quality, however, do not affect significantly the adverse relationship between tax reporting aggressive and the value relevance of firms. The results of this study will contribute as the following ; First, this provides direct evidence that there are negative relationships between tax reporting aggressive and the value relevance of firms. Second, the findings that the negative relationships are attenuated for firms with good corporate governance structures(in this paper, outside directors and lower blockholders' share of stock) support the findings of prior studies which find that corporate governance structures provide higher credibility of financial reports.