이익예측치와 법인세비용차감전순이익의 차이가 법인세비용에 미치는 영향

With the adoption of Fair Disclosure Regulation in 2002, management forecast of future performance plays a important role to the investors' decision making. But reliability of the forecast is a precondition of satisfactory role. Also investors use performance forecast with their expectation for investment decision. There are negative evaluations of firms that provide unreliable forecasts information to a capital market. So there are firms' incentives to avoid market's negative evaluation through earnings management to reduce tax expense. Consistent with this view, we wants to know whether earnings management by using tax expense is affected by voluntary forecast disclosure. So we hypothesize whether firms manage tax expense to decrease earnings forecasts bias measured as the differences between management earnings forecast and earnings before income taxes. To examine hypothesis, we calculate variables for whether or not disclosure forecast, earnings forecast bias and effective corporate tax rate. The test sample consists of 4,871 firm-year observations from the listed companies in Korea Stock Exchange(KSE) during 2009 through 2015. As a result of analyzing the total sample, it was confirmed that the firms that announced the performance forecasts had a higher effective tax rate than those that did not. On the other hand, in an analysis of only firms that have disclosed earnings forecast, we finds out that the forecast bias as between management earnings forecast and earnings before income taxes affected the reduction of the tax expense. There have been numerous studied concerning disclosure information. Nevertheless, little study has examined the relationships between the voluntary disclosure and tax planning management in Korea. This study provides evidences that managers use effective corporate tax rate to beat the earnings forecast. Owing to these points, this study may contribute the policy makers to improving the quality of financial disclosures.