投资者如何看待税务信息的公布?来自欧洲公共国别报告的证据

IF 3.2 3区 管理学 Q1 BUSINESS, FINANCE Contemporary Accounting Research Pub Date : 2024-07-19 DOI:10.1111/1911-3846.12965
Raphael Müller, Christoph Spengel, Stefan Weck
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引用次数: 0

摘要

我们研究了公开披露(而非保密报告)逐国税务报告(CbCR)信息的相关成本。考虑到公开税务透明度措施的采用日益增多,我们的研究填补了一个重要的知识空白。我们旨在通过考察企业公开以前保密的 CbCR 信息的预期成本来阐明这一问题。由于这些信息之前是以保密方式向税务机关报告的,因此我们可以单独评估公布信息的成本。我们采用事件研究的方法,对属于新要求范围内的欧洲企业样本进行了抽样调查,为资本市场对新要求的反应提供了早期证据。根据我们的记录,在新规定公布后的 3 天内,累计平均异常回报率为 470 亿欧元至 640 亿欧元。其他横截面结果表明,从投资者角度来看,对公众监督带来的声誉成本和披露敏感商业信息带来的所有权成本的担忧超过了扩大信息环境的潜在好处。我们的研究结果突出表明,从企业的角度来看,公开披露税务信息会带来巨大的成本,而且很可能是意想不到的成本。在制定税收透明度措施时,应仔细考虑这一方面。
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How do investors value the publication of tax information? Evidence from the European public country-by-country reporting

We examine the costs associated with public disclosure, as opposed to confidential reporting, of tax country-by-country reporting (CbCR) information. Our study addresses a critical knowledge gap, considering the growing adoption of public tax transparency measures. We aim to illuminate this matter by examining the expected costs for firms of making previously confidential CbCR information publicly available. The fact that the information was previously confidentially reported to the tax authorities allows us to assess the cost of publication in isolation. Employing an event study methodology, we provide early evidence on the capital market reaction to this new requirement on a sample of European firms falling within its scope. We document a significantly negative cumulative average abnormal return of EUR 47 billion to 64 billion for up to 3 days following the announcement. Additional cross-sectional results suggest that concerns about the reputational costs arising from public scrutiny and the proprietary costs from disclosing sensitive business information outweigh the potential benefits of an extended information environment from an investor perspective. Our findings highlight that the public disclosure of tax information imposes significant—and likely unintended—costs from a firm perspective. This aspect should be carefully considered when developing tax transparency measures.

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来源期刊
CiteScore
6.20
自引率
11.10%
发文量
97
期刊介绍: Contemporary Accounting Research (CAR) is the premiere research journal of the Canadian Academic Accounting Association, which publishes leading- edge research that contributes to our understanding of all aspects of accounting"s role within organizations, markets or society. Canadian based, increasingly global in scope, CAR seeks to reflect the geographical and intellectual diversity in accounting research. To accomplish this, CAR will continue to publish in its traditional areas of excellence, while seeking to more fully represent other research streams in its pages, so as to continue and expand its tradition of excellence.
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