내부소유구조와 세무보고 관련 발생액과의 관계

Previous researches in tax area that discussed the decision making in tax planning argue that managers usually face the conflict situation in financial reporting vs tax reporting because of negative correlation between tax cost and non-tax cost. Specifically, since tax minimization strategy tends to increase the non tax cost, decreasing the taxable income to minimize the tax burden may not yield the best consequence to the firm. However, if non tax cost(i.e. investors' demands for the financial performance of the capital market,) is decreased, this may positively strengthen the incentive of tax minimization. Consequently, in building up tax research model, considering tax and non tax variables together may enhance our understanding the managers' discretionary tax planning behavior to lower the explicit and implicit tax cost. This study aims to show whether changes in ownership concentration(non tax factors) affects tax planning when managers discretionarily choose operating accruals using 3,279 firm-year samples listed in Korea Stock Exchange from 2000 to 2008. From findings, we may suggest the evidence that managers' discretionary accounting choices linked to the taxable income is affected by not only explicit tax burden but also non tax factor generating implicit tax cost. In order to measure the accounting choice considering taxable income, we separate operating accruals into two parts(i.e book tax accruals(BTA) and book only accruals(BOA)). More specifically, if a accounting choice is linked to taxable income adjustment, we defined it as a book only accruals(BOA) while book tax accruals(BTA) without adjustment affect to the taxable income in the same direction. Of the two choices, we expect that BTA may be used for reducing the explicit tax burden while manager may use BOA for reducing the non tax cost by increasing financial performance without change in taxable income. Also, we expect that managers' preference to minimize the explicit tax burden using BTA and BOA may be cross sectionally different by the non tax factor(i.e. ownership concentration). Consistently with our expectations, we find that a firm adopted income-decreasing book tax accruals and income increasing book only accruals to reduce taxable income and the non tax costs. These results indicate that a firm with concentrated ownership structure put effective tax planning into practice by adjusting accounting choices related with taxable income. Under the accounting system closely linked with tax rules, this paper shows the new evidence that a firm may have the chance to manage the effective tax planning by adopting discriminative accounting choices whether they are linked to taxable income or not. Futhermore, evidence of this paper extends previous researches about accounting choices induced from tax incentives by combining insights from the micro-economic tax incentive with inside ownership structure by separating accruals with different tax cost.