본 연구는 세무이익의 정보유용성을 알아보기 위함이다. 이를 위해 회계이익과 세무이익을 비교함으로써, 세무이익이 투자자들에게 기업성과에 대한 추가적인 정보를 제공하는지를 살펴본다. 최근, 회계이익을 보완하는 성과측정치로서 세무이익이 제시되고 있으며, 특히 회계이익과 과세소득의 차이(BTD)에 대한 활발한 연구가 진행 중이다. 이에 반해, 세무이익은 국외에서는 다양하게 관심을 가지는 반면, 국내에서는 거의 연구가 되지 않고 있어, 본 연구는 세무이익의 정보유용성을 체계적으로 분석하기 위함이다. 이에 추가적으로 이익조정 및 세무계획수준에 따라 정보유용성에 차이가 있는지를 살펴본다.
본 연구의 분석결과는 다음과 같다. 첫째, 전통적인 성과측정치인 회계이익은 미래재무성과와 주식수익률에 양의 영향을 나타냈고 세무이익도 미래재무성과와 주식수익률에 양의 영향을 나타냈으나, 그 설명력은 회계이익보다는 낮게 나타났다. 둘째, 세무전략과 이익조정수준이 높을 때 정보유용성에 차이기 있는 지를 분석한 결과, 이익조정수준이 높은 표본에서 회계이익이 미래경영성과와 주식수익률에 양의 영향을 미쳤으며, 세무전략수준이 높은 표본에서는 세무이익이 정보유용성이 있는 것으로 나타났다. 본 연구는 세무이익에 대한 연구가 거의 없는 상황에서 선행연구에서와 방법을 달리하여 분석을 하였으며 특히, 이익조정과 세무전략 관련을 모두 다루어 정보유용성의 분석을 시도하였다는데 의미가 있다.
This paper investigates whether taxable income has information content of firm performance beyond book income. There are two kinds of corporation's reporting income: book income and taxable income. Book income is for financial reporting purposes under GAAP and taxable income is to determine the corporation's tax liabilities under tax law. Recent research suggests taxable income contains more mandated rule error than book income because legislators generally write tax rules to raise revenue and motivate behavior and not specifically to measure performance. The main empirical results are followed: First, I find that taxable income has the information content as accounting income's benchmark-taxable income response coefficient to stock returns is statistically significantly positive and so is taxable income response coefficient to future book income. Second, I find that the information content of taxable income to book income is significantly higher for high tax planning firms and significantly lower for earnings management firms relative to other firms. Our results suggest that high tax planning and earnings management have contrasting effects on the information content of taxable income. This paper makes several contributions. First, this paper contributes to the recent literature investigating taxable income as an alternative performance measure. Second, results suggest that tax planning and earning management have contrasting effects on the information content of taxable income.
This paper investigates whether taxable income has information content of firm performance beyond book income. There are two kinds of corporation's reporting income: book income and taxable income. Book income is for financial reporting purposes under GAAP and taxable income is to determine the corporation's tax liabilities under tax law. Recent research suggests taxable income contains more mandated rule error than book income because legislators generally write tax rules to raise revenue and motivate behavior and not specifically to measure performance. The main empirical results are followed: First, I find that taxable income has the information content as accounting income's benchmark-taxable income response coefficient to stock returns is statistically significantly positive and so is taxable income response coefficient to future book income. Second, I find that the information content of taxable income to book income is significantly higher for high tax planning firms and significantly lower for earnings management firms relative to other firms. Our results suggest that high tax planning and earnings management have contrasting effects on the information content of taxable income. This paper makes several contributions. First, this paper contributes to the recent literature investigating taxable income as an alternative performance measure. Second, results suggest that tax planning and earning management have contrasting effects on the information content of taxable income.
