경영위험과 유효법인세율과의 관련성에 있어 중소기업의 영향

If SMEs have high management risks, there are high possibilities of bankruptcy due to liquidity crunch. Therefore, SMEs can have intensives to prepare for management risks by maintaining stable cash flow through tax reduction. In this background, this study verified whether SMEs have high management risks and their effective tax rates decrease when their management risks are high. The results of the analysis are as follows. First, SMEs have a positive impact on management risks. This is interpreted as due to the vulnerability of the ability to cope with the uncertainty of the global economy and the difficulties of raising capital and credit transactions. Second, management risks have a negative association with effective tax rates. I infer that companies with high management risks have high incentives to secure internal funds by reducing tax payments. Third, the result shows that a negative relation between management risks and effective tax rates is intensified in SMEs. In the cases of SMEs, management risks are high and there are strong incentives to secure cash flow through tax reduction. This study provides great implications for SMEs’ incentive policies to pursue sustainable growth while preparing for management risks. In addition, government efforts are required in the management and supervision of SMEs. This is because SMEs face a higher risk when caught by the tax authorities even if SMEs prepare for management risks through tax reduction. Also, this study will provide important implications for corporate tax strategies.