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      Managerial Overconfidence and Deferred Tax Assets

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      https://www.riss.kr/link?id=A108554372

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      다국어 초록 (Multilingual Abstract)

      [Purpose] In this study, we examine how managerial overconfidence can influence the deferred tax assets reported in corporate financial statements.
      [Methodology] Using a sample of 5,208 firm-year observations listed in Korea from 2012 to 2020, we examine the effect of managerial overconfidence on deferred tax assets. Based on prior studies, we use and adopt three proxies to measure managerial overconfidence:Ahmed and Duellman (2013), Schrand and Zechman (2012), and Park and Kim (2020). To measure deferred tax assets, we hand-collect deferred tax assets information from tax footnotes in the financial statements.
      [Findings] We find that managerial overconfidence is positively associated with deferred tax assets. Results are robust when we control for industry, year and other variables that are known to influence deferred tax assets. In addition, we find that the relationship between managerial overconfidence and deferred tax assets is significantly attenuated in the presence of effective monitoring, such as foreign investors.
      [Implications] Consistent with prior studies, our findings suggest that managerial overconfidence influences financial reporting quality. In addition, our study provides important implications for investors. They should understand the level of managerial overconfidence to fully understand the tax behavior of the firms.
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      [Purpose] In this study, we examine how managerial overconfidence can influence the deferred tax assets reported in corporate financial statements. [Methodology] Using a sample of 5,208 firm-year observations listed in Korea from 2012 to 2020, we ex...

      [Purpose] In this study, we examine how managerial overconfidence can influence the deferred tax assets reported in corporate financial statements.
      [Methodology] Using a sample of 5,208 firm-year observations listed in Korea from 2012 to 2020, we examine the effect of managerial overconfidence on deferred tax assets. Based on prior studies, we use and adopt three proxies to measure managerial overconfidence:Ahmed and Duellman (2013), Schrand and Zechman (2012), and Park and Kim (2020). To measure deferred tax assets, we hand-collect deferred tax assets information from tax footnotes in the financial statements.
      [Findings] We find that managerial overconfidence is positively associated with deferred tax assets. Results are robust when we control for industry, year and other variables that are known to influence deferred tax assets. In addition, we find that the relationship between managerial overconfidence and deferred tax assets is significantly attenuated in the presence of effective monitoring, such as foreign investors.
      [Implications] Consistent with prior studies, our findings suggest that managerial overconfidence influences financial reporting quality. In addition, our study provides important implications for investors. They should understand the level of managerial overconfidence to fully understand the tax behavior of the firms.

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      참고문헌 (Reference)

      1 백원선 ; 김상헌, "재무보고비용과 감사품질이 이연법인세자산의 실현가능성에 미치는 영향" 한국회계학회 31 (31): 193-224, 2006

      2 최관 ; 전성일, "이연법인세차의 실현가능성과 가치관련성" 한국회계학회 29 (29): 65-86, 2004

      3 신현걸, "이연법인세차의 실현가능성 판단을 이용한 이익조정 행위에 관한 연구" 309-329, 2002

      4 안숙찬, "이연법인세자산의 인식에 관한 연구" 대한경영학회 18 (18): 1175-1196, 2005

      5 백원선 ; 김상헌, "미래법인세 효과의 실현가능성, 감사품질 및 이연법인세차의 가치관련성" 한국회계학회 30 (30): 99-120, 2005

      6 박종일 ; 김수인, "경영자의 과신성향이 재무적 제약과 조세회피에 미치는 영향" 한국세무학회 21 (21): 157-204, 2020

      7 유혜영 ; 김새로나, "경영자의 과신성향이 재무보고 방식에 미치는 영향: 보수주의를 중심으로" 한국회계학회 40 (40): 41-80, 2015

      8 김성환 ; 이현경, "경영자의 과신성향이 신용평가에 미치는 영향" 한국회계정보학회 40 (40): 129-153, 2022

      9 오상희 ; 황유정, "경영자 자기과신과 기업가치 : 지배구조에 따른 연구" 한국국제회계학회 (87) : 21-38, 2019

      10 라기례 ; 박상봉, "경영자 과신성향과 수익비용대응 정도 및 비용인식 패턴" 대한경영학회 29 (29): 1527-1547, 2016

      1 백원선 ; 김상헌, "재무보고비용과 감사품질이 이연법인세자산의 실현가능성에 미치는 영향" 한국회계학회 31 (31): 193-224, 2006

      2 최관 ; 전성일, "이연법인세차의 실현가능성과 가치관련성" 한국회계학회 29 (29): 65-86, 2004

      3 신현걸, "이연법인세차의 실현가능성 판단을 이용한 이익조정 행위에 관한 연구" 309-329, 2002

      4 안숙찬, "이연법인세자산의 인식에 관한 연구" 대한경영학회 18 (18): 1175-1196, 2005

      5 백원선 ; 김상헌, "미래법인세 효과의 실현가능성, 감사품질 및 이연법인세차의 가치관련성" 한국회계학회 30 (30): 99-120, 2005

      6 박종일 ; 김수인, "경영자의 과신성향이 재무적 제약과 조세회피에 미치는 영향" 한국세무학회 21 (21): 157-204, 2020

      7 유혜영 ; 김새로나, "경영자의 과신성향이 재무보고 방식에 미치는 영향: 보수주의를 중심으로" 한국회계학회 40 (40): 41-80, 2015

      8 김성환 ; 이현경, "경영자의 과신성향이 신용평가에 미치는 영향" 한국회계정보학회 40 (40): 129-153, 2022

      9 오상희 ; 황유정, "경영자 자기과신과 기업가치 : 지배구조에 따른 연구" 한국국제회계학회 (87) : 21-38, 2019

      10 라기례 ; 박상봉, "경영자 과신성향과 수익비용대응 정도 및 비용인식 패턴" 대한경영학회 29 (29): 1527-1547, 2016

      11 Moodys, "https://www.moodys.com/research/Moodys-Reliance-on-globalbanks-deferredtax-assets-poses-potential-PR_340219"

      12 Malmendier, U., "Who makes acquisitions? CEO overconfidence and the market’s reaction" 89 (89): 20-43, 2008

      13 Haniffa, R. M., "The impact of culture and governance on corporate social reporting" 24 (24): 391-430, 2005

      14 Langer, E. J, "The illusion of control" 32 (32): 311-, 1975

      15 Graham, J. R., "Research in accounting for income taxes" 53 (53): 412-434, 2012

      16 Khawar, M, "Productivity and foreign direct investment-Evidence from Mexico" 30 (30): 66-76, 2003

      17 Malmendier, U., "Overconfidence and early-life experiences : The effect of managerial traits on corporate financial policies" 66 (66): 1687-1733, 2011

      18 Mitra, S., "Managerial overconfidence, ability, firm-governance and audit fees" 52 (52): 841-870, 2019

      19 Yang, D., "Managerial overconfidence and manipulation of operating cash flow : Evidence from Korea" 32 : 101343-, 2020

      20 Duellman, S., "Managerial overconfidence and audit fees" 11 (11): 148-165, 2015

      21 Ahmed, A. S., "Managerial overconfidence and accounting conservatism" 51 (51): 1-30, 2013

      22 Ben-David, I., "Managerial miscalibration" 128 (128): 1547-1584, 2013

      23 Burgstahler, D., "How firms avoid losses:Evidence of use of the net deferred tax asset account" University of Washington 2002

      24 Salihu, I. A., "Foreign investors’ interests and corporate tax avoidance : Evidence from an emerging economy" 11 (11): 138-147, 2015

      25 Schrand, C. M., "Executive overconfidence and the slippery slope to financial misreporting" 53 (53): 311-329, 2012

      26 최우석 ; 이은서 ; Maria A. Leach-López, "Excess Compensation and Corporate Governance" 한국국제회계학회 (86) : 165-188, 2019

      27 고우 ; 한길석, "Effect of Managerial Overconfidence on Corporate Credit Ratings" 한국국제회계학회 (96) : 1-21, 2021

      28 Edwards A., "Does the deferred tax asset valuation allowance signal firm creditworthiness?" University of Washington 2011

      29 Miller, G. S., "Determinants of the valuation allowance for deferred tax assets under SFAS No. 109" 73 (73): 213-233, 1998

      30 Ayers, B. C., "Credit ratings and taxes : The effect of book-tax differences on ratings changes" 27 (27): 359-402, 2010

      31 Hribar, P., "CEO overconfidence and management forecasting" 33 (33): 204-227, 2016

      32 Hsieh, T. S., "CEO overconfidence and earnings management during shifting regulatory regimes" 41 (41): 1243-1268, 2014

      33 Hanna, J. D., "Banks’ deferred tax assets during the financial crisis" 53 (53): 527-550, 2019

      34 Presley, T. J., "AIA submission : CEO overconfidence and the incidence of financial restatement" 29 (29): 74-84, 2013

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