조세혜택과 기업가치 간의 관계에 CEO 지분율이 미치는 영향 = The Effect of CEO Equity on the Relationship between Tax Benefits and Corporate Value

다국어 초록 (Multilingual Abstract)

First of all, this study analyzed how tax benefits affect corporate value according to the size of the company. In addition, the effect of CEO share on the relationship between tax benefits and corporate value by company size was analyzed. The focus of this study is to verify whether the CEO share has a significant effect on the relationship between tax benefits and corporate value. Through further analysis, tax benefits were analyzed by dividing them into short－term tax benefits and long－term tax benefits, and this was verified using the propensity score matching (PSM) model for endogenous control. In addition, in the additional analysis, the analysis results using the foreign investor’s share instead of the CEO's share were also presented.
The sample period of this study is from 2011 to 2021, and companies listed on the KOSPI (KOSPI) and KOSDAQ (KOSDAQ) were sampled. In this paper, two proxy variables were used for future corporate value：“Tobin Q” and “the ratio of market value to book value,” and the measures used by Lopez et al. (1998) and Wilkie (1992) were used as proxy variables.
The empirical analysis results of this study are as follows. First, in all samples of large companies, mid－sized companies, and SMEs, the results of the study were derived that tax benefits for companies reduce corporate value. Second, in all samples, large companies, mid－sized companies, and SMEs, the higher the CEO’s stake, the more relaxed the negative (－) relationship between tax benefits and corporate value. Further analysis was conducted using the propensity score matching (PSM) model for endogenous control. As a result of the first additional analysis, it was found that the higher the CEO’s stake, the more relaxed the negative (－) relationship between tax benefits and corporate value. In the second additional analysis, the change in the relationship between tax benefits and corporate value was identified by using the foreign investor's share instead of the CEO’s share. As a result of the analysis, it was found that the higher the stake of foreign investors, the more relaxed the negative (－) relationship between tax benefits and corporate value.
The research results of this paper provide the following implications. First, tax incentives for companies can work because they reduce net income in the short term. In the long run, it can be seen that tax benefits do not have a positive effect on corporate value. This means that granting tax benefits to companies is not helping the company’s continuous growth. This suggests that it is necessary to review the current tax benefit system for companies and improve the tax benefit system for companies so that it can have a positive effect on future corporate value. Second, it can be seen that as the CEO’s equity ratio increases, the less positive the relationship between tax benefits and corporate value improves as the CEO’s ownership increases. In other words, it was confirmed that the higher the CEO’s stake, the more relaxed the negative (－) relationship between tax benefits and corporate value.
This means that if the CEO’s share ratio increases, the tax benefits granted to companies are likely to help improve future corporate value in the long run due to the effect of increasing the CEO’s ownership. Third, it was found that the higher the share of foreign investors, the more relaxed the relationship between tax benefits and corporate value for companies. This result is believed to be because foreign investors play a role in monitoring companies.
The results of this study provide useful information that it is more helpful to reorganize corporate governance in the direction of further increasing CEO and foreign investor shares so that tax benefits for companies can positively affect future corporate value.

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