회계정보품질이 조세절감활동과 기업가치의 관련성에 미치는 영향

This paper analyzes how tax sheltering by management affects firm value. It also investigates whether the accounting information quality influences the relationship between tax sheltering by management and firm value. The samples for this study consist of companies listed on the Korea Stock Exchange from the year 2003 to 2007 during which we were able to collect book－tax－gap data. We define tax sheltering by management as the amount among the book－tax income difference reported that cannot be explained with total accrual amount. We also describe firm value as Tobin's Q[ Market－to－Book ratio], and quality of accounting information as the absolute value of residual of current accrual amount measured by McNichols(2002). The study shows that tax sheltering by the management has a negative effect on firm value. Furthermore, the analysis shows that the negative relation between tax sheltering and firm value is reversed when firms have high quality of accounting information. These results imply that the quality of accounting information is an important factor in using the economic benefits arising from tax sheltering by the management as the benefit of the shareholders rather than the management itself.