조세회피와 현금보유 관련성에 관한 연구: 대주주지분율 중심으로

In this paper, we analyse empirically the relations between tax avoidance and cash holdings of firms listed on Korea Securities Market. Tax avoidance is the transfer process of wealth from governance to firm and brings some cash into the firm. In the firm, manager and shareholder exist and have different ideas related that cash. Especially, the korea’s ownership structure is characterized by the dominance of one largest shareholder who typically participates in the management decisions. Prior research notes that the expropriation of minority shareholder hypothesis was verified, and that liquid assets such as cash represent a promising opportunity to investigate the implications of agency problems. We find that relations between tax avoidance and cash holdings are positive. It means that managers have incentives to increase the amount of funds under their control, and that high ownership concentration may result in the expropriation of minority shareholder such as not paying out dividend. In short, the largest ownership negatively affected the transfer process of the wealth of the tax avoidance. This paper contributes to examining the tax avoidance in a point of view between a manager and a stockholder, and to referring to strengthen a legal and institutional safeguard for minority shareholders.