투자－현금흐름 민감도에 따른 조세회피와 투자의사결정의 관계

This study analyzed whether there is a difference in tax avoidance depending on the sensitivity of investment-cash flows and whether the effect of tax avoidance on the investment differs by the investment-cash flow sensitivity. The results of this study are as follows. First, as a result of analyzing whether the level of tax avoidance decides depending on the sensitivity of investment-cash flows, tax avoidance increased in case of high the sensitivity of investment-cash flows. Also, as a result of analyzing whether the impact of tax avoidance on investment varies as tax avoidance increases depending on the sensitivity of investment-cash flow, it was found that the effect of tax avoidance on investment was significantly greater in samples with high investment-cash flow sensitivity. This is consistent with the expectation that companies with high investment-cash flow sensitivity will immediately invest funds raised from tax avoidance. This study contributes to empirically verifying the relationship between investment- cash flow sensitivity and tax avoidance and provides evidence that tax avoidance can be a source of investment funds.