세무이익의 정보효과－주가관련성과 이익예측력을 통한 실증분석－ = Information Content of Taxable Income－An Empirical Analysis by Earnings Response Coefficient and Earnings Predictability－

다국어 초록 (Multilingual Abstract)

This study investigates whether taxable income has information content of firm performance beyond book income by comparing between book income and taxable income. It is presented that taxable income will be benchmarked to book income because taxable income contains less managerial bias error than book income. However, recent research suggests taxable income contains more mandated rule error than book income because legislators generally write tax rules to raise revenue and motivate behavior and not specifically to measure performance. Therefore it is necessary that the possibility of benchmark will be checked empirically. In comparing the information content of taxable income with that of book income, stock returns are regressed on taxable income and book income and future book income is regressed on current taxable income and book income. Next, in analyzing that taxable income is different from book income in managerial bias error, earnings management dummy variable is added to model of stock returns and earnings predictability. I find taxable income response coefficient to stock returns is statistically significantly positive and so is taxable income response coefficient to future book income. In other words, even if taxable income contains mandated rule error it has explanatory power for contemporaneous annual stock returns incremental to book income. In return model information content of taxable income does not increase in the level of earnings management, however in predictability model that of taxable income increases in the level of earnings management. This paper contributes to the taxable income information content studies by providing directly the measurement of corporate performance and earnings management studies by providing the alternative tool from book－tax income differences.

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