기업의 사회적 책임활동이 기업지배구조를 통해 조세회피에 미치는 영향

This paper investigates a mediating effect of corporate governance on corporate social responsibility(CSR) and tax avoidance. Samples are 1,907 firm-years that had been listed on KRX from 2005 to 2010. To be specific, tax avoidance is measured on the basis of accumulated effective tax rate(ExpETR) and cash effective tax rate(CashETR). CSR is measured by KEJI Index(LnCSR) which was annually released by the citizens’ coalition for economic justice institute. We characterizes the corporate governance to mere features of board of directors, so that was measured by the outside director portion of board of directors(BOARDOUT) and the number of board of directors meeting(BOARDMEET). But in additional analysis, we consider ownership structure by using holdings of foreigners(FOR) and largest shareholders(BIG). The empirical results are as follows. First, CSR has negative effect on ExpETR & CashETR. Second, BOARDOUT & BOARDMEET have perfect mediating effect on a relation between CSR & ExpETR, but partial mediating effect on CashETR. Third, in additional analysis, FOR has perfect mediating effect on ExpETR & CashETR, but BIG has partial mediating effect on those. We find that firm’s enthusiastic attitude about CSR strengthens corporate governance, and that will restrict manager’s aggressive tax avoidance. Besides this contribution, this research suggests the way of applying mediating effect to methodology in future tax accounting researches.