사회적 가치경영과 공격적 세무보고 및 투자효율성 －최고경영자특성을 중심으로－

The purpose of this study is to examine the effect of CEO characteristics, social value management, and tax aggressiveness on investment efficiency. Considering the increasing interest in social value management of the firm to secure sustainable growth of national economy, this paper investigates the benefit of social value management by combining the agency theory using the firm level data. In the pursuit of this purpose, this paper provides the interaction effects of CEO characteristics on relationship between tax aggressiveness and investment efficiency of social value management performance. To achieve the aim of this study, 4 different hypothesis have been developed and tested. Based on tests utilizing the data accrued during the period of four years. To test the hypotheses, data were collected from the sample contains 364 firm－years listed in Korean stock market between 2013 and 2016. In this study, I measure social value management performance using the Korea Economic Justice Institute(KEJI) and ESG grade, which is the most frequently used database in extant social responsibility research. Major results are as follows：Firstly, CEO characteristics had significant effect on the social value management. Secondly, I find that social value management firms, which potentially have more non－tax cost, avoid less tax relative to socially irresponsible firms. Thirdly, social value management mitigates negative effect of tax aggressiveness on the investment efficiency. The contributions of this study are as follows. First, our findings indicate that social value management signals positive prospects and improves investment efficiency. Second, this study shows that management's tax savings efforts can receive a favorable investment decisions from the stock market if they are backed by social value management.