기업의 법적 및 규범적 사회적 책임(CSR) 활동의 증대가 조세회피에 미치는 효과 분석

This study examines how corporate social responsibility (CSR) affects corporate tax avoidance behavior. Using a sample of publicly listed U.S. firms, we find that legal CSR–which is required by law–reduces the level of corporate tax avoidance because this type of CSR reduces information asymmetry between investors and corporate management in such a way that investors are less likely to perceive tax avoidance behavior as a risk. On the other hand, we find that the relationship between normative CSR–which is a voluntary type of CSR behavior–and tax avoidance is not statistically significant. Instead, our additional analysis reveals that normative CSR increases the level of corporate tax avoidance conditional on reporting quality. This study provides meaningful implications to the academic literature and to practitioners. Not only does this study highlight the fact that not all CSR are alike, it highlights that it is important to provide transparent CSR information in order to allow stakeholders to estimate the net effects of firms’ CSR activities and tax payment.