세무이익유연화가 조세회피와 세무이익의 정보효과에 미치는 영향

초록

The main purpose of this paper is to investigate whether smoothing taxable income affects not only firms’ future tax avoidance but also the information content of taxable income. Smoother taxable income can enhance the predictability of future taxable income by reducing the variance of taxable income. The predictability of future taxable seems to reduce the uncertainty associated with future tax benefits and to allow firms to develop more successful tax avoidance strategies. We expect that firms with smoother taxable income have more favorable outcomes in their future tax avoidance. The predictability of future taxable also affects the information content of taxable income by delivering useful information to investors. We expect that firms with smoother taxable income have more positive information content of taxable income. As expected, we find that smoother taxable income is positively related with tax avoidance and also enhances the information content of taxable income. The findings are consistent with the notion that smoother taxable income can reduce the uncertainty associated with future tax benefits and have a positive effect on investor’s pricing.

키워드