기업의 CSR성과가 조세전략 및 기업가치에 미치는 영향 – 지배구조를 중심으로

This paper examines the relation among corporate social responsibility(CSR), tax strategy and firm value focusing on corporate governance structure. Prior studies of the relation among CSR, tax strategy and firm value find mixed results. The objective of this study is that 1)What is the relationship between CSR and tax strategy? Does the corporate governance structure affect the relationship between CSR and tax structure? 2)What is the relationship among CSR, tax strategy and firm value? Does the corporate governance structure affect the relationship among CSR, tax strategy and firm value? In this study, I measure corporate social responsibility using the KEJI index, which is the most frequently used database in extant CSR research. Summarizing the results of analysis as following. I predict and find that the relation between CSR and tax strategy is moderated by governance structure. The evidence shows that a lack of social responsibility is positively associated with tax strategy in firms with low ownership, but this effect is diminished when ownership is high. I find that CSR firms, which potentially have more non-tax cost, avoid less tax relative to socially irresponsible firms. Also when firms engage in tax strategy, the cost of equity reacts unfavorably. However, CSR mitigates this negative effect of tax strategy on the firm value. This study would provide the opportunity to lay emphasis on corporate governance importance and implementation for corporate social responsibility and sustainable corporate development. These findings while subject to the limitations inherent in the use of specific CSR measures, provide mixed support for the business case for corporate social responsibility. It is first time of try to evaluate the relationship among CSR, tax strategy and firm value using empirical analysis.