조세소송 경과에 따른 주식시장 반응：G사의 사례를 중심으로

[Purpose]This study analyzed the reaction of the stock market in accordance with the progress of tax litigation through the case of Company G. Company G’s tax litigation process was confirmed in the order of first trial, appeal trial, trial by the Supreme Court, and reversed and remanded trial. [Methodology]The tax authorities levied tariffs and value－added tax (VAT) on the use of BOG as fuel generated while importing and introducing liquefied natural gas into South Korea by Company G in the vessel as it was provided free of charge. Even though some of the freight was paid in kind, it was deemed to be omitted when reporting customs duties. The stock market reaction was analyzed in this study, with the focus on the process of the lawsuit filed by Company G to revoke the imposition of tariffs and VAT. [Findings]As a result of the study, no significant stock price reaction in the stock market could be found in the first trial and appeal trial where Company G lost. In addition, no significant stock price response could be confirmed in the Supreme Court’s appeal trial, which ruled in favor of Company G. The stock market seems to have judged that the final court ruling has not been made. There was a significant positive (＋) stock price reaction in the reversed and remanded trial in which the imposition was canceled. Accordingly, it has been verified that the stock market did not show any significant reaction conservatively until a final court decision was made. [Policy Implications]This study partially identified the causes of previous studies that could not confirm a significant stock price reaction in the Supreme Court ruling. Through the case of Company G, evidence was presented that if the Supreme Court reversed and remanded the case to the original court, a significant reaction may not appear until a final judgment is made.