Tax Avoidance, Income Diversion, and Shareholder Value: Evidence from a Quasi-Natural Experiment

2017 ◽  
Author(s):  
Samer R. Semaan
Keyword(s):  
Natural Experiment ◽  
Shareholder Value ◽  
Tax Avoidance

scholarly journals Does the Carbon Emissions Trading Policy Increase Corporate Tax Avoidance? Evidence from China

2022 ◽  
Vol 9 ◽  
Author(s):  
Chen Feng ◽  
Xingshu Zhu ◽  
Yu Gu ◽  
Yuecheng Liu
Keyword(s):  
Environmental Regulation ◽  
Carbon Emissions ◽  
Emissions Trading ◽  
Natural Experiment ◽  
Tax Avoidance ◽  
Financing Constraints ◽  
Corporate Tax ◽  
Government Subsidies ◽  
Carbon Emissions Trading ◽  
A Company

Based on the natural experiment of carbon emissions trading pilots in China, this paper investigates the effect of environmental regulation on corporate tax avoidance. The results show that: 1) Market-incentivized environmental regulation significantly increase the level of corporate tax avoidance. 2) Heterogeneity analysis shows that the effect is more obvious on the non-state-owned firms, firms with severe financing constraints, and firms in highly competitive industries. 3) We find that the reduction of cash flow is the channel for environmental regulation to affect corporate tax avoidance. 4) Further analysis shows that government subsidies can alleviate the enhancement of tax avoidance by environmental regulation. The more government subsidies a company receives, the less tax avoidance it has.

scholarly journals The impact of dividend imputation on corporate tax avoidance: The case of shareholder value

2018 ◽  
Vol 48 ◽  
pp. 492-514 ◽  
Author(s):  
Ross McClure ◽  
Roman Lanis ◽  
Peter Wells ◽  
Brett Govendir
Keyword(s):  
Shareholder Value ◽  
Tax Avoidance ◽  
Corporate Tax ◽  
The Impact

Tax avoidance and cost of debt: evidence from a natural experiment in China

2017 ◽  
Vol 57 (5) ◽  
pp. 1517-1556 ◽  
Author(s):  
Wei Cen ◽  
Naqiong Tong ◽  
Yushi Sun
Keyword(s):  
Natural Experiment ◽  
Tax Avoidance ◽  
Cost Of Debt

Risk Shifting and Corporate Pension Plans: Evidence from a Natural Experiment

2018 ◽  
Vol 54 (2) ◽  
pp. 907-923
Author(s):  
David J. Pedersen
Keyword(s):  
Default Risk ◽  
Natural Experiment ◽  
Causal Effect ◽  
Shareholder Value ◽  
Pension Plans ◽  
Risk Shifting ◽  
Agency Conflicts ◽  
Exogenous Shock ◽  
Corporate Pension

Using a natural experiment to identify the causal effect of an increase in default risk on firm actions, I find little evidence managers shift risk to corporate pension plans following an exogenous shock to the firm’s long-term liabilities. The finding is robust to focusing on firms where the incentive to engage in risk shifting is arguably the greatest, such as financially vulnerable firms and firms with fewer agency conflicts. This study casts doubt on the risk-shifting hypothesis and shows managers do not take risk-shifting actions that would increase shareholder value even when those actions pose little threat to managerial utility.

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