조세회피와 근시안적 경영이 기업 금융화에 미치는 영향

This study tests the relationship between tax avoidance and corporate financialization and the moderating effect of managerial myopia between the two variables. For this study, 14,968 non-financial companies listed on Korea's KOSPI and KOSDAQ markets from 2013 to 2022 were used as a sample. In this study, financial assets divided by total assets(FIN) was used as a measure of corporate financialization. As a measure of tax avoidance, the measure proposed by Desai & Dharmapala(2006) (CTA) was used, and additional analysis was conducted using the cash effective tax rate(CETR). As a result of the study, both CTA and CETR showed a significant negative(-) relationship with FIN, supporting the hypothesis that corporate financialization is reduced in companies with high tax avoidance activities. And in the research model to examine whether managerial myopia has a moderating effect between tax avoidance and corporate financialization, the interaction terms between tax avoidance and myopic management all showed significant positive(+) values. This result supports the moderating effect that the degree to which tax avoidance reduces corporate financialization is alleviated in companies that are managed myopically. This study suggests that it is necessary to consider tax avoidance factors when planning policies regarding the increasing corporate financialization phenomenon in Korea.