目标之外:股东激进主义对企业避税的溢出效应

IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Journal of International Financial Markets Institutions & Money Pub Date : 2024-09-06 DOI:10.1016/j.intfin.2024.102054
Haowen Tian , Junkai Wang , Sirui Wu
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引用次数: 0

摘要

本研究探讨了股东激进主义如何影响具有相同投资组合的非目标公司的行为。通过采用匹配-DiD 方法,我们发现与对照公司相比,投资组合中的非目标处理公司倾向于采取更多的避税行为。对于面临财务限制、受到激进分子审查、卷入敌对运动、针对财务和并购事项以及激进分子持股比例较高的公司,这种效应更强。避税行为的增加可归因于税收筹划的改善、公司价值的提高以及未来目标风险的降低。这些发现与威胁效应相吻合,在威胁效应中,强化和火力演练两种渠道都可能发挥作用。总之,本研究揭示了公司在税收战略决策中如何平衡股东的财务要求和对政府的纳税义务,这为企业如何在多个利益相关者之间保持平衡提供了有价值的见解。
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Beyond the target: The spillover effect of shareholder activism on corporate tax avoidance

This study explores how shareholder activism affects the behaviors of non-target companies with the same investment portfolio. Employing a matching-DiD methodology, we find that the portfolio non-target treatment firms tend to conduct greater tax avoidance compared to the control firms. This effect is stronger for firms facing financial constraints, under experienced activist scrutiny, involved in hostile campaigns, targeting financial and M&A matters, and with higher activist shareholdings. Increased tax avoidance is attributed to improved tax planning, enhancing firm value, and reducing future targeting risks. These findings align with the threat effect, where both fortification and fire-drill channels can be at play. Overall, this study sheds light on how companies balance financial demands of shareholders with the tax obligations to the government in their tax strategy decisions, which may provide valuable insights into how businesses keep the balance between multiple stakeholders.

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来源期刊
CiteScore
6.60
自引率
10.00%
发文量
142
期刊介绍: International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.
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