감사보고서 강조사항이 조세회피와 주가급락위험과의 관계에 미치는 영향

[Purpose] This study examines whether the relationship between tax avoidance and stock price crash risk (SPCR) differs based on the presence of emphasis of matter (EOM) in audit reports, exploring if the negative view of tax avoidance reflects its overall effect. [Methodology] The analysis includes 11,848 firm－year observations of public companies from 2012 to 2019. The main variable, EOM presence, is manually extracted from audit reports. Tax avoidance is measured using book－tax difference (BTD) and Desai and Dharmapala’s (2006) metric, while SPCR is calculated using negative skewness and volatility. [Findings] In the full sample, tax avoidance shows an insignificant negative relationship with SPCR. For firms with EOM, the relationship is either insignificant or significantly positive, while firms without EOM exhibit a significant negative relationship. After addressing endogeneity, the significant results for firms without EOM disappear, but the negative impact of tax avoidance is confirmed to be limited to firms with EOM. [Implications] This study shows that the relationship between tax avoidance and SPCR can vary depending on the presence of EOM. It demonstrates that the effects of tax avoidance are not universally negative on average and highlights the usefulness of EOM in understanding the implications of tax avoidance.