고액의 임원보수를 지급하는 기업의 세무적 유인 존재여부에 대한 실증연구

This research analyzes the impact of company’s tax effect on payment of large remuneration using Probit model. The research also verified whether the payment of remuneration was used as rent seeking means for particular individuals by calculating excess remuneration in accordance with Core et al.(1999). The result of the study indicates that companies with higher marginal tax rate are more likely to pay higher remuneration to their executives. In other words, it appears that companies take sufficient tax effect by paying large amount of remuneration. Findings also indicate that companies with higher marginal tax rate make particular executives’ rent seeking activity possible, and at the same time take sufficient tax effect by paying excess remuneration. Although there are limits that this study utilizes only the first year’s data after disclosure became mandatory and that excess remuneration may need to be calculated using more exquisite method, this study is meaningful as it is the first research that analyzes that companies may pay higher remuneration to their executives for tax purposes, and that companies are in reality taking tax effect under excess remuneration payment calculated using particular method. These attempts will provide regulatory implications to National Tax Service that is responsible for legally determining the appropriateness of executives’ remuneration and to Committee of Executives’ Remuneration Payment responsible for a company’s internal control structure.