세후이익에 기초한 경영자보상의 사용과 기업의 조세회피 = The Use of After-tax Measures in CEO Compensation and Firm's Tax Avoidance

다국어 초록 (Multilingual Abstract)

In this paper we examine whether the use of after-tax accounting earnings in chief executive officer(CEO) compensation leads to greater corporate tax avoidance. The analysis is conducted in two steps. First, we determine whether firms use after-tax accounting measures in CEO compensation. To do so, we estimate the firm-specific sensitivity of CEO cash compensation to total income tax expense. Firms whose sensitivities are negative and statistically significant at the 0.10 level are coded as using after-tax measures in determining CEO cash compensation. Second, we use regression analysis to estimate the statistical association between ETRs and our estimate of after-tax CEO incentives, controlling for several determinants of using after-tax incentives.
The results of the analysis are as follows. First, we estimate the association between effective tax rates(ETRs) and CEOs' after-tax incentives and find a negative and statistically significant relation between the use of after-tax incentives and firms' ETRs. The use of after-tax CEO incentives translated into a reduction in ETR. Second, we examine the effect of after-tax CEO incentives on CEO compensation. We expect a positive relation between the use of after-tax incentives and total CEO compensation. We find a negative relation between after-tax incentives and total CEO compensation.

국문 초록 (Abstract)

본 연구는 세후이익에 기초한 경영자보상이 기업의 조세회피를 증가시키는지를 분석하였다. 분석은 두 단계로 진행되었다. 먼저, 본 연구는 세후이익에 기초한 경영자보상을 사용하는지를 조사하였다. 이를 위하여 법인세비용에 대한 경영자현금보상의 기업별 민감도를 추정하였다. 1% 수준에서 유의적인 음의 값을 갖는 기업은 경영자현금보상에 세후이익을 사용하는 것으로 값을 부여하였다. 다음으로, 본 연구는 유효세율과 세후경영자보상간의 관련성을 조사하기 위하여 회귀분석을 실시하였다.
분석결과를 요약하면 다음과 같다. 첫째, 세후이익에 기초한 경영자보상과 유효세율은 음의 관계로 나타나 경영자에 대한 세후이익에 기초한 보상은 기업의 조세부담을 감소시키는 것으로 나타났다. 둘째, 세후이익에 기초한 경영자 보상과 경영자보상간의 관계는 세후이익에 기초한 경영자보상이 경영자보상을 증가시킬 것이라는 예측과 달리 감소하는 분석결과를 보여주고 있다.

참고문헌 (Reference)

1 권순창, "조세회피와 기업특성에 관한 분석" 한국국제회계학회 (26) : 189-210, 2009

2 고윤성, "조세회피와 기업특성 및 기업가치에 관한 연구" 한국세무학회 24 (24): 9-40, 2007

3 안숙찬, "조세부담과 기업특성" 125-152, 1996

4 고종권, "적극적 재무보고와 적극적 세무보고간의 관계 분석" 한국회계학회 21 (21): 95-130, 2012

5 이재성, "유효법인세율 변동성의 결정요인에 관한 실증연구" 한국회계정보학회 18 : 8-184, 2002

6 전규안, "기업특성이 조세부담에 미치는 영향" 23-60, 1997

7 김진회, "기업의 재무적 특성이 조세회피에 미치는 영향" 한국세무학회 23 (23): 97-124, 2006

8 김지범, "경영자 특성과 기업 지배구조가 조세회피행위에 미치는 영향" 한국회계정보학회 31 (31): 267-287, 2013

9 심상규, "경영자 스톡옵션 보상이 조세회피행위에 미치는 영향" 한국회계정보학회 26 (26): 233-258, 2008

10 노현섭, "경영자 보상유인을 고려한 유효세율과 기업특성간의 관계" 대한경영학회 18 (18): 1707-1730, 2005

11 전규안, "거래소기업과 코스닥기업의 특성과 조세부담" 한국세무학회 20 (20): 1-32, 2003

12 Jensen, M., "Theory of the Firm : Managerial Behavior, Agency Costs, and Ownership Structure" 305-360, 1976

13 Core, J., "The Use of Equity Grants to Manager Optimal equity Incentive Levels" 151-184, 1999

14 Manzon, G. Jr., "The Relation Between Financial and Reporting Measures of Income" 175-214, 2002

15 Carnes, G., "The Influence of International Status and Operating Segments on Firm’s Choice of Bonus Plans" 43-57, 2000

16 Desai, M., "The Divergence between Book and Tax Income" 196-120, 2003

17 Larker, D., "The Association between Performance Plan Adoption and Corporate Capital Investment" 3-30, 1983

18 Scholes, M., "Tax and Corporate Financial Strategy: A Global Planning Approach" Prentice-Hall, Inc 2005

19 Rego, S., "Tax Avoidance Activities of U. S. Multinational Corporations" 805-833, 2003

20 Mills, L., "Strategic Tax and Financial Reporting Decisions: Theory and Evidence" 85-106, 2000

21 Newman, H., "Selection of Short-term Accounting-based Bonus Plans" 758-772, 1989

22 Jensen, M., "Performance Pay and Top Management Incentive" 225-264, 1990

23 Talisman, J., "Penalty and Interest Provision, Corporate Tax Shelters" U. S. Department of the Treasury 2000

24 Omer, C., "Measurement of Effective Corporate Tax Rates Using Financial Statement Information" 57-72, 1991

25 Dyreng, S, "Long-run Corporate Tax Avoidance" 61-82, 2008

26 Dhaliwal, D., "Factors Associated with the Choice to use Before-tax of After-tax Earnings as the Contracting Variable in Annual Bones Plans" University of Arizona, University of Oregon, and University of Southern California 2000

27 Berger, P., "Explicit and Implicit Tax Effects of the R&D Tax Credit" 131-171, 1993

28 Defeo, V., "Executive Compensation Effects of Equity-for-Debt Swaps" 201-227, 1989

29 Stickney, C., "Effective Corporate Tax Rates: The Effect of Size, Capital Intensity, Leverage, and other Factors" 125-152, 1982

30 Badertscher, B., "Earnings Management Strategies and the Trade-Off between Tax Benefits and Detection Risk: To Conform or not to Conform?" 63-97, 2009

31 Gibbons, R., "Does Executive Compensation Management Turnover and Firm Performance: An Empirical Investigation" 99-109, 1992

32 Gupta. S., "Determinants of the Variability in Corporate Effective Tax Rates : Evidence from Longitudinal Data" 1-34, 1997

33 Cadman, B., "Determinants of CEO Pay : A Comparison of ExecuComp and NON-ExecuComp Firms" 1511-1143, 2010

34 Philips, J., "Corporate Tax-planning Effectiveness: The Role of Compensation-based Incentive" 847-874, 2003

35 Pocano, T., "Corporate Tax Rates : Regressive, Proportional or Regressive" 17-31, 1986

36 Plesko, G., "Corporate Tax Avoidance and the Properties of Corporate Earnings" 729-738, 2004

37 Desai, M., "Corporate Tax Avoidance and High Powered Incentive" 145-179, 2006

38 Murphy, K., "Corporate Performance and Managerial Remuneration: An Empirical Analysis" 3-36, 1985

39 Weber, D., "Book-Tax Differences, Analysts’ Forecast Errors, and Stock Returns" 133-134, 2009

40 Atwood, T., "Before versus After-tax Earning as Performance Measures in Compensation Contracts" 30-44, 1998

41 Lambert , R., "An Analysis of the Use of Accounting and Market Measures of Performance in Executive Compensation Contracts" 85-125, 1987

42 Sloan, R., "Accounting and top Executive Compensations" 56-100, 1993