경영자 과신 성향과 세무위험이 횡령 및 배임에 미치는 영향

초록

This study empirically analyzes whether managers’ overconfidence affects corporate embezzlement. Recent corporate embezzlement incidents have raised concerns about corporate credibility. In order to empirically analyze the impact of managerial characteristics on embezzlement, this study uses data on companies that embezzled from 2011 to 2023. The main empirical findings are as follows. First, we find that the higher the manager’s overconfidence, the higher the probability of embezzlement and the amount of embezzlement, and the higher the frequency of embezzlement, suggesting that managerial overconfidence has a systematic effect on embezzlement. Second, we analyze whether the effect of managerial overconfidence on embezzlement varies depending on the firm’s tax risk. We find that higher tax risk, as measured by the effective corporate tax rate and the cash effective tax rate, significantly differs in the presence, amount, and frequency of embezzlement between firms with and without managerial overconfidence. This suggests that higher tax risk makes managers more likely to make riskier decisions based on overconfidence in their abilities, which manifests itself in illegal behavior such as embezzlement. The significance of this study is that it shows that managerial characteristics have a significant impact on corporate embezzlement behavior.

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