{"title":"经济政策的不确定性与避税:国际证据","authors":"A. Athira , Vishnu K. Ramesh","doi":"10.1016/j.ememar.2024.101135","DOIUrl":null,"url":null,"abstract":"<div><p>In this study, we investigate how economic policy uncertainty (EPU) influences corporate tax avoidance using a dataset of listed firms from 22 countries spanning 1999 to 2019. Our findings align with the agency motive, showing that as EPU increases, firms tend to decrease their tax avoidance practices. Further analysis reveals that this negative relationship is particularly strong among unconstrained firms. We also observe that strong firm-level governance is associated with reduced tax avoidance during periods of heightened EPU. Furthermore, we investigate how institutional characteristics at the country level influence the relationship between EPU and firms' tax avoidance strategies. We find that firms in countries with strong governance, situated in developed economies, and adhering to stringent auditing standards are less inclined to engage in tax avoidance amid increasing EPU. Conversely, firms in countries with low GDP per capita, low governance scores, and located in emerging economies demonstrate a positive association between tax avoidance and EPU. Overall, our research highlights EPU as a key driver of corporate tax management, offering policymakers valuable insights into its potential impact on tax planning.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":null,"pages":null},"PeriodicalIF":5.6000,"publicationDate":"2024-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Economic policy uncertainty and tax avoidance: International evidence\",\"authors\":\"A. Athira , Vishnu K. Ramesh\",\"doi\":\"10.1016/j.ememar.2024.101135\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>In this study, we investigate how economic policy uncertainty (EPU) influences corporate tax avoidance using a dataset of listed firms from 22 countries spanning 1999 to 2019. Our findings align with the agency motive, showing that as EPU increases, firms tend to decrease their tax avoidance practices. Further analysis reveals that this negative relationship is particularly strong among unconstrained firms. We also observe that strong firm-level governance is associated with reduced tax avoidance during periods of heightened EPU. Furthermore, we investigate how institutional characteristics at the country level influence the relationship between EPU and firms' tax avoidance strategies. We find that firms in countries with strong governance, situated in developed economies, and adhering to stringent auditing standards are less inclined to engage in tax avoidance amid increasing EPU. Conversely, firms in countries with low GDP per capita, low governance scores, and located in emerging economies demonstrate a positive association between tax avoidance and EPU. Overall, our research highlights EPU as a key driver of corporate tax management, offering policymakers valuable insights into its potential impact on tax planning.</p></div>\",\"PeriodicalId\":47886,\"journal\":{\"name\":\"Emerging Markets Review\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":5.6000,\"publicationDate\":\"2024-04-20\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Emerging Markets Review\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S156601412400030X\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Emerging Markets Review","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S156601412400030X","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Economic policy uncertainty and tax avoidance: International evidence
In this study, we investigate how economic policy uncertainty (EPU) influences corporate tax avoidance using a dataset of listed firms from 22 countries spanning 1999 to 2019. Our findings align with the agency motive, showing that as EPU increases, firms tend to decrease their tax avoidance practices. Further analysis reveals that this negative relationship is particularly strong among unconstrained firms. We also observe that strong firm-level governance is associated with reduced tax avoidance during periods of heightened EPU. Furthermore, we investigate how institutional characteristics at the country level influence the relationship between EPU and firms' tax avoidance strategies. We find that firms in countries with strong governance, situated in developed economies, and adhering to stringent auditing standards are less inclined to engage in tax avoidance amid increasing EPU. Conversely, firms in countries with low GDP per capita, low governance scores, and located in emerging economies demonstrate a positive association between tax avoidance and EPU. Overall, our research highlights EPU as a key driver of corporate tax management, offering policymakers valuable insights into its potential impact on tax planning.
期刊介绍:
The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.