재무이익-세무이익의 일치성, 보고이익 차이의 일관성과 이익의 정보효과

초록

The main purpose of this paper is to examine whether the information content of book income and taxable income depends on the book-tax conformity, and the book-tax difference consistency, and whether such an effect is incremental to the separate effects of earnings management and tax planning on the informativeness of book income and taxable income. The book-tax conformity and the book-tax difference consistency over time depend on whether the firm decides to engage in earnings management and tax planning. Book-tax conformity refers to the flexibility that a firm has to report taxable income that is different from pretax book income, and consistency of book-tax differences refers to the consistency over time of the relation between book and taxable income. Conformity arises from the similarity between accounting standard and tax laws, and consistency arises from the selection of consistent book and tax accounting methods, even when different methods could have been used for each. We measure book-tax conformity based on the root mean squared error obtained from industry-specific estimates of regression equation which estimates the extent to which pretax book income explain current tax expense, and measure book-tax difference consistency based on the standard deviation of the discretionary component of the differences between book income and taxable income. We measure information content based on correlation with contemporaneous stock returns. Earnings management refers to the use of discretionary accruals to manipulate reported income; we measure earnings management based on the standard deviation of estimated discretionary accruals. Tax planning refers to efforts to reduce tax payable by reducing taxable income; we measure tax planning based on the current effective tax rate, the ratio of current tax expense to pretax book income.

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