기업지배구조가 조세회피와 기업가치의 관계에 미치는 영향 ―한국기업지배구조원의 기업지배구조 평가 자료를 이용하여―

The purpose of this study is to identify the effects of corporate governance on tax avoidance and to examine the effect of corporate governance on the relationship between tax avoidance and firm value. In this study, we used the corporate governance evaluation data provided by the Korea Corporate Governance Service. Therefore, we tried to examine the impact of corporate governance in a com- prehensive manner. The evaluation of corporate governance structure of Korea Corporate Governance Service consists of shareholder rights protection, board of directors, disclosure, audit organization, and management fault distribution. This study is conducted for companies listed on Korea Exchange from 2005 to 2013. The analysis results are as follows. First, the effect of corporate governance on tax avoidance is the result. In the analysis using the GTOTAL, the effect of tax avoidance is shown to be positive (＋). However, the results of the analysis are different for each component. Second, the relationship between tax avoidance and firm value is negative. In other words, the higher the tax avoidance level, the lower the firm value. Finally, it is the effect of corporate governance on the relationship between tax avoidance and firm value. The regression coefficients of positive tax avoidance measure and corporate governance item interaction variables showed positive (＋). These results were the same when analyzed by using the GTOTAL and analyzed by each component (SR, C, D, W, BN). Among them, GTOTAL, Board of Directors (C), Disclosure (D) and Audit Organization (W) were statistically significant. This result can be interpreted as a relaxation of the negative effects of tax avoidance on corporate value as the corporate governance structure that monitors and supervises the management, such as the board of directors and disclosure and auditing organization, is better.