Browse

자본시장에 존재하는 암묵적 조세에 관한 실증연구: 코스닥시장을 중심으로
An Empirical Study on Implicit Taxes in Korean Capital Market: with a Focus on KOSDAQ Market

Cited 0 time in Web of Science Cited 0 time in Scopus
Authors
정운오; 노희천
Issue Date
2003-12
Publisher
서울대학교 경영대학 경영연구소
Citation
경영논집, Vol.37 No.4, pp. 131-153
Keywords
Implicit TaxTax FavorVenture FirmsKOSDAQ FirmsMarket Frictions and Restrictions
Abstract
This study investigates whether tax favors lead to a decline of before-tax rate of returns of

the firms traded in KOSDAQ market. In particular, the possibility of this implicit tax has

been examined for venture firms separately from non-venture firms. Contrary to the implicit

tax hypothesis, the empirical results demonstrate that most tax benefits are retained by the

KOSDAQ firms. It is also discovered that the extent to which tax benefits are retained is

higher for non-venture firms than for venture firms. These results could be an evidence that

there are too many frictions and/or restrictions in the market in which most KOSDAQ firms

operate, so that competition is essentially deterred. It is also observed that before-tax rate of

returns of venture firms are more sensitive to tax benefits than those of non-venture firms.
ISSN
1229-0491
Language
Korean
URI
http://hdl.handle.net/10371/43570
Files in This Item:
Appears in Collections:
College of Business Administration/Business School (경영대학/대학원)Institute of Management Research (경영연구소)경영논집경영논집 vol.37 (2003)
  • mendeley

Items in S-Space are protected by copyright, with all rights reserved, unless otherwise indicated.

Browse