경영 불확실성이 높은 기업의 혁신 및 조세회피 활동이 기업가치에 미치는 영향

[Purpose]This study analyzes whether the innovation activities and tax avoidance activities of companies with high management uncertainty affect the corporate value. And it verifies whether these relevances differ according to corporate governance. This is because excellent governance can strengthen the value relevance of innovation and tax avoidance activities by reducing information asymmetry and enhancing management transparency [Methodology]From 2015 to 2019, an OLS regression analysis is conducted for companies listed on the securities market, with the enterprise value as the dependent variable. In addition, in order to analyze the moderating effects of corporate governance, a regression analysis including the interaction terms of innovation activities, tax avoidance activities, and corporate governance is conducted. [Findings]First, it was found that innovation activities of companies with high management uncertainty have a positive effect on corporate value. Second, it was found that tax avoidance activities of companies with high management uncertainty improve corporate value. Third, when management uncertainty is high, it was confirmed that corporate governance has a moderating effect on the relationship between innovation activities and corporate value. [Implications]The results of this study provide an implication that innovation activities should not be neglected as companies are exposed to an uncertain management environment. In addition, this paper provides an implication that securing short-term liquidity using tax avoidance under an uncertain business environment can contribute to the improvement of corporate value through efficient management decisions.