조세회피와 노동투자효율성이 배당에 미치는 영향

This study analyzed the effect of managerial tax avoidance and labor investment efficiency on corporate dividend. The purpose of this study is to examine the effect of managerial tax avoidance on employment growth rate and the effects of managerial tax avoidance and labor investment efficiency on dividend, To provide information that is purposeful in understanding and making reasonable decisions. In addition, there is little research on how efficient labor investment affects corporate dividend as well as whether the saved amount created through the tax avoidance is used for labor investment to expand its firm size. A two - step regression analysis was used to estimate the tax avoidance and labor investment efficiency considering the endogeneity between the analytical variables. A logit analysis was conducted to analyze the effect of tax avoidance and labor investment efficiency on dividends. The main results of this study are as follows: First, it is demonstrated that manager 's tax avoidance has a positive effect on the employment growth rate of firms. Second, managers' tax avoidance has a negative relationship with corporate dividend. Third, we show that efficient labor investment has a positive effect on corporate dividend. This study explores the effects of corporate tax avoidance behavior and efficient labor investment on corporate dividend and helps investors make informed decisions on dividend using information on labor investment efficiency.