GAAP ETR SMOOTHING이 기업지배구조를 통하여 기업가치에 미치는 매개효과

This study focuses on the impact of GAAP ETR flexibility (hereinafter referred to as GAAP ETR SMOOTHING) on corporate value. As for the results of the study, first, hypothesis 1 was supported that companies with large GAAP ETR flexibility would have a negative (-) relationship with future corporate value. Second, hypothesis 1-1 was supported that companies with large managerial discretionary ETR flexibility would have a greater negative (-) relationship between non-discretionary ETR flexibility and corporate value than large companies. Third, the hypothesis that the greater GAAP ETR flexibility, the more negative (-) relationship between future corporate values would be mitigated by the mediating effect of excellent corporate governance was inconsistent. Therefore, hypothesis 2 was not supported. Fourth, hypothesis 4-1 was supported that the greater the discretionary ETR flexibility of managers compared to the intrinsic non-discretionary ETR flexibility of companies, the more the negative (-) relationship between corporate values would be mitigated by the mediating effect of excellent corporate governance. Overall, this study showed that GAAP ETR flexibility has a negative (-) relationship between corporate values, and corporate governance, a mediating variable, is expected to have an indirect effect of GAAP ETR flexibility easing the negative (-) relationship between corporate values. The implication of this study is that the original tax research has been focused on 'tax avoidance' and 'tax risk', so the fact that such research exists narrowly at the center of the link between financial accounting and tax accounting by developing a measure of GAAP ETR flexibility in tax accounting in response to the measure of profit flexibility in financial accounting is because it contributes greatly to managers and investors, and broadly to the government, tax authorities and policymakers.