최저한세 납부와 재무제표 비교가능성

[Purpose]This study empirically analyzes the effect of the alternative minimum tax payment on financial statement comparability. Comparability indicates that the accounting systems of two different entities translate identical economic events into identical financial statements. Firms paying the alternative minimum tax payment show different accounting information properties and financial reporting behaviors compared to non－alternative minimum tax payment firms because they have tax credits carried forward. Managers have difficulty to determine whether the carried forward tax credit can be applied, which can increase a firm’s cash flow uncertainty. Thus, even if the same event occurs, the events will likely be converted to financial statements differently due to the alternative minimum tax payment. [Methodology]We conduct empirical analysis using publicly traded Korean firms from 2011 to 2019. [Findings]We find that firms paying the alternative minimum tax payment have lower comparability. Second, the relationship between the alternative minimum tax payment and comparability is more pronounced for firms with low earnings quality. [Policy Implications]This study expands research related to comparability by revealing that tax regulation can be a determinant of comparability. In addition, it contributes to providing policy implications that the alternative minimum tax payment can affect the firm’s accounting information in addition to its policy purpose.