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      • KCI등재

        조세소송과 조세회피와의 관계

        김응길 ( Eung Gil Kim ),김재영(교신저자) ( Jae Young Kim ),이만우(공동저자) ( Man Woo Lee ) 한국회계학회 2016 회계저널 Vol.25 No.3

        The purpose of this paper is to evaluate the association between tax litigation and tax avoidance. Using firms that filed for any form of tax lawsuit as a result of tax investigation, we have tried to study if these firms have higher probability of engaging in tax avoidance activities compared to those that have not. Tax authorities‘ objective is to not only improve service for the tax paying public by facilitating voluntary participation in the tax system but also discourage and deter non-compliance activity by tax payers. However, after being audited, if the tax payers are dissatisfied with the outcome of the tax investigation, they can appeal their case to the tax authorities and try to avoid further taxation before going to the court. Recently, local press reported that the tax authorities are preparing to strengthen the defense in court by setting up a special team for future tax litigations as during the past four years, the cumulative amount that the tax authorities have lost in court exceeds 2 trillion won. Especially the loss for expensive lawsuit, lawsuit over 5 billion won, is around 1 trillion won. Therefore, by establishing and administrating an effective system of sanction, the tax offices aim to protect the government’s (public’s) wealth and preserve the national tax system. As for corporates, tax lawsuit can be a method of aggressive tax strategy. As a representative of shareholders, managers of a firm should try to increase shareholders’ wealth. In the process, the manager may engage in aggressive tax strategy that takes into consideration not only the explicit but also the implicit tax and nontax cost. Therefore, if the tax authority charges penalty, to avoid additional outflow of cash from the corporate to the government, the manager may aggressively seek to lower the tax by filing a lawsuit. However, tax lawsuit may not have any intention of tax avoiding strategy, but rather defending the firm itself by claiming a different interpretation of the law. This serves as a motivation for our study, as we believe that tax lawsuits directly impacts both the government and the corporate’s wealth. Therefore, understanding the relationship between the tax litigation and the tax avoidance (aggressive tax strategy) is important, as it serves as an indirect method of understanding why firms file for tax lawsuit. The paper will test whether for firms that have filed for tax lawsuit have higher tendency to participate in tax avoidance. Also, we will also investigate whether the consistency in tax strategy has any influence on the relationship between tax litigation and tax avoidance. Book-tax-difference (BTD) will be used as a proxy for change in tax strategy for our analysis. As tax litigation is infrequently a public information, there lies some limitation in gathering data. Therefore, tax litigation research is relatively seldom conducted from an accounting perspective. Nonetheless, the research on tax investigation and (general) lawsuit indicates that when litigation starts (disclosed), the market reacts negatively. However, if there is any positive news that can levy any uncertainty of the lawsuit, then the market is expected to react positively. Addition to the timetable of the litigation being difficult to estimate, the cost associated with the lawsuit (lawyer fee, auditor fee etc) is significantly high, and potential damage to the reputation that the lawsuit may bring is troublesome. So the fact that the manager decided to pursuit the lawsuit implies other benefit from the lawsuit will offsets the costs mentioned. (Scholes et al. 2015; Shackelford and Shelvin 2001) Prior literature documents that since recently tax department is being regarded as a profit center (rather then cost center), tax strategies are becoming more aggressive yet important. (Crocker and Slemrod 2005; Robinson et al. 2010) Graham and Tucker (2006) reports that for the 44 companies that have presence in the tax shelter, these firms displayed an improvement in the tax savings and leverage ratio through aggressive tax planning. Despite the positives of the effective tax strategy, the negatives also coexists. Mills and Sansing (2000) show that aggressive tax strategy can lead to increase in tax investigation cost. Frank et al. (2009) claim that firms that report lower tax earnings show lower quality financial report. Therefore firms report different result based on the tax strategy. Using listed non-financial companies in Korea from 2005 to 2013, we have hand collected companies that disclosed of engaging in any form of tax litigation and used a propensity score matching method to run a comparison test. The result of the paper indicates that companies that engage in tax litigation show that they have lower tax avoidance rate compared to similar companies that are not exposed to any litigation risk. Further as for companies that filed for tax lawsuit and display consistent tax strategy, these firms display lower tax avoidance level. Whereas, companies that have inconsistent tax policy (with litigation exposure) show higher tax avoidance level. The contribution of the paper is that not much empirical study has been done in analyzing the behavior of firms that engage in tax litigation. Especially, as tax strategy is becoming an important factor in management decision understanding the linkage between the tax litigation exposed company and tax avoidance seems important. The remainder of the literature is composed as follows. Section 2 explains the background of the research. Section 3 develops the hypotheses and provides information on the sample, data and shows the model used for the test. Section 4 presents the results and Section 5 concludes.

      • KCI우수등재SCOPUS

        경영자 능력이 보수주의에 미치는 영향에 관한 연구

        이건(제1저자) ( Gun Lee ),한승수(교신저자) ( Soong Soo Han ),김응길(공동저자) ( Eung Gil Kim ) 한국회계학회 2015 회계학연구 Vol.40 No.3

        This study examines the association between managerial ability and accounting conservatism. Prior literature reports that conservatism is one of the mechanisms that lower the risk of investors by reducing information asymmetry between managers and investors (Basu 1997; Watts 2003a b; Ball and Shivakumar 2005; LaFond and Roychowdhury 2008). Although prior studies show that manager-specific characteristics are related to the quality of accounting information (e.g., Schrand and Zechman 2012; Ahmed and Duellman 2013; Demerjian et al. 2013), no prior study shows how managers`` ability interacts with accounting conservatism. One the one hand, managers with high abilities are more likely to be conservative in order to maintain the high level of reputation by constraining opportunistic accounting choices. On the other hand, highly able managers have more knowledge about the firm and the industry so that they tend to incorporate more forward-looking, positive information in reporting their performance. Although managerial ability is one of important factors that affect accounting information, prior literature does not examine the effect of managerial ability on accounting conservatism. This paper fills this void. We measure managerial ability using DEA (Data Envelopment Analysis) following Demerjian et al.(2012) and accounting conservatism is measured by using the method by LaFond and Roychowdhury(2008), and Ball and Shivakumar(2005). Using those measures, we examines the effect of managerial ability on accounting conservatism and whether the level of leverage mitigates or intensifies the association between managerial ability and conservatism. Our initial sample comprises the data of all Korean listed companies - both KOSPI and KOSDAQ listed companies, for the period from 1999 to 2013, which yields the pooled samples of 13,565 firm-year observations. One of our main findings is that the firms with higher (lower) managerial ability tend to have lower (higher) level of accounting conservatism. This result suggeststhat managerial ability may play a role as a substitute for accounting conservatism. Futhermore, the association is more pronounced for firms with higher leverage, which suggests that the economic demand for conservative accounting still exists although the firm``s management is of high ability. We also perform various robustness tests. First, we use a measure of firm-specific conservatism, C-Score (Khan and Watts 2009), as an alternative measure of conservatism. Our results are robust to the alternative model of conservatism. Second, instead of measuring managerial ability by DEA method, we use past performance including both accounting and stock performance, and our results are not changed. Third, our findings are robust to the inclusion of a control variable for managerial opportunism such as discretionary accruals. Lastly, we find that our results are more pronounced for firms with worse information environment, for example firms with less independent board or without analysts following. The contribution of this study is two folds. First, while empirical literature in the area of accounting conservatism has largely focused on firm-specific characteristics, we investigate manager-specific effects using the measure of managerial ability developed in Demerjian et al.(2012). Second, we find that the association between managerial ability and conservatism differs significantly depending on leverage. This result suggests, at least indirectly, that accounting conservatism plays an important role in protecting the debt holders in the capital market. Overall, our study extends prior literature on accounting conservatism by providing evidence that the firm-level accounting conservatism may be substituted by manager-specific factors like managerial ability, but the effect may be attenuated by higher demand for accounting conservatism.

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