避税
溢出效应
跨国公司
业务
货币经济学
税收抵免
价值(数学)
公司所得税
事件研究
经济
公共经济学
微观经济学
财务
古生物学
机器学习
生物
计算机科学
背景(考古学)
作者
Tobias Bauckloh,Inga Hardeck,Kerry K. Inger,Patrick Uwe Wittenstein,Bernhard Zwergel
出处
期刊:The Accounting Review
[American Accounting Association]
日期:2020-12-22
卷期号:96 (4): 51-79
被引量:16
标识
DOI:10.2308/tar-2018-0441
摘要
ABSTRACT This research examines spillover effects of tax avoidance on peers' firm value using the setting of the European Commission's state aid investigations of private letter rulings. We assume that news about a firm's tax avoidance strategies also reveals information about peers' tax avoidance because investors expect similar firms to use similar strategies. Based on an event study design, we show that news about potential costs of tax avoidance of targeted U.S. multinational firms leads to negative stock price reactions among their peers. Moreover, peers' investors adjust their evaluations upward for news in favor of the targeted firms. Consistent with the level of tax avoidance being indicative of having similar strategies, spillover effects are stronger for firms with the highest levels of tax avoidance when examining a broad set of peers. Our findings suggest the need for a more comprehensive understanding of the costs and benefits of tax avoidance. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: G32; H25; H26.
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