재량적 회계이익과 과세소득차이와 자본비용 및 미래경영성과 -이익조정 및 세무전략의 영향을 중심으로-

The purpose of this study is to test the effect of BTD(Book-Tax Difference) on the future's earnings and cost of equity. Prior literatures almost used the total BTD or select large positive BTD and large negative BTD, but this study decomposes the total BTD into discretionary BTD(abnormal BTD) and non-discretionary BTD(normal BTD) using Tang(2006)'s method and analyses their association with the future's earnings and stock returns. In addition, when analysing the effect of decomposed BTDs on the future's earnings and stock returns, this study controls for the earnings management and tax avoidance variables. The results of this study are as follows. First, discretionary BTD and non-discretionary BTD have differential effects on the future's earnings and stock returns respectively. Second, when considering the earnings management sample and tax avoidance sample, the discretionary BTD and non-discretionary BTD have differential effects. With respect to the stock returns, while in the tax avoidance sample, both have differential effects, in the earnings management sample, I cannot find the differential effects. Third, while large negative BTD has a positive effect on the future's earnings in the earnings management sample, large positive BTD and large negative BTD do not have differential effects in the tax avoidance sample. With respect to the stock returns, large negative BTD in the earnings management sample and large positive BTD in the tax avoidance sample have positive effects. This paper contributes to extant research in three dimensions. First, it decomposes BTD into the normal and the abnormal. Second, it analyses the value relevance of discretionary BTD with regard to the large positive BTD and large negative BTD samples, respectively. Finally, this paper tries to consider the earnings management and tax avoidance variables testing the value relevance with respect to the future's earnings and cost of equity.