효과적 세무계획, 지배구조와 미래 세후이익의 관계

The Scholes-Wolfson paradigm provides the basis for empirical tax accounting research. Schwab et al. (2019) study presents a measure of tax planning through DEA analysis based on SW paradigm. This study aims to present the method of tax planning in accordance with Schwab et al. (2019) in the environment of Korea and to examine the effectiveness of the tax planning measures by analyzing the relation between tax planning, governance and future after-tax earnings. This study’s results are as follows. First, tax planning has significant negative association with tax risk and positive association with tax avoidance level and profit. Second, effective tax planning increases future after-tax earnings. Third, it was found that future after-tax earnings increases as an effective tax plan is established and the ratio of outside directors, the ratio of institutional investors, and the ratio of foreign investors increases. The results of this study indicate that the tax planning measurement in Schwab et al. (2019) is consistent with SW paradigm and contains tax information different from the long-term CASH ETR used as index explained tax planning and tax avoidance. This study’s contributions are as follows. First, this study reported measurable tax planning in our accounting environment. Second, This study reduce the likelihood of reporting incomplete results with the use of CASH ETR as a tax planning measurement. Third, this study provided an understanding of the firm tax planning activities on tax optimization and results. It also provided an opportunity to estimates of the tax planning to researcher, capital market participants.