경영자 능력, 미래성과, 그리고 조세회피

[Purpose]It verified the impact of managerial ability and tax avoidance on the future performance of an enterprise and analyzed how the effect on the relationship between managerial ability and future performance depends on the level of tax evasion. [Methodology]An empirical analysis was conducted on 4,167 samples (company/ year) of non－financial businesses that were listed in December from 2007 to 2017. It was expanded to measure the next management performance by 2018 and excluded less than 15 samples per industry per year to measure management capabilities, etc. [Findings]The relationship between managerial ability and future performance was shown to be a significant positive (＋) relationship, and the tax avoidance had a negative impact on future performance. In addition, as the level of tax evasion increased, the relationship between managerial ability and future performance decreased, which resulted in proxy problems such as tax avoidance and reduced management’s monitoring and supervisory functions, it was possible to confirm that future performance was reduced than other companies with superior managerial abilities. [Implications]While managerial ability can be seen as one of the important characteristics of generating a company’s future performance, managerial ability can be reduced to contributing to future performance if its tendency is unethical and it is negative to the company’s investment or propensity for future value. This study is likely to be meaningful in its recent proposal for the effects of opportunistic actions such as tax avoidance on negative consequences (Francis et al., 2013；Jeonju Sung, 2011；Kim Hyung－guk, 2018；Chang et al., 2010) for corporate performance or value of managerial ability.