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초록

This paper addresses two primary research questions. Do firms with foreign subsidiaries in tax haven countries face lower short-term and long-term cash effective tax rates than other firms? Do firms with foreign subsidiaries in tax haven countries face higher or lower cash effective tax rates than firms without foreign subsidiaries in a particular tax haven country? The findings in this paper are as follows. First, for short-term analysis, we cannot find out any significant tax rates difference between firms with and without foreign subsidiaries in tax haven countries using annual CETR and tax haven dummy variable, and also cannot find out significant tax haven country indicator variables using annual CETR and tax haven indicator variables. Second, for long-term analysis, using up to 10-year long-run CETR and tax haven holding period variable, we can find significant tax rates difference between firms with and without foreign subsidiaries in tax haven countries. Most significant results are found using 5-year long-run CETR and the results suggest that on average Korean firms with foreign subsidiaries in tax haven countries have a tax burden that is approximately 1.5 percentage points lower than firms without foreign subsidiaries in tax haven countries if they maintain foreign subsidiaries for 5 years. The result using tax haven country indicator variables also suggest that locations such as Delaware, Panama, and Switzerland which are frequently identified as tax havens are associated with lower long-run CETR. Overall, the results suggest that Korean firms utilize tax haven subsidiaries for long-run tax avoidance.

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