경영자 능력이 효과적 세무계획과 기업가치의 관계에 미치는 영향

초록

This study investigates the role of managerial ability in moderating the relationship between Effective Tax Planning (ETP) and firm value. ETP is defined as a strategic approach that goes beyond mere tax cost minimization by incorporating non-tax costs to maximize after-tax profits and enhance long-term firm value. While prior research has examined the link between tax avoidance and firm value, findings have often been inconsistent due to the limited consideration of non-tax costs. To address this gap, this study employs the comprehensive ETP measure proposed by Schwab et al. (2022) and explores how managerial ability influences its effectiveness. Using data from firms listed on the Korea Exchange from 2011 to 2018, the results reveal that higher managerial ability amplifies the positive impact of ETP on firm value. Managers with superior resource allocation skills and long-term decision-making capabilities are shown to effectively manage both tax and non-tax costs, thereby driving greater firm value. These findings underscore the strategic importance of managerial expertise in enhancing the outcomes of tax planning initiatives. The key contributions of this study are twofold: First, it introduces managerial ability as a moderating variable, providing a more nuanced understanding of how ETP affects firm value. Second, it empirically demonstrates that managerial capability can lead to differing outcomes for identical tax planning strategies, emphasizing the necessity of adopting sustainable and long-term tax strategies. This research highlights the critical role of managerial decision-making in optimizing both the implementation and effectiveness of ETP.

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