대주주와 외국인투자자가 기업의 조세부담에 미치는 영향

yearsThe Purpose of this study is to inquire into the effect of controlling, foreigner shareholders and outside auditor on the tax burden of companies by using 2,115 business-year samples the firms listed in Korea Stock Exchange from 2009 to 2013. In order to verify the impact, explanatory variables set up controlling and foreigner stockholders as companies` internal governance proxies and outside auditors (Big4 partnership corporate) as external governance proxy. To compute tax burden as tax avoidance proxy, this study uses the actual accumulation of previous five years effective tax rate. The results of this study are as follows. First, there was the significantly negative(-) relevance between major shareholders` holding and tax burden. It can be interpreted as major shareholders prefer to defer cash within their companies to pursuit their profit. Second, the relevance between foreigner stockholders` holding and the burden of taxation are significantly positive(+). This result can be interpreted that foreigner stockholders influence the decision making of company management to pursuit their profit through high income from dividends as they put more focus on book income than tax income. Third, there was significantly positive(+) relation between outside auditors having Big4 partnership and tax burden of the companies listed. Outside auditors having Big4 partnership prefer to serve audit quality fitted their reputation and professional recognition and to minimize the risk of audit failure. So, it can be construed that their audit reports have the tendency more conservative to companies asking the audit. Additionally if future study add various proxies measuring tax burden or tax avoidance under the same explanatory variables above, we can check whether same result from this study will be came out or not.