상장기업과 비상장기업의 BTD 정보효과의 차이에 관한 실증 연구

This study investigates the differential usefulness of BTD information between listed and non-listed firms. It has been well known that BTD contains information on earnings management as well as tax avoidance. However, BTD may not be applied those information to all firms equally. If a firm intentionally manages its financial income downward for tax avoidance in that there is little incentive on earnings management upwardly, its BTD information can not contain both earnings management and tax avoidance. Thus, this study empirically analyzed differential usefulness of BTD information which is subject to whether a firm is listed or not. Results of the study are as follows: Firstly, BTD of listed firms was larger than that of non-listed firms. Secondly, the association between BTD and earnings management also showed higher level in listed firms than non-listed firms. In particular, discretionary accruals and the measurement for earnings management were at higher level in listed firms. Lastly, non-listed firms with high level of debt ratio had stronger association between BTD and discretionary accruals than ones with low level of debt ratio. This means non-listed firms with high level of debt ratio have stronger incentives to manage their earnings upward likewise listed firms. Therefore, tax authorities need to apply BTD information for selecting the subjects of tax investigation among listed firms. However, in case of non-listed firms, tax authorities need to include firms managing their earnings downward into the subjects of tax investigation rather than considering level of sales revenues and BTD amounts.