기업의 사회적 책임투자가 세무보고공격성에 미치는 영향

This paper provides the effects of corporate social responsibility activities of firms value and the moderation effects of Tax Aggressiveness. We perform our empirical static and panel data analyses using corporate social performance scores form the Korea Economic Justice Institute(KEJI) and ESG, based on tests utilizing the panel data accrued during the period of 10 years(2004－2014). The sample contains 1,162 firm－years listed in Korean stock market between 2004 and 2014. We find that socially responsible firms, which potentially have more non－tax cost, avoid less tax, compared to socially irresponsible firms. Also, when firms engage in tax avoidance activities, the stock market reacts unfavorably. However, CSR mitigates this negative effect of tax avoidance on cost of capital. Also, these findings, while subject to the limitations inherent in the use of specific corporate social responsibility measures, provide mixed support for the business case for corporate social responsibility. The contributions of this study are as follows. First, this study shows that CSR is the important non－tax cost firms consider to decide firm’s optimal tax avoidance level. Second, this study shows that management’s tax savings efforts can receive a favorable evaluation from the stock market if they are backed by CSR.