조세전략의 지속가능성이 회계정보의 가치관련성에 미치는 영향

This study verifies whether the sustainable tax strategy provides unique information onearnings persistence and brings about the difference of value relevance of accountinginformation. Sustainability is measured by the 5-year coefficient of variation in cash ETR,such as in McGuire et al.(2013), which measures variability in long-term performance of taxavoidance. The value relevance of accounting information in this study is modified by theOhlson model(1995), which explains the value of the firm by using accounting informationsuch as net assets and net income and other non-accounting information. The samples of thisstudy are the firms listed on the securities market from 2004 to 2015 and the final samplesare 3,133 firm-year. The results of this empirical analysis show that the value relevance ofaccounting information increases as firms have long-term and sustainable tax strategies. Mostof the prior studies on tax strategies have examined the tax minimization strategy thatminimizes the tax cost. However, this study is different in that the sustainability of the taxstrategy affects the value relevance of accounting information. The results of this study will beuseful for the users to make decision using the value relevance of accounting information.