기업의 사회적 책임활동이 조세회피 및 조세회피에 대한 시장반응에 미치는 영향 = The Effect of Corporate Socal Responsibility on the Tax Avoidance and the Market Response to the Tax Avoidance

다국어 초록 (Multilingual Abstract)

This study examines the effect of Corporate Social Responsibility(hereafter "CSR") on the tax avoidance and the market reaction to the tax avoidance. Firms which have good reputation through socially responsible activities bear more non－tax costs such as a drop in stock price or sales, an increase in cost of capital when tax evasion will be revealed. Therefore, these firms are less likely to engage in tax avoidance due to a higher non－tax cost. On the other hand, socially responsible firms generally have good corporate governance and thus alleviate outside investors’concern about the hidden agency costs associated with tax avoidance. Therefore, I expect investors put a high valuation on management's tax savings efforts for high CSR firms.
In this study, I measure corporate social responsibility using the KEJI index, which is the most frequently used database in extant CSR research. I measure corporate tax avoidance using the book－tax differences not attributable to total accruals (Desai and Dharmapala 2006). The sample contains 2,002 firm－years listed in Korean stock market between 2002 and 2009.
I find that socially responsible firms, which potentially have more non－tax cost, avoid less tax relative to socially irresponsible firms. Also when firms engage in tax avoidance activities, the stock market reacts unfavorably. However, CSR mitigates this negative effect of tax avoidance on the firm value.
The contributions of this study are as follows. First, this study shows that CSR is the important non－tax cost firms consider to decide firm's optimal tax avoidance level. Second, this study shows that management's tax savings efforts can receive a favorable evaluation from the stock market if they are backed by CSR.

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