조세회피가 자기주식 매입에 미치는 영향：지배구조의 조절효과를 중심으로

[Purpose] This study empirically analyzes the impact of corporate tax avoidance on share repurchases and examines the moderating role of corporate governance in this relationship. Tax avoidance influences various financial decisions by altering a firm’s cash flow, while share repurchases are a significant corporate activity that reflects shareholder return strategies and managerial decision－making. Accordingly, this study explores the relationship between tax avoidance and share repurchases and investigates how corporate governance affects this relationship. [Methodology] This study conducts an empirical analysis using logistic regression on firms listed on KOSPI and KOSDAQ markets, which are operated by the Korean Exchange (KRX), for the period from 2010 to 2022. Tax avoidance is measured using the effective tax rate (ETR), while the share repurchase variable is constructed from public disclosure data provided by the KRX. The ownership ratio of major shareholders and related parties serve as a proxy for the moderating variable of corporate governance. [Findings] The empirical results indicate that firms with higher ETRs are significantly more likely to execute share repurchases. These findings suggest that firms facing a higher tax burden tended to use share repurchases to boost stock prices and maximize shareholder value. Furthermore, this study finds that firms with a high ownership ratio of major shareholders exhibit a weaker positive relationship between ETRs and share repurchases than those with a lower ownership ratio. These findings imply that firms with strong controlling shareholders are less likely to actively engage in share repurchases, even when facing a high tax burden. [Policy Implications] The findings of this study suggest that the relationship between tax avoidance and share repurchases depends on a firm’s corporate governance structure. This underscores the importance of considering corporate governance as a key factor in evaluating firms’ shareholder return policies and tax strategies. Additionally, firms with high ownership concentration among major shareholders might have used share repurchases to reinforce the interests of specific shareholders. Therefore, enhancing transparency in share repurchase activities and implementing institutional reforms to ensure shareholder value maximization are essential. In particular, financial authorities and policymakers should strengthen oversight and regulations in preventing the misuse of share repurchases for managerial opportunism.