기업의 장기적인 조세회피 예측변수로서 유효세율의 평가 및 결정요인에 관한 연구 = The Study on Evaluation and Determinant Factor of Effective Tax Rates as an Expectation Factor for Long-run Corporate Tax Avoidance

다국어 초록 (Multilingual Abstract)

This paper analyzes corporate tax avoidance for relations between annual effective tax rates and long-run effective tax rates over long time periods as measured and evaluated under five criteria in addition to the determining factors associated with corporate tax avoidance. If tax avoidance is defined as the low burden status of explicit tax payment, then tax avoidance should meet the conditions which aren`t subject to additional taxes and tax penalties. Consequently, tax avoidance should be investigated in long periods. If a company goes through tax assessment with severe penalties during periodic tax audit even though it successfully avoids taxes annually, the tax savings strategy would turn out as tax evasion and the tax burden would be raised further. The tax avoidance measures presented in prior literatures have problems where they did not show the results of long-run tax strategies but rather only documented incidences of non-conforming tax avoidance. This paper uses five different long-run effective tax rate measures, such as Gaap ETR, Current ETR, Cash ETR, Tax ETR, ETR Differential proxies for measuring corporate tax avoidance. Consequently, this paper uses the long-run effective tax rates to examine the extent to which some firms are able to avoid taxes over periods as long as ten years. Using the various long-run effective tax rates, this paper also assesses the accuracy of this data for verifying whether there has been cases of corporate tax avoidance as previously shown by Graham(1996) and Plesko(2003). Utilizing a sample of 1,750 firms, I find that there is considerable cross-sectional variation in tax avoidance. First, the results indicate that Gaap ETR, Current ETR, Cash ETR, Tax ETR, ETR Differential proxies for annual effective tax rates are good predictors of long-run effective tax rate. Second, according to the Graham(1996) model, Cash ETR are positive criteria in demonstrating whether a corporation utilized tax avoidance schemes. On the other hand, as per the Plesko(2003) model, the positive criterion is shown by the use of Gaap ETR. Finally, the results of this paper establishes CAPIN, ROA, and FRGN as determining factors of long-run corporate tax avoidance while SIZE, LEV, BIG4, and LNFEE shows low efficacy. The results contribute to this area of research. First, this research investigates in a synthetical manner the reliability and persistency of overall short-term tax avoidance measures in prior literature. The results suggest the significances which identify the characteristics of short-term tax avoidance measures and compare natures of them. Second, this paper investigates the effect of the volatility of short-term tax avoidance on long-run tax avoidance over the simple observation on the association between short-term and long-run tax avoidance. The result shows the volatility has positive relations with long-run tax avoidance in continuous tax strategy. The long-run Gaap ETR, Current ETR, Cash ETR, Tax ETR, ETR Differential shows the capability of capturing the conforming long-run corporate tax avoidance.

참고문헌 (Reference)

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