기업의 지속 가능한 세무 전략이 재무분석가 이익 예측의 정확성에 미치는 영향

This study analyzes the effect of a company's sustainable tax strategy on the accuracy of analysts’ forecasts. The company's sustainable tax strategy as an independent variable was measured by the coefficient of variation in the effective cash tax rate for over five years, and the accuracy of analysts’ forecasts as a dependent variable was measured by analyst forecasting prediction error. The research period is from 2011 to 2021, and the research subjects are non-financial companies with December settlement listed on the Korean stock exchange. The final sample was 2,366. As a result of empirical analysis, the company's sustainable tax strategy and the accuracy of analysts’ forecasts showed a significant positive (+) relationship, and the higher the sustainability of the tax strategy, the higher the accuracy of analysts’ forecasts. In addition, the size of the company's sustainable tax plan was divided into above-average and below-average, and three groups, and the results of comparing the largest and smaller groups were the same. In addition, as a result of analyzing the relationship with the variance of analysts' forecasts, which indicates whether analysts disagree, the sustainable tax strategy and the dispersion of analysts' forecasts showed a significant negative (-) relationship. This means that the higher the sustainability of the tax strategy, the less disagreement analysts have. The findings of this study indicate that corporate tax plans are also reflected as information for analysts in predicting future earnings.