법인세 최소화동기를 위한 이익조정과 관련한 지금까지의 선행연구들은 경영자들이 이익조정의 목적을 달성하기 위한 수단으로써 재량발생에만 국한하여 연구되어 왔다. 하지만 만약 재량발생을 통한 이익조정이 경영자의 의도를 충분히 실현시키지 못할 경우 경영자는 다른 대체방안을 고려할 것이다. 본 연구에서는 이러한 사실에 초점을 맞추어 경영자들이 법인세 최소화동기를 위하여 장기적인 관점에서 기업가치극대화에 긍정적인 영향을 미치는 재량원가를 이용하여 추가적인 이익조정 동기를 충족하고 있는 지를 살펴보았다. 이를 위해 먼저 당기 법인세부담이 높은 기업들은 법인세최소화 동기를 충족할 목적으로 재량발생을 이용하여 이익을 하향조정하고 있음을 살펴보았다(가설 1). 나아가 법인세최소화동기를 가진 기업들이 재량발생을 통해 충분한 이익의 하향조정을 이루어내지 못했다면 추가적인 수단을 강구할 것이고, 이러한 추가적인 수단으로 경영자에게 상대적으로 많은 재량권이 부여되어 있으며 법인세형태의 현금유출 보다 직접적으로 기업가치에 영향을 미치는 재량원가의 형태로 지출 하는지를 살펴보았다(가설 2). 분석결과 법인세추정치(TAXEST)와 재량발생(DA)의 관계를 나타내는 회귀계수가 통계적으로 유의한 음(-)의 값을 보임으로써 법인세최소화 목적을 위하여 기업들이 이익을 하향조정할 것이라는 가설 1을 검증하였다. 또한 직전연도 재량발생을 당기 이익조정여력의 대용치로 보고 이익조정여력이 부족한 기업의 법인세추정치와 재량원가간의 관계를 나타내는 회귀계수 역시 통계적으로 유의한 양(+)의 값을 보임으로써 가설 2와 일관된 결과가 제시 되었다 본 연구는 경영자들이 재량발생 이외에도 외부정보이용자들이 비교적 관찰이 용이한 개별항목을 이용하여 추가적인 이익조정 동기를 충족하고 있는 지를 살펴봄으로써 경영자들의 전략적 선택을 보다 가시적으로 관찰할 수 있는 재량발생의 부분적 대체수단을 제시하였다는데 그 의의를 찾을 수 있다.

High-tax-burden firms have incentive to maximize firm value by minimizing corporate income taxes. To satisfy this motivation, high-tax-burden firms attempt to decrease earnings through earnings management. Previous studies have documented that firms only could utilize discretionary accruals as earnings management measurement for minimizing corporate income taxes(Scholes et al.1992; Guenther 1994; Lopez et al. 1998; Wonsun Paek·Kwan Choi 1999). However, Firms could utilize discretionary expenditures as well as discretionary accruals as the measure of earnings management. The reason(why firms use discretionary expenditures as a way to reduce corporate income taxes) is that discretionary expenditures directly affect firm value and it is cost items to be freely decided by manager. However, discretionary expenditures could be easily observable than discretionary accruals, and therefore firms would not use discretionary expenditures unless it is necessary. In other words, firms which have less discretionary accruals could utilize other means such as discretionary expenditures. This study investigates the relationship between discretionary expenditures and manager's incentive for minimizing corporate income taxes. We hypothesize that high-tax-burden firms make income- decreasing discretionary accruals to reduce tax expenses. Furthermore, If firms that minimizing corporate income taxes couldn't income-decreasing discretionary accruals, than firms could utilize discretionary expenditures for minimizing corporate income taxes. The sample consists of non-banking firms(2,267 firm-years) with December fiscal year listed in Korean Stock Exchange over 2001-2006. The results of empirical research are as follows; First, the coefficient on income tax estimates is negative and significant for discretionary accruals. This result suggests that high-tax-burden firms make income-decreasing discretionary accruals to reduce tax expenses, supporting H1. Second, the coefficient on income tax estimates of firms which have less discretionary accruals is positive and significant for discretionary expenditures. This result suggests that firms could utilize discretionary expenditures for minimizing corporate income taxes, supporting H2. This study contributes in that it provides partly alternative means of discretionary accruals that could be more easily observable manager's strategic choice than discretionary accruals.

High-tax-burden firms have incentive to maximize firm value by minimizing corporate income taxes. To satisfy this motivation, high-tax-burden firms attempt to decrease earnings through earnings management. Previous studies have documented that firms only could utilize discretionary accruals as earnings management measurement for minimizing corporate income taxes(Scholes et al.1992; Guenther 1994; Lopez et al. 1998; Wonsun Paek·Kwan Choi 1999). However, Firms could utilize discretionary expenditures as well as discretionary accruals as the measure of earnings management. The reason(why firms use discretionary expenditures as a way to reduce corporate income taxes) is that discretionary expenditures directly affect firm value and it is cost items to be freely decided by manager. However, discretionary expenditures could be easily observable than discretionary accruals, and therefore firms would not use discretionary expenditures unless it is necessary. In other words, firms which have less discretionary accruals could utilize other means such as discretionary expenditures. This study investigates the relationship between discretionary expenditures and manager's incentive for minimizing corporate income taxes. We hypothesize that high-tax-burden firms make income- decreasing discretionary accruals to reduce tax expenses. Furthermore, If firms that minimizing corporate income taxes couldn't income-decreasing discretionary accruals, than firms could utilize discretionary expenditures for minimizing corporate income taxes. The sample consists of non-banking firms(2,267 firm-years) with December fiscal year listed in Korean Stock Exchange over 2001-2006. The results of empirical research are as follows; First, the coefficient on income tax estimates is negative and significant for discretionary accruals. This result suggests that high-tax-burden firms make income-decreasing discretionary accruals to reduce tax expenses, supporting H1. Second, the coefficient on income tax estimates of firms which have less discretionary accruals is positive and significant for discretionary expenditures. This result suggests that firms could utilize discretionary expenditures for minimizing corporate income taxes, supporting H2. This study contributes in that it provides partly alternative means of discretionary accruals that could be more easily observable manager's strategic choice than discretionary accruals.

discretionary expenditures, corporate tax minimization, earnings management