경영자보상이 조세회피의 대리인비용에 미치는 영향 = Managerial Compensation and Agency Cost of Tax Avoidance

다국어 초록 (Multilingual Abstract)

This study examined how the market evaluated tax avoidance and examined whether the market reacts differently according to the level of tax avoidance. The study results showed that in the group that made tax avoidance small, the market evaluated tax avoidance favorably, but in the group that made tax avoidance large, tax avoidance was negatively evaluated. In this study, it was judged that information users could react discriminatively to tax avoidance conducted by management with sufficient compensation. The study results showed that the earnings response coefficient for tax avoidance of companies with high managerial compensation was higher than that of companies with low managerial compensation. This result means that external information users perceive tax avoidance by a fully compensated manager as an act of increasing corporate value rather than a private profit pursuit. This study will help investors make decisions, improve the regulatory system, and make policy decisions.

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