투자기회, 과잉투자 및 조세회피：코스닥 상장기업을 중심으로

[Purpose]The main purpose of this paper is to examine whether the tax avoidance of firm dependent on the investment opportunities and over investment. Prior literature on determinants of the tax avoidance, most studies that primarily investigate whether fundamental corporation’s characteristics, general corporate governance and ownership structures etc affects the tax avoidance. We insist that the investment opportunities and over investment drive the larger scale of the tax avoidance, as compared to firm. [Methodology]For this purpose, we described prior literature review and we examined various researches to provide understanding of relationships with strategic intent on the investment opportunities and over investment. We expect the relation among the investment opportunities, over investment and ETR, owners’ incentives to expropriate minority shareholders using the investment opportunities and over investment increase Cash ETR and GAAP ETR. Therefore, this paper hypothesize that the investment opportunities and over investment exhibit significantly higher levels of ETR than firms with below lower investment opportunities and average investment. To verify these hypotheses, the sample consists non－banking firms with a December fiscal year－end listed on the KOSDAQ over 2015－2019. [Findings]Our results are given as follows. First, we find that over investment increase in ETR based cash differences. This finding provides a better understanding of the conditions under which the effect factor affect the informativeness of ETR difference. Second, contrary to expectations, we can not show that the over investment increase in ETR based GAAP differences. [Implications]In order to better capture the joint effect of the investment opportunities and over investment on the informativeness of ETR, we find that the information content of ETR is significantly greater for firms with high the investment opportunities and over investment.