세무정보위험을 탐지하는 도구로써 법인세 발생액 품질의 유용성: 주가급락위험을 이용한 분석

The purpose of this study is to investigate the relationship between the measure of tax-related information risk (the quality of corporate tax accrual) and future stock price crash risk. In addition, we focus on finding the situational determinants that influence the relationship between the quality of corporate tax accrual and stock price crash risk. The analysis results are summarized as follows. First, we find that future stock price crash risk is higher in companies with poor quality of corporate tax accruals. Second, we confirm that the negative relationship between the quality of corporate tax accrual and stock price crash risk is stronger in the KOSDAQ market than in the KOSPI. Third, we confirm that the negative relationship between the quality of corporate tax accrual and the risk of a stock price crash occurs in firms for which the forecasts of financial analysts are not provided. Fourth, we find that the negative relationship between the quality of corporate tax accrual and the risk of a stock price crash is stronger in companies with a low transaction ratio of sophisticated investors (institutional and foreign investors). Finally, we confirm that the negative relationship between the quality of corporate tax accrual and stock price crash risk is stronger in companies with low ownership concentration. Overall, this study has academic contribution in that it has proven through the capital market that the quality of corporate tax accruals is useful as a tool to capture tax-related information risk.