지배주주 및 외국인 지분율이 효과적인 세무계획과 기업 가치의 관계에 미치는 영향

Companies increase their corporate value by maximizing after-tax profits through effective tax planning that considers both tax and non-tax costs. The relationship between effective tax planning and corporate value, as suggested in prior research, is expected to vary depending on the specific environment and incentives faced by the company. A company’s ownership structure influences managerial decision-making from a tax planning perspective, and this study empirically analyzes the impact of controlling shareholder ownership and foreign ownership on the relationship between effective tax planning and corporate value. I conducted an empirical analysis using the effective tax planning measures presented by Schwab et al. (2022) and Kim･Ma (2021) on listed companies from 2011 to 2020. The results showed that, first, the positive relationship between effective tax planning and corporate value weakened as controlling shareholder ownership increased. Second, the positive relationship between effective tax planning and corporate value strengthened as foreign ownership increased. I extend prior research by examining the effects of controlling shareholders and foreign ownership on the relationship between effective tax planning and corporate value. Empirical analysis suggests that the relationship between tax planning and corporate value differs depending on ownership structure. This provides additional empirical support for research examining agency problems in tax accounting, and suggests that regulators, investors, and stakeholders should consider both governance and tax planning when assessing corporate value.