재량적 조세회피와 기업의 부정위험

초록

Purpose - This study empirically examines the association between discretionary tax avoidance and corporate accounting fraud risk from an agency perspective. Design/methodology/approach - This study employs discretionary book–tax differences (DDBTD), which capture the component of tax avoidance attributable to managerial discretion and agency problems, and the F-score, which provides an ex-ante estimate of accounting fraud risk, to examine the relation between discretionary tax avoidance and fraud risk. To mitigate potential endogeneity concerns, this study conducts additional analyses using a two-stage least squares (2SLS) approach and performs subsample analyses based on firms’ fraud risk levels, confirming the robustness of the main findings. The analysis is further extended by examining tax risk—commonly associated with higher levels of discretionary tax avoidance—as an alternative measure, and the results remain consistent. Findings - The empirical results show that firms with higher levels of discretionary tax avoidance exhibit significantly greater accounting fraud risk. Moreover, this positive association is more pronounced in firms led by overconfident CEOs, indicating that managerial characteristics play an important moderating role in amplifying the fraud risk associated with discretionary tax avoidance. Research implications or Originality - Overall, this study contributes to the literature by reinterpreting tax avoidance not merely as a tax planning strategy but as a managerial action that can exacerbate accounting fraud risk through agency problems and weakened internal controls, thereby bridging the tax avoidance and accounting fraud literatures.

키워드