조세회피와 세무위험이 미래 유효세율의 변동성과 기업위험에 미치는 효과

초록

This paper examines the effects of tax avoidance and tax risk on future tax rate volatility and corporate risk using Korean Stock Exchange listed firms. The findings in this paper are as follows. The persistence of effective tax rate is the highest in the group with the lowest effective tax rate, and as tax avoidance increases, volatility of future tax rate also decreases. This results consistent with the inference that future tax rates will be less volatile due to the continued low profitability or the use of carryover losses in firms with high level tax avoidance. When the level of tax avoidance is controlled, the higher the tax risk, the greater the volatility of the future tax rate which shows the volatility of effective tax rate is also found to persist. In the analysis between tax avoidance and tax risk and firm risk, it is found that as tax avoidance and tax risk increased, firm risk increased. In order to analyze whether the relationship between tax avoidance, tax risk and firm risk differs according to firm characteristics, various characteristic variables were considered, but no differences were found according to firm characteristics.

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