세무위험은 외국인지분율에 영향을 미치는가?

초록

[Purpose] Firms’ tax risk can increase tax burden due to uncertainties in future cash flows. As a result, foreign investors can reflect firms’ tax risks on investment decisions. Therefore, this study investigated the effect of tax risk of listed firms on foreign equity ownership. [Methodology] The research period was 10 years from 2010 to 2019 and dependent variable(foreign equity ownership) was measured by foreign equipy ownership at the end of the year and annual average foreign equipy ownership. Main explanatory variable(tax risk) was also measured by two ways, the tax risk of effective rax rate and the tax risk of cash effective tax rate to analyze comprehensive association between tax risk and foreign equity ownership. The tax risk of effective tax rate and the tax risk of cash effective tax rate were measured as the standard deviation of the (cash) effective tax rate over the past five years, including the current period. In addition, the effective tax rate and the cash effective tax rate themselves were included as control variables to control the effect of tax avoidance tendancy on foreign equity ownership. [Findings] The tax risk measured by effective tax rate had no significant effect on the foreign equity ownership, while the tax risk measured by cash effective tax rate had significant effect on the foreign equity ownership. Specifically, it was found that the foreign equity ownership significantly decreased as the tax risk of cach effective tax rate increased. Thus, it is supposed that foreign investors substantially value the cash liquidity related with tax risk in investment decisions. [Implications] This study contributes that it provides empirical results of how the tax risk affect the investment decisions of foreign investors. Specifically, this study provides empirical results that foreign investors substantially consider the tax risk in line with cash liquidity. The results of this study are expected to be usefully applied in policymaking by regulatory agency.

키워드