최고경영자의 경영권 수준과 조세회피: 국세청 출신의 사외이사 선임여부를 고려하여

[Purpose]This study examines the effect CEO power on the extent of firm’s tax avoidance. Also examines the relation outside director from National Tax Service and firm’s tax avoidance, and the effect CEO power on the relation. [Methodology]This study conducts a regression analysis that included tax avoidance as a dependent variable, CEO power, dummy variable indicating firms with the outside director from the National Tax Service, and a interaction term between the CEO power and outside director as explanatory variables. The CEO power is measured by dividing the cash compensation of the CEO by the total compensation of registered directors(CPS), and the tax avoidance is measured using the long－term effective tax rate over the previous five years. [Findings]This study finds that CEO power is positively associated with tax avoidance. Furthermore, this study finds that firms appointed outside director from National Tax Service higher the extent of firm’s tax avoidance than other firms. Also finds that CEO power tend to reduce the relation between whether appointed outside director from National Tax Service and tax avoidance. [Implications]In contrast to recent studies, this study investigates the effect of CEO power measured by CPS on tax decision－making. Through that contribute to the extend studies that investigate the link between tax avoidance and corporate governance.