최저한세 납부 대상 기업의 자기자본비용
Copyright 2011 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
This study analyzes effects of alternative minimum tax (AMT) on firm’s cost of equity capital. Investigating a sample of public firms for 2011-2020, we find that firms paying AMT have a higher cost of equity capital. We also find that the cost of equity capital is higher when the firms paying AMT are non-small and medium-sized enterprises (SMEs). This study contributes to expanding the literature by empirically analyzing how tax regulation affects the capital market. Firms’ behavior motivated by tax regulation could affect the cost of equity capital which is the basis of the firms’ real economic decisions. Thus, the results suggest that tax policymakers make tax regulation more sophisticated.
Keywords:
Alternative Minimum Tax, Cost of Equity CapitalAcknowledgments
This research was financially supported by Hansung University.
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∙ The author Sung Min Jeon is a researcher for Institute for Business Research and Education (IBRE), Korea University Business School. She graduated from Korea University Business School and worked for Citi Bank Korea. She received her Ph.D. in Business Administration at Korea University. Her research interests are Valuation, Corporate Governance, and CEO compensation.
∙ The author Sang Hyuk Lee is an Assistant Professor, School of Social Science, Hansung University. He received his Ph.D. in Business Administration at Korea University. As a certified public accountant (KICPA), he worked for Samil PwC and KRX. Sang Hyuk Lee’s research interests are Valuation, Disclosure and Corporate Governance.