소유구조에 따른 법인세율 인하 효과가 기업 투자에미치는 영향

[Purpose] The corporation tax rate cut is aimed at promoting the investment of the enterprise and revitalizing the economy. However, this may vary depending on the nature of the ownership structure of the firm. Therefore, in this study, the analysis including the ownership structure variable together with the corporate tax rate cut dummy variable was performed. [Methodology] This study covers the period from 2006 to 2011 when the corporate tax rate changed. Based on the data of companies listed on the KOSPI, we analyzed whether the corporate tax rate and ownership structure affect PPE and R & D investment. [Findings] Panel GLS analysis results are as follows. First, foreign ownership has a positive effect on facilities investment at 10% significance level. Second, as a result of analyzing facilities and R&D investment before and after corporate tax rate cut, facility investment was not related to corporate tax rate cut. However, R & D investment decreased at the 10% significance level after the corporate tax rate cut, compared with before the corporate tax rate cut. Third, the interaction variables of executive stake and corporate tax cut dummy variable have a positive effect on facilities investment at the 1% significance level. [Implicatioons] We confirmed that firms with high executive share ratio invest more in facilities compared to other groups when the corporate tax rate is lowered. Thus, we found evidence that executive share ratio impacts corporate investment decisions when the corporate tax rate is lowered. This suggests that the mitigation of the tax burden alone is not enough to promote fundamental corporate investment, and that the individual characteristics of corporations, including ownership structures, have a greater impact on corporate investment.