조세소송 판결에 대한 주식시장의 반응 분석

[Purpose]This study analyzed the stock market response based on the judgment of the tax suit through a case study. [Methodology]Recently the Supreme Court issued two opposite rulings on the same day regarding the taxation of goodwill arising in a merger process. This paper conducted an analysis of the companies involved in the two rulings. [Findings]First, we analyzed the stock price reactions of the company that won the lawsuits and found only weak positive reactions. This result is consistent with the results of prior studies that, in taxation cases, the market reaction is weak even if a company wins a Supreme Court case. Second, the stock price reactions of the company that lost the lawsuits and found that negative market reactions were bigger than expected in the stock market even though there was no cash outflow due to additional tax payments. This means that reputation plays a significant role when a company loses a taxation lawsuit. [Implications]This paper shows evidence that when a company wins in a taxation lawsuit, the market reaction is minimal due to weak reputation effect, but when a company loses in taxation lawsuit, negative market reaction could be bigger than expected due to a strong negative reputation effect in the stock market.