기업의 사회적 공헌활동과 세무보고전략：CEO파워의 조절효과와 간접효과

This paper provides the effects of Corporate Philanthropy Activities of CEO power and the moderation effects the Tax Aggressiveness. I perform our empirical static and panel data analyses using corporate social performance scores form the Korea Economic Justice Institute(KEJI) and ESG. Based on tests utilizing the panel data accrued during the period of four years(2013－2016). The sample contains 307 firm－years listed in Korean stock market between 2013 and 2016. I find that socially responsible firms, which potentially have more non－tax cost, avoid less tax relative to socially irresponsible firms. Also when firms engage in tax avoidance activities, the stock market reacts unfavorably. However, Corporate Philanthropy mitigates this negative effect of tax avoidance on cost of capital. Also, these findings while subject to the limitations inherent in the use of specific corporate social responsibility measures, provide mixed support for the business case for corporate social responsibility. The contributions of this study are as follows. First, this study shows that Corporate Philanthropy Active is the important non－tax cost firms consider to decide firm’s optimal tax avoidance level. Second, this study shows that management’s tax savings efforts can receive a favorable evaluation from the stock market if they are backed by Corporate Philanthropy Activities.