경기변동에 따른 조세회피와 기업가치 간의 관련성 분석

[Purpose] This study analyzes how corporate tax avoidance activities affect corporate value, targeting companies listed on the stock market and KOSDAQ market for 30 years from 1991 to 2020. [Methodology] This study aims to empirically verify from a long－term perspective by setting a period of 30 years. The reason is that previous studies related to tax avoidance have not been conducted over a long period of time. In addition, this study assumes that tax avoidance is also related to economic fluctuations, and analyzes how economic fluctuations affect corporate tax avoidance activities. [Findings] As a result of the empirical analysis, tax avoidance appears to have a significant negative (－) effect on corporate value at the level of 1%, and economic fluctuations do not appear to have a direct effect on corporate value. However, it is confirmed that economic fluctuations have the effect of moderating the relationship between tax avoidance and corporate value. In other words, because corporate cash flows are better during boom times than during recessions, the capital market evaluates the impact of tax avoidance negatively on corporate value due to concerns that non－tax expenses will be greater due to tax avoidance than during recessions, Tax avoidance is evaluated as a positive factor for corporate value as cash flow increases due to reduction of tax cost through tax avoidance, as companies lack cash flow during recession. This is a result confirming that companies listed on Korea’s capital market continue to engage in tax avoidance activities, and that tax avoidance is a major factor in reducing corporate value. [Implications] This study is expected to contribute to the establishment of efficient tax policies by providing the implications that economic fluctuations have a moderating effect in the relationship between tax avoidance and corporate value to stakeholders who manage corporate tax－related policies.