제조기업과 유통기업의 회계-세법 일치성 수준이 자본구조에 미치는 영향 = The Effect of Manufacturing and Distribution Firm’s Book-tax Conformity Level on Capital Structure

다국어 초록 (Multilingual Abstract)

Purpose: There have been some existing studies on the effect of ‘book-tax conformity’(hereinafter BTC) on informativeness of accounting income. The purpose of this study is to extend existing studies by investigating the effect of manufacturing and distribution firm’s BTC level on capital structure, and so, getting some implication about whether the BTC is positive or negative for the informativeness of accounting income. This study also aims to see whether there is some difference in test results and their implication between manufacturing industry and distribution industry.
Research design, data, and methodology: An empirical analysis is conducted for 463 manufacturing and distribution firms listed in KOSPI, and test period is from year 2012 to year 2021 resulting in 4,630 firm-year observations. First, difference test is performed on each variable in regression model between manufacturing and distribution industry. Second, regression analysis is performed to test the research hypothesis, and additional regression analysis is done for the manufacturing and distribution industry respectively.
Results: First, debt ratio, firm size and free cash flow are higher in case of distribution industry, but collateral assets, profitability and operating risk are higher in case of manufacturing industry. Second, the regression coefficient of BTC on debt ratio is negative for both manufacturing and distribution industry. And the coefficient is significant at less than 1% in case of manufacturing industry but not significant in case of distribution industry.
Implications: First, the effect of BTC on informativeness of accounting income is limited in case of distribution industry, and so, it is proper to implement enhancing BTC for manufacturing industry first if it is needed. Second, additional empirical studies with various research topics or methodologies need to be done, if we are to make more reasonable judgment about the effect of BTC on informativeness of accounting income.

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