조세회피와 외국인지분율 = Corporate Tax Avoidance and Foreign Ownership

다국어 초록 (Multilingual Abstract)

This paper investigates the impact of foreign ownership on tax strategies. The most desirable method of tax strategies is to reduce taxable income to minimize tax costs and to increase financial reporting income to minimize nontax costs. However, there is positive relation between taxable income and financial reporting income. Under this relation, managers encounter situations involving a trade－off between financial reporting and tax reporting incentives.
Previous researches suggest that the critical characteristics corporate tax aggressive avoidance activities are complexity and tax obfuscation. Such complexity could be used to mask rent extraction, such as earnings management, related－party transactions, and other perquisite consumption behavior. If this is the case, external shareholders like foreign investors have strong incentives to monitor manager's tax aggressive avoidance activities. Therefore, managers of firms with higher foreign ownership are less tax aggressive than firms with lower foreign ownership.
To examine the tax aggressiveness of firms, we rely on measure of tax aggressiveness drawn from the literature. Specifically, we use a residual book－tax difference measure developed in Desai and Dharmapala(2006). Firms that more tax aggressive have higher book－tax differences than other firms.
The sample consists of non－banking firms(2,695 firm－years) with December fiscal year listed in Korean Stock Exchange over 2001－2007. The result of empirical research is that the coefficient on foreign ownership is negative and significant for tax aggressiveness. Our results are consistent with managers of firms with higher foreign ownership being more concerned with the nontax costs. Our paper contributes toward a better understanding of the foreign investor's characteristic.

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