최저한세 납부 기업이 이익지속성에 미치는 영향을 연구개발의 투자가 매개하는지에 대한 연구

This study examines whether investment in R&D costs mediated the negative impact of the alternative minimum tax (AMT) on earning persistence by using a sample of firms listed in Korea Exchange from 2012 to 2018. If an entity temporarily upgraded its earning in the previous year using the AMT, the quality of the earning would be lower and the sustainability of the earning would be less sustainable. However, firms that paid the AMT can also benefit from the tax deductions by investment in R&D costs the effect of the tax deductions is expected to have a positive effect on earning persistence. Therefore, it was observed that investment in R&D costs could be mediated by the negative impact on the sustainability of earning by the firms paying the AMT. First, this study finds that the sustainability of earning of firms paying the AMT decreases. Second, this study also finds that investment in R&D costs partially mediated the negative impact of firms paying the AMT on earning sustainability. In other words, an firms that have paid the AMT temporarily adjusts its earning for the effect of the deferred tax deduction, which means that the quality of the earning is low and the sustainability of the earning is low, which is partly mediated by the investment in R&D costs to the lack of earning sustainability. It is interpreted that firms that paid the AMT are less likely to adjust their earning due to the effect of deferred tax deduction on investment in R&D costs.