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녹색인증기업이 조세회피 및시장의 사후평가에 미치는 영향

The Effect of Green Certificated Companies on Tax Avoidance and Ex-post Market Response

세무와회계저널 v.16 no.5 , 2015년, pp.167 - 208  
김숙민, 유승원, 김선미

This paper provides the empirical evidences that investigate Green Certificated Companies (hereafter, GCCs) on tax avoidance and ex-post market evaluation. Although corporations’tax avoidance have a positive side that minimizes cash outflow from tax-expense, market might have a negative image of firm whether tax-authority determines firms engaging in tax-evasion(Ki 2012). If Korea’s green growth tax regulation does not provide a proper tax-benefit to GCCs, they might use tax avoidance to maximize the value of company. Otherwise, if GCCs consider nontax cost, managers of GCCs persue less activate tax avoidance policy. Meanwhile, Green Certification Program of Korea are served as enhancing the image of company, marker participants might positively evaluate for GCCs. However, if stockholders decide there are inefficient supports(i.e., tax benefit, financial funding, etcs.) to GCCs, they evaluate the GCCs negatively. This study use Korean market listed firms from 2010 to 2014. Among our samples, we use GCCs as our main dependent variable to investigate the relation between GCCs and tax avoidance and ex-post market evaluation. We measure tax avoidance using several effective tax rates and ex-post market evaluation as Tobin’s q(Kang and Kim 2012). According to our results, the tax avoidance level of the GCCs is lower than non-GCCs, but those of relation just occur at the initiative time of Green certification. Moreover, market participants evaluate GCCs favorably and this effects continue to t+4 years after firms included in Green Certificated Programs. Since GCCs persue the enhancing corporation image as social responsibility business unit, they look forward to have a safe tax strategy. Market participants also evaluate GCCs favorably due to GCCs’image. The Contributions of this study are as follows. First, this study empirically examines and shows that Green Certificated Program affects the firm’s tax strategies and decision. Second, this study enhance our understanding of corporate valuation for GCCs by providing the empirical results.

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