국가특성과 다국적기업 조세회피의 관계 분석

[Purpose]This study examines the effects of country characteristics of investor protection and tax environment on tax avoidance of multinational corporations. Specifically, the present study investigates whether the level of investor protection and that of tax environment of the resident countries of multinational corporations promote or suppress their tax avoidance behavior. [Methodology]This study conducts a regression analysis using a group－level sample of observations obtained from Orbis Database for the period of 2009－2015, and proxies for investor protection and tax environment collected from World Bank Group’s Doing Business. [Findings]The results of the analysis show that the groups of multinational corporations located in countries with the higher level of investor protection index tend to engaged in tax avoidance activities to a lesser extent than those located in countries with the lower level of investor protection index. These results indicate that the higher level of investor protection index incurs the higher reputational costs for aggressive tax avoidance of multinational corporations. On the contrary, it is observed that multinational corporations located in countries with the higher level of tax environment index involve in tax avoidance to a greater extent than those located in countries with poor tax environment index. This study identifies that multinational corporations headquartered in countries with the higher level of tax environment index attempt to conduct aggressive tax avoidance strategies through overseas affiliates located around the world. [Implications]This study contributes in identifying the national characteristics which influence the decision－making of multinational corporations. It also contributes in addressing effective policy measures to control for aggressive tax avoidance of multinational corporations.