IFRS 도입에 따른 기업지배구조, 조세회피 및 배당정책 간의 관련성

This study empirically analyzed the relationship between corporate governance structure, tax avoidance and dividend policy of listed companies. The results of this study are summarized as follows. First, large shareholder ownership is not statistically significant for the proxy variables of all tax avoidance hypothesis 1 that large shareholder ownership affects tax avoidance is rejected. the foreign ownership ratio showed a statistically significant negative relationship at 1% level only when the tax avoidance proxy variable was DD and Jones. However, the results show different results depending on tax avoidance proxy variable. Second, the relationship between large shareholder ownership and dividend policy proxy variable is statistically significant at the 5% or 10% level, except for cash dividend per common share. However, the foreign ownership ratio shows a statistically significant positive relationship at 1% level for the dividend rate and the cash dividend per common share among the proxy variables of the dividend policy. Therefore, Hypothesis 2 was adopted only partially. Third, the relationship between tax avoidance and dividend yield as a proxy variable for dividend policy shows a statistically significant positive relationship at the 1% level. However, When the dividend policy proxy variable is assumed to be the dividend rate, the relationship with tax avoidance shows a statistically significant negative relationship at 1% level only when the tax avoidance proxy variable is DD and Jones. Therefore, Hypothesis 3 is partially adopted because the effects of tax avoidance proxy variables and dividend policy proxy variables on corporate governance structure and tax avoidance are different.