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The scope of acceptable articles should embrace any research methodology and any accounting-related subject, as long as the articles meet the standards established for publication in the journal … No special sections should be necessary. The primary, but not exclusive, audience should be—as it is now—academicians, graduate students, and others interested in accounting research.” The primary criterion for publication in The Accounting Review is the significance of the contribution an article makes to the literature. Topical areas of interest to the journal include accounting information systems, auditing and assurance services, financial accounting, management accounting, taxation, and all other areas of accounting, broadly defined. 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Defenders counter-argue that the fair value provisions were insufficient to lead to the pro-cyclical effects alleged by the critics. Our evidence indicates that these provisions did not affect the commercial banking industry in the ways commonly alleged by critics. First, we show that fair value accounting losses had minimal effect on regulatory capital. Then, we examine sales of securities during the crisis, finding mixed evidence that banks sold securities in response to capital-depleting charges. However, the sales that potentially resulted from the charges appear to be economically insignificant, as there was no industry- or firm-level increase in sales of securities during the crisis.\u003C\u002Fjats:p>\n               \u003Cjats:p>JEL Classifications: M41; M42; M44.\u003C\u002Fjats:p>\n               \u003Cjats:p>Data Availability: Data are available from sources identified in the article.\u003C\u002Fjats:p>",{"EN":116},"A Convenient Scapegoat: Fair Value Accounting by Commercial Banks during the Financial Crisis",{"VOID":118},"[]",{"VOID":120},"10.2308\u002Faccr-10166","PUBLICATION","VERIFIED","2024-12-18T21:03:27.264+00:00","Auto Verify",[126],"EN","https:\u002F\u002Fpublications.aaahq.org\u002Faccounting-review\u002Farticle\u002F87\u002F1\u002F59\u002F3286\u002FA-Convenient-Scapegoat-Fair-Value-Accounting-by",[129,148,166],{"id":130,"sortIndex":25,"researcher":24,"roles":131,"affiliations":132,"properties":141,"displayName":145,"givenName":24,"familyName":24},"9433e170-c1d0-4d21-aa25-823122b680cb",[],[133],{"id":134,"sortIndex":25,"affiliation":135,"properties":24},"0803834f-3b27-40c1-8562-1d784572ddc5",{"id":134,"createTime":24,"updateTime":24,"relativeEntities":136,"slug":24,"properties":137,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":140,"statistic":24},[],{"title":138},{"EN":139},"University of Notre Dame.",[],{"orcid":142,"title":144,"openalex":146},{"VOID":143},"https:\u002F\u002Forcid.org\u002F0000-0002-1032-6026",{"EN":145},"Brad A. Badertscher",{"VOID":147},"A5041634604",{"id":149,"sortIndex":150,"researcher":24,"roles":151,"affiliations":152,"properties":159,"displayName":163,"givenName":24,"familyName":24},"1d24da33-eb32-438f-b369-98b16ce3c2d6",1,[],[153],{"id":134,"sortIndex":25,"affiliation":154,"properties":24},{"id":134,"createTime":24,"updateTime":24,"relativeEntities":155,"slug":24,"properties":156,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":158,"statistic":24},[],{"title":157},{"EN":139},[],{"orcid":160,"title":162,"openalex":164},{"VOID":161},"https:\u002F\u002Forcid.org\u002F0000-0002-9973-5917",{"EN":163},"Jeffrey J. 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Easton",{"VOID":183},"A5040314234","ARTICLE",{"url":24,"publisher":186,"properties":232},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":187,"slug":10,"properties":188,"entityType":22,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":25,"subjectFields":193,"manageAffiliations":206,"indexDatabases":217,"url":97,"thumbnailPath":24,"statistic":24,"gsStatistic":24,"type":24,"analyzePriority":24},[],{"country":189,"eissn":190,"issn":191,"title":192},{"VOID":13},{"VOID":15},{"VOID":17},{"EN":19},[194,198,202],{"id":28,"createTime":24,"updateTime":24,"relativeEntities":195,"label":196,"description":197,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":31},{},{"id":34,"createTime":24,"updateTime":24,"relativeEntities":199,"label":200,"description":201,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":37},{},{"id":40,"createTime":24,"updateTime":24,"relativeEntities":203,"label":204,"description":205,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":43},{},[207,212],{"id":47,"createTime":24,"updateTime":24,"relativeEntities":208,"slug":24,"properties":209,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":211,"statistic":24},[],{"title":210},{"EN":51},[],{"id":54,"createTime":24,"updateTime":24,"relativeEntities":213,"slug":24,"properties":214,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":216,"statistic":24},[],{"title":215},{"EN":58},[],[218,225],{"id":62,"indexDatabase":219,"url":75,"indexYears":24,"academicFieldIds":224,"indexDatabaseRanking":24},{"id":64,"createTime":24,"updateTime":24,"relativeEntities":220,"label":221,"description":222,"key":71,"publicationTags":223,"standard":24},[],{"EN":67,"VI":67},{"EN":69,"VI":70},[73,74],[77],{"id":79,"indexDatabase":226,"url":90,"indexYears":91,"academicFieldIds":231,"indexDatabaseRanking":96},{"id":81,"createTime":24,"updateTime":24,"relativeEntities":227,"label":228,"description":229,"key":87,"publicationTags":230,"standard":24},[],{"EN":84,"VI":84},{"EN":84,"VI":86},[89],[93,94,95],{"issue":233,"pages":235,"volume":237},{"VOID":234},"1",{"VOID":236},"59-90",{"VOID":238},"87",179,{"total":239,"publishYear":241,"statisticByYear":242},2012,{"2012":243,"2013":244,"2014":245,"2015":246,"2016":247,"2017":248,"2018":249,"2019":250,"2020":251,"2021":243,"2022":250,"2023":249,"2024":168},14,13,27,15,18,16,7,12,11,"2012-01-01","ERROR_IN_GET_PLATFORM_ID","2026-08-13T05:51:59.445+00:00",[73,96],[257,261,264,267,270,273,276,280,283,287,291,295,298,301,304,307,310,313,317,320,323,326,330,333,337,341,344,348,351,354,358,361,364,367,370,374,377,380,383],{"id":24,"text":258,"url":24,"identifiers":259},"Allen, 2008, Mark-to-market accounting and liquidity pricing, Journal of Accounting and Economics, 45, 358, 10.1016\u002Fj.jacceco.2007.02.005",{"doi":260},"10.1016\u002Fj.jacceco.2007.02.005",{"id":24,"text":262,"url":24,"identifiers":263},"American Bankers Association (ABA). 2008. Letter to Robert H. Herz, Chairman, Financial Accounting Standards Board (November 13). Available at: http:\u002F\u002Fwww.aba.com\u002FNR\u002Frdonlyres\u002FDC65CE12-B1C7-11D4-AB4A-00508B95258D\u002F56797\u002FABAlettertoFASBOTTINovember132008.pdf",{},{"id":24,"text":265,"url":24,"identifiers":266},"Ball, R. \n          \n          2008. Don't Blame the Messenger … or Ignore the Message. Working paper, The University of Chicago. Available at: http:\u002F\u002Fwww.chicagobooth.edu\u002Femail\u002Fchicago_on\u002FShootingTheMessenger10.12.2008.pdf",{},{"id":24,"text":268,"url":24,"identifiers":269},"Barajas, 2010, U.S. bank behavior in the wake of the 2007–2009 financial crisis, IMF Working Paper",{},{"id":24,"text":271,"url":24,"identifiers":272},"Bignon, V., \n            \n              Y. Biondi, and X. Ragot. \n          2009. An Economic Analysis of Fair Value: Accounting as a Vector of Crisis. Working paper, Cournot Centre for Economic Studies. Available at: http:\u002F\u002Fpapers.ssrn.com\u002Fsol3\u002Fpapers.cfm?abstract_id=1474228",{},{"id":24,"text":274,"url":24,"identifiers":275},"Board of Governors of the Federal Reserve System, 2010, Instructions for preparation of consolidated financial statements for bank holding companies: Reporting Form FR Y-9C",{},{"id":24,"text":277,"url":24,"identifiers":278},"Bowen, R., \n            \n              U. Khan, and S. Rajgopal. \n          2010. The Economic Consequences of Relaxing Fair Value Accounting and Impairment Rules on Banks during the Financial Crisis of 2008–2009. Working paper, University of Washington. Available at: http:\u002F\u002Fpapers.ssrn.com\u002Fsol3\u002Fpapers.cfm?abstract_id=1498912&http:\u002F\u002Fscholar.google.com\u002Fscholar?hl=en&q=bowen+khan+rajgopal&as_sdt=0%2C15&as_ylo=&as_vis=0",{"doi":279},"10.2139\u002Fssrn.1498912",{"id":24,"text":281,"url":24,"identifiers":282},"Center for Audit Quality, 2007, Measurements of fair value in illiquid (or less liquid) markets",{},{"id":24,"text":284,"url":24,"identifiers":285},"Chami, 2010, Monetary policy with a touch of Basel, Journal of Economics and Business, 62, 161, 10.1016\u002Fj.jeconbus.2009.12.001",{"doi":286},"10.1016\u002Fj.jeconbus.2009.12.001",{"id":24,"text":288,"url":24,"identifiers":289},"Cifuentes, 2005, Liquidity risk and contagion, Journal of the European Economic Association, 3, 556, 10.1162\u002Fjeea.2005.3.2-3.556",{"doi":290},"10.1162\u002Fjeea.2005.3.2-3.556",{"id":24,"text":292,"url":24,"identifiers":293},"Cornett, 2011, Liquidity risk management and credit supply in the financial crisis, Journal of Financial Economics, 101, 297, 10.1016\u002Fj.jfineco.2011.03.001",{"doi":294},"10.1016\u002Fj.jfineco.2011.03.001",{"id":24,"text":296,"url":24,"identifiers":297},"The Economist, 2008, Mark it and weep. The credit crunch, ",{},{"id":24,"text":299,"url":24,"identifiers":300},"Financial Accounting Foundation (FAF). 2005. 2004 Annual Report. Norwalk, CT: FAF.",{},{"id":24,"text":302,"url":24,"identifiers":303},"Financial Accounting Foundation (FAF). 2010. 2009 Annual Report. Norwalk, CT: FAF.Available at: http:\u002F\u002Fwww.fasb.org\u002Fcs\u002FBlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175821730581&blobheader=application%2Fpdf",{},{"id":24,"text":305,"url":24,"identifiers":306},"Forbes, 2009, Steve, Forbes.com",{},{"id":24,"text":308,"url":24,"identifiers":309},"Garrett, S. \n          \n          2009. Mark-to-Market Accounting: Practices and Implications. Hearing Before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises of the Committee on Financial Services. U.S. House of Representatives, One Hundred Eleventh Congress, First Session (March12). Available at: http:\u002F\u002Ffrwebgate.access.gpo.gov\u002Fcgi-bin\u002Fgetdoc.cgi?dbname=111_house_hearings&docid=f:48865.wais",{},{"id":24,"text":311,"url":24,"identifiers":312},"Hall, 2008, Rescue package aside, economy faces deep challenges, McClatchy-Tribune News Service",{},{"id":24,"text":314,"url":24,"identifiers":315},"Hellwig, 2009, Systemic risk in the financial sector: An analysis of the subprime-mortgage financial crisis, De Economist, 157, 129, 10.1007\u002Fs10645-009-9110-0",{"doi":316},"10.1007\u002Fs10645-009-9110-0",{"id":24,"text":318,"url":24,"identifiers":319},"Isaac, 2010, Why SEC accounting rules need more oversight, Forbes.com",{},{"id":24,"text":321,"url":24,"identifiers":322},"Katz, 2008, Banks to SEC: Overrule FASB fair-value guidance, CFO.com",{},{"id":24,"text":324,"url":24,"identifiers":325},"Kewelramani, 2008, Fair value accounting is not fair!, Business Line",{},{"id":24,"text":327,"url":24,"identifiers":328},"Khan, U. \n          \n          2010. Does Fair Value Accounting Contribute to Systemic Risk in the Banking Industry?Working paper, Columbia University. Available at: http:\u002F\u002Fpapers.ssrn.com\u002Fsol3\u002Fpapers.cfm?abstract_id=1327596",{"doi":329},"10.2139\u002Fssrn.1911895",{"id":24,"text":331,"url":24,"identifiers":332},"Lamoreaux, 2009, House panel eases threat to FASB independence, Journal of Accountancy",{},{"id":24,"text":334,"url":24,"identifiers":335},"Laux, 2009, The crisis of fair value accounting: Making sense of the recent debate, Accounting, Organizations and Society, 34, 826, 10.1016\u002Fj.aos.2009.04.003",{"doi":336},"10.1016\u002Fj.aos.2009.04.003",{"id":24,"text":338,"url":24,"identifiers":339},"Laux, 2010, Did fair value accounting contribute to the financial crisis?, Journal of Economic Perspectives, 24, 93, 10.1257\u002Fjep.24.1.93",{"doi":340},"10.1257\u002Fjep.24.1.93",{"id":24,"text":342,"url":24,"identifiers":343},"Mortgage Bankers Association, 2008, Letter to the SEC",{},{"id":24,"text":345,"url":24,"identifiers":346},"Plantin, 2008, Marking-to-market: Panacea or Pandora's box?, Journal of Accounting Research, 46, 435, 10.1111\u002Fj.1475-679X.2008.00281.x",{"doi":347},"10.1111\u002Fj.1475-679X.2008.00281.x",{"id":24,"text":349,"url":24,"identifiers":350},"Pulliam, 2009, Congress helped banks defang key rule, Wall Street Journal",{},{"id":24,"text":352,"url":24,"identifiers":353},"Reilly, 2007, Behind banks' credit rescue fund: With new, united voice, auditors stand ground on how to treat crunch, Wall Street Journal",{},{"id":24,"text":355,"url":24,"identifiers":356},"Ryan, 2008, Accounting in and for the subprime crisis, The Accounting Review, 83, 1605, 10.2308\u002Faccr.2008.83.6.1605",{"doi":357},"10.2308\u002Faccr.2008.83.6.1605",{"id":24,"text":359,"url":24,"identifiers":360},"Shaffer, S. \n          \n          2010. Fair Value Accounting: Villain or Innocent Victim?Working paper, Federal Reserve Bank of Boston. Available at: http:\u002F\u002Fbostonfed.org\u002Fbankinfo\u002Fqau\u002Fwp\u002F2010\u002Fqau1001.pdf",{},{"id":24,"text":362,"url":24,"identifiers":363},"Turner, 2008, Banks want to shoot the messenger over fair value rules, Financial Times",{},{"id":24,"text":365,"url":24,"identifiers":366},"U.S. Securities and Exchange Commission (SEC). 2003. Reaffirming the Status of the FASB as a Designated Private-Sector Standard Setter. Policy Statement Release Nos. 33-8221; 34-47743; IC-26028; FR-70 (April 25). Available at: http:\u002F\u002Fwww.sec.gov\u002Frules\u002Fpolicy\u002F33-8221.htm",{},{"id":24,"text":368,"url":24,"identifiers":369},"U.S. Securities and Exchange Commission (SEC). 2008. Report and Recommendations Pursuant to Section 133 of the “Emergency Economic Stabilization Act of 2008: Study on Mark-to-Market Accounting. Available at: http:\u002F\u002Fwww.sec.gov\u002Fnews\u002Fstudies\u002F2008\u002Fmarktomarket123008.pdf",{},{"id":24,"text":371,"url":24,"identifiers":372},"Veron, 2008, Fair value accounting is the wrong scapegoat for this crisis, Accounting in Europe, 5, 63, 10.1080\u002F17449480802510542",{"doi":373},"10.1080\u002F17449480802510542",{"id":24,"text":375,"url":24,"identifiers":376},"Wallison, 2008, Fair value accounting: A critique, American Enterprise Institute for Public Policy Research Outlook Series (July)",{},{"id":24,"text":378,"url":24,"identifiers":379},"Wallison, 2008, Judgment too important to be left to the accountants, American Enterprise Institute",{},{"id":24,"text":381,"url":24,"identifiers":382},"Wesbury, 2009, Why mark-to-market accounting rules must die, Forbes.com",{},{"id":24,"text":384,"url":24,"identifiers":385},"Whalen, 2008, The subprime crisis: Cause, effect and consequences, Networks Financial Institute Policy Brief No. 2008-PB-04",{},false,{"id":388,"createTime":389,"updateTime":390,"relativeEntities":391,"slug":392,"properties":393,"entityType":121,"verifyStatus":122,"verifyTime":389,"verifyNote":124,"languages":405,"translateLanguages":24,"viewCount":25,"primaryUrl":406,"fullTextUrl":24,"authors":407,"publicationType":184,"publisherRelationship":427,"citationCount":481,"citationInfo":482,"publishDate":488,"publishYear":483,"citationAnalyzeStatus":253,"lastCitationAnalyze":489,"indexDatabases":490,"openAccess":24,"references":491,"isForceReanalyzing":386},"d44e530b-3a7a-4a21-813f-cc645789bf84","2024-10-07T00:47:11.678+00:00","2026-06-27T09:02:15.421+00:00",[],"Do-Director-Networks-Help-Managers-Forecast-Better-",{"openalex":394,"mag":396,"abstract":398,"title":400,"gsPaper":402,"doi":403},{"VOID":395},"W3156818855",{"VOID":397},"3156818855",{"EN":399},"\u003Cjats:title>ABSTRACT\u003C\u002Fjats:title>\n               \u003Cjats:p>I examine whether directors' superior access to information through their board network improves the accuracy of firms' forecasting. Managers may benefit from well-connected directors (i.e., board centrality) as they may have limited insight into market developments or decision-making processes of other firms beyond knowledge specific to their firm. Employing a sample of U.S.-listed companies, I separately examine the effect of within-firm variation in direct and indirect board connections on management earnings forecast accuracy. The study contributes by showing that higher-degree connections can have an economically significant effect on the accuracy of management forecasts, regardless of firms' board interlocks. Further analyses point toward well-connected directors' ability to provide managers with valuable advice in a forecasting context, which complements directors' more extensively studied role in preventing managerial expropriation.\u003C\u002Fjats:p>\n               \u003Cjats:p>Data Availability: Data are available from the public sources cited in the text.\u003C\u002Fjats:p>\n               \u003Cjats:p>JEL Classifications: G3; L14; M41.\u003C\u002Fjats:p>",{"EN":401},"Do Director Networks Help Managers Forecast Better?",{"VOID":118},{"VOID":404},"10.2308\u002Ftar-2018-0074",[126],"https:\u002F\u002Fpublications.aaahq.org\u002Faccounting-review\u002Farticle\u002F97\u002F2\u002F397\u002F4372\u002FDo-Director-Networks-Help-Managers-Forecast-Better",[408],{"id":409,"sortIndex":25,"researcher":24,"roles":410,"affiliations":411,"properties":420,"displayName":424,"givenName":24,"familyName":24},"2fcd1be7-e678-4813-991d-10bb41a847cf",[],[412],{"id":413,"sortIndex":25,"affiliation":414,"properties":24},"545a877f-4f1d-42d7-b95d-769703d88563",{"id":413,"createTime":24,"updateTime":24,"relativeEntities":415,"slug":24,"properties":416,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":419,"statistic":24},[],{"title":417},{"VI":418},"Michigan State University",[],{"orcid":421,"title":423,"openalex":425},{"VOID":422},"https:\u002F\u002Forcid.org\u002F0000-0003-3534-333X",{"EN":424},"Mario 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Journal of Theoretical Economics19 (\n\t\t\t\t\t1):\n\t\t\t\t\t20170010.\n\t\t\t\t\thttps:\u002F\u002Fdoi.org\u002F10.1515\u002Fbejte-2017-0010",{"doi":785},"10.1515\u002Fbejte-2017-0010",{"id":24,"text":787,"url":24,"identifiers":788},"Waymire,\n              G.\n            \n          \n          1984.\n\t\t\t\t\tAdditional evidence on the information content of management earnings forecasts.\n\t\t\t\t\tJournal of Accounting Research22 (\n\t\t\t\t\t2):\n\t\t\t\t\t703–\n\t\t\t\t\t718.\n\t\t\t\t\thttps:\u002F\u002Fdoi.org\u002F10.2307\u002F2490672",{"doi":789},"10.2307\u002F2490672",{"id":24,"text":791,"url":24,"identifiers":792},"Westphal,\n              J.,\n            \n            \n              Seidel\n              M.-D.,\n             and\n\t\t\t\t\t\tStewartK.\n          2001.\n\t\t\t\t\tSecond-order imitation: Uncovering latent effects of board network ties.\n\t\t\t\t\tAdministrative Science Quarterly46 (\n\t\t\t\t\t4):\n\t\t\t\t\t717–\n\t\t\t\t\t747.\n\t\t\t\t\thttps:\u002F\u002Fdoi.org\u002F10.2307\u002F3094829",{"doi":793},"10.2307\u002F3094829",{"id":795,"createTime":796,"updateTime":797,"relativeEntities":798,"slug":799,"properties":800,"entityType":121,"verifyStatus":122,"verifyTime":813,"verifyNote":124,"languages":814,"translateLanguages":24,"viewCount":25,"primaryUrl":815,"fullTextUrl":24,"authors":816,"publicationType":184,"publisherRelationship":874,"citationCount":25,"citationInfo":928,"publishDate":931,"publishYear":929,"citationAnalyzeStatus":23,"lastCitationAnalyze":932,"indexDatabases":933,"openAccess":24,"references":934,"isForceReanalyzing":386},"aea89f01-3d02-467a-80c1-003f7e13b310","2024-09-04T21:37:07.581+00:00","2026-04-21T15:13:24.121+00:00",[],"The-World-Price-of-Earnings-Opacity",{"openalex":801,"mag":803,"abstract":805,"title":807,"gsPaper":809,"doi":811},{"VOID":802},"W3124615575",{"VOID":804},"3124615575",{"EN":806},"\u003Cjats:p>We analyze financial statements from 34 countries for the period 1984–1998 to construct a panel data set measuring three dimensions of reported accounting earnings for each country: earnings aggressiveness, loss avoidance, and earnings smoothing. We hypothesize that these three dimensions are associated with uninformative or opaque earnings, and so we combine these three measures to obtain an overall earnings opacity time-series measure per country. We then explore whether our three measures of earnings opacity affect two characteristics of an equity market in a country: the return the shareholders demand and how much they trade. While not all results are consistent for our three individual earnings opacity measures, our panel data tests document that, after controlling for other influences, an increase in overall earnings opacity in a country is linked to an economically significant increase in the cost of equity and an economically significant decrease in trading in the stock market of that country.\u003C\u002Fjats:p>",{"EN":808},"The World Price of Earnings 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Globalization of equity markets and the cost of capital. Working paper, National Bureau of Economic Research.",{"doi":1102},"10.3386\u002Fw7021",{"id":24,"text":1104,"url":24,"identifiers":1105},"1999, Journal of Applied Corporate Finance, 8",{},{"id":24,"text":1107,"url":24,"identifiers":1108},"10.1016\u002FS0304-405X(98)00032-4",{"doi":1107},{"id":24,"text":1110,"url":24,"identifiers":1111},"10.2307\u002F2491184",{"doi":1110},{"id":24,"text":1113,"url":24,"identifiers":1114},"World Factbook.2001. Central Intelligence Agency, VA. Available at http: \u002F \u002F www.odci.gov \u002F cia \u002F publications \u002F factbook.",{},{"id":24,"text":1116,"url":24,"identifiers":1117},"Zarowin, P.2002. Does income smoothing make stock prices more informative? Working paper, New York University, New York, NY.",{"doi":1118},"10.2139\u002Fssrn.315099",{"id":24,"text":1120,"url":24,"identifiers":1121},"10.1016\u002FS0304-405X(01)00085-X",{"doi":1120},{"id":1123,"createTime":1124,"updateTime":1124,"relativeEntities":1125,"slug":1126,"properties":1127,"entityType":121,"verifyStatus":23,"verifyTime":1124,"verifyNote":1138,"languages":1139,"translateLanguages":24,"viewCount":25,"primaryUrl":1140,"fullTextUrl":24,"authors":1141,"publicationType":184,"publisherRelationship":1206,"citationCount":1260,"citationInfo":1261,"publishDate":1273,"publishYear":1262,"citationAnalyzeStatus":23,"lastCitationAnalyze":24,"indexDatabases":1274,"openAccess":24,"references":1275,"isForceReanalyzing":386},"14595607-a5ca-4692-8a74-1af14f762384","2025-01-31T02:27:47.459+00:00",[],"The-Effect-of-Corporate-Tax-Avoidance-on-the-Cost-of-Equity",{"openalex":1128,"mag":1130,"abstract":1132,"title":1134,"doi":1136},{"VOID":1129},"W2140600224",{"VOID":1131},"2140600224",{"EN":1133},"\u003Cjats:title>ABSTRACT\u003C\u002Fjats:title>\n               \u003Cjats:p>Based on Lambert, Leuz, and Verrecchia's (2007) derivation of the cost of equity capital in terms of expected cash flows, we generate a testable hypothesis that relates tax avoidance to a firm's cost of equity capital. Using three broad measures of tax avoidance—book-tax differences, permanent book-tax differences, and long-run cash effective tax rates—to test our hypothesis, we find that the cost of equity is lower for tax-avoiding firms. This effect is stronger for firms with better outside monitoring, firms that likely realize higher marginal benefits from tax savings, and firms with higher information quality. Overall, our results suggest that equity investors generally require a lower expected rate of return due to the positive cash flow effects of corporate tax avoidance.\u003C\u002Fjats:p>\n               \u003Cjats:p>JEL Classifications: G32; H26; M41.\u003C\u002Fjats:p>",{"EN":1135},"The Effect of Corporate Tax Avoidance on the Cost of Equity",{"VOID":1137},"10.2308\u002Faccr-51432","Author affiliation is 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Evidence from analysts' earnings forecasts for domestic and international stock markets, Journal of Finance, 56, 1629, 10.1111\u002F0022-1082.00384",{"doi":1332},"10.1111\u002F0022-1082.00384",{"id":24,"text":1334,"url":24,"identifiers":1335},"De Simone, L., and B. Stomberg. \n          2013. Do Investors Differentially Value Tax Avoidance By Income Mobile Firms?Working paper, The University of Texas at Austin.",{"doi":1336},"10.2139\u002Fssrn.2102903",{"id":24,"text":1338,"url":24,"identifiers":1339},"Dechow, 2002, The quality of accruals and earnings: The role of accrual estimation errors, The Accounting Review, 77, 35, 10.2308\u002Faccr.2002.77.s-1.35",{"doi":1340},"10.2308\u002Faccr.2002.77.s-1.35",{"id":24,"text":1342,"url":24,"identifiers":1343},"Denis, 2010, Financial constraints, investment, and the value of cash holdings, Review of Financial Studies, 23, 247, 10.1093\u002Frfs\u002Fhhp031",{"doi":1344},"10.1093\u002Frfs\u002Fhhp031",{"id":24,"text":1346,"url":24,"identifiers":1347},"Desai, 2006, Corporate tax avoidance and high-powered incentives, Journal of Financial Economics, 79, 145, 10.1016\u002Fj.jfineco.2005.02.002",{"doi":1348},"10.1016\u002Fj.jfineco.2005.02.002",{"id":24,"text":1350,"url":24,"identifiers":1351},"Desai, 2009, Corporate tax avoidance and firm value, Review of Economics and Statistics, 91, 537, 10.1162\u002Frest.91.3.537",{"doi":1352},"10.1162\u002Frest.91.3.537",{"id":24,"text":1354,"url":24,"identifiers":1355},"Desai, 2007, Theft and taxes, Journal of Financial Economics, 84, 591, 10.1016\u002Fj.jfineco.2006.05.005",{"doi":1356},"10.1016\u002Fj.jfineco.2006.05.005",{"id":24,"text":1358,"url":24,"identifiers":1359},"Dhaliwal, 2007, Did the 2003 Tax Act reduce the cost of equity capital?, Journal of Accounting and Economics, 43, 121, 10.1016\u002Fj.jacceco.2006.07.001",{"doi":1360},"10.1016\u002Fj.jacceco.2006.07.001",{"id":24,"text":1362,"url":24,"identifiers":1363},"Dichev, 2013, Earnings quality: Evidence from the field, Journal of Accounting and Economics, 56, 1, 10.1016\u002Fj.jacceco.2013.05.004",{"doi":1364},"10.1016\u002Fj.jacceco.2013.05.004",{"id":24,"text":1366,"url":24,"identifiers":1367},"Dyck, 2010, Who blows the whistle on corporate fraud?, Journal of Finance, 65, 2213, 10.1111\u002Fj.1540-6261.2010.01614.x",{"doi":1368},"10.1111\u002Fj.1540-6261.2010.01614.x",{"id":24,"text":1370,"url":24,"identifiers":1371},"Dyreng, 2008, Long-run corporate tax avoidance, The Accounting Review, 83, 61, 10.2308\u002Faccr.2008.83.1.61",{"doi":1372},"10.2308\u002Faccr.2008.83.1.61",{"id":24,"text":1374,"url":24,"identifiers":1375},"Dyreng, S., \n            \n              M. 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Urcan, and F. Vasvari. \n          2013. Corporate Tax Avoidance and Debt Yields. Working paper, University of California, Irvine and London Business School.",{"doi":1527},"10.2139\u002Fssrn.2228601",{"id":24,"text":1529,"url":24,"identifiers":1530},"Sikes, S., and R. Verrecchia. \n          2014. Externalities of Corporate Tax Avoidance. Working paper, University of Pennsylvania.",{},{"id":24,"text":1532,"url":24,"identifiers":1533},"Whited, 2006, Financial constraints risk, Review of Financial Studies, 19, 531, 10.1093\u002Frfs\u002Fhhj012",{"doi":1534},"10.1093\u002Frfs\u002Fhhj012",{"id":24,"text":1536,"url":24,"identifiers":1537},"Wilson, 2009, An examination of corporate tax shelter participants, The Accounting Review, 84, 969, 10.2308\u002Faccr.2009.84.3.969",{"doi":1538},"10.2308\u002Faccr.2009.84.3.969",{"id":24,"text":1540,"url":24,"identifiers":1541},"Yu, 2008, Analyst coverage and earnings management, Journal of Financial Economics, 88, 245, 10.1016\u002Fj.jfineco.2007.05.008",{"doi":1542},"10.1016\u002Fj.jfineco.2007.05.008",{"id":24,"text":1544,"url":24,"identifiers":1545},"Zimmerman, 1983, Taxes and firm size, Journal of Accounting and Economics, 5, 119, 10.1016\u002F0165-4101(83)90008-3",{"doi":1546},"10.1016\u002F0165-4101(83)90008-3",{"id":1548,"createTime":1549,"updateTime":1549,"relativeEntities":1550,"slug":1551,"properties":1552,"entityType":121,"verifyStatus":122,"verifyTime":1549,"verifyNote":124,"languages":1563,"translateLanguages":24,"viewCount":25,"primaryUrl":1564,"fullTextUrl":24,"authors":1565,"publicationType":184,"publisherRelationship":1619,"citationCount":1672,"citationInfo":1673,"publishDate":1685,"publishYear":1674,"citationAnalyzeStatus":23,"lastCitationAnalyze":24,"indexDatabases":1686,"openAccess":24,"references":1687,"isForceReanalyzing":386},"73dbd2ce-e78d-48d7-9bbe-7266054eba5b","2025-01-31T02:27:47.242+00:00",[],"Is-Corporate-Social-Responsibility-CSR-Associated-with-Tax-Avoidance-Evidence-from-Irresponsible-CSR-Activities",{"openalex":1553,"mag":1555,"abstract":1557,"title":1559,"doi":1561},{"VOID":1554},"W3123923287",{"VOID":1556},"3123923287",{"EN":1558},"\u003Cjats:title>ABSTRACT:\u003C\u002Fjats:title>\n               \u003Cjats:p>We examine the empirical association between corporate social responsibility (CSR) and tax avoidance. Our findings suggest that firms with excessive irresponsible CSR activities have a higher likelihood of engaging in tax-sheltering activities and greater discretionary\u002Fpermanent book-tax differences. Moreover, at the onset of FASB Interpretation No. 48, these firms have more uncertain tax positions; also, these firms' initial tax positions are likely supported by weaker facts and circumstances as indicated by their larger post-FIN 48 settlements with tax authorities and their higher likelihood of a net decrease in the overall level of uncertain tax positions after FIN 48. Collectively, these results suggest that firms with excessive irresponsible CSR activities are more aggressive in avoiding taxes, lending credence to the idea that corporate culture affects tax avoidance.\u003C\u002Fjats:p>\n               \u003Cjats:p>Data Availability: Data are available from public sources identified in the study.\u003C\u002Fjats:p>",{"EN":1560},"Is Corporate Social Responsibility (CSR) Associated with Tax Avoidance? Evidence from Irresponsible CSR Activities",{"VOID":1562},"10.2308\u002Faccr-50544",[126],"https:\u002F\u002Fpublications.aaahq.org\u002Faccounting-review\u002Farticle\u002F88\u002F6\u002F2025\u002F3534\u002FIs-Corporate-Social-Responsibility-CSR-Associated",[1566,1585,1604],{"id":1567,"sortIndex":25,"researcher":24,"roles":1568,"affiliations":1569,"properties":1578,"displayName":1582,"givenName":24,"familyName":24},"2d623acb-6db2-4fc7-bed0-8dff8ff3ace9",[],[1570],{"id":1571,"sortIndex":25,"affiliation":1572,"properties":24},"0ff5babc-8776-41df-854c-3283c760601c",{"id":1571,"createTime":24,"updateTime":24,"relativeEntities":1573,"slug":24,"properties":1574,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":1577,"statistic":24},[],{"title":1575},{"EN":1576},"Rochester Institute Of Technology",[],{"orcid":1579,"title":1581,"openalex":1583},{"VOID":1580},"https:\u002F\u002Forcid.org\u002F0000-0002-9502-8000",{"EN":1582},"Chun Keung Hoi",{"VOID":1584},"A5087232550",{"id":1586,"sortIndex":150,"researcher":24,"roles":1587,"affiliations":1588,"properties":1597,"displayName":1601,"givenName":24,"familyName":24},"66792b94-7228-42fd-b19e-255445cc689e",[],[1589],{"id":1590,"sortIndex":25,"affiliation":1591,"properties":24},"8ddac054-5482-496c-831f-5fe799637825",{"id":1590,"createTime":24,"updateTime":24,"relativeEntities":1592,"slug":24,"properties":1593,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":1596,"statistic":24},[],{"title":1594},{"VI":1595},"Rensselaer Polytechnic Institute",[],{"orcid":1598,"title":1600,"openalex":1602},{"VOID":1599},"https:\u002F\u002Forcid.org\u002F0000-0002-4017-6524",{"EN":1601},"Qiang Wu",{"VOID":1603},"A5061498333",{"id":1605,"sortIndex":168,"researcher":24,"roles":1606,"affiliations":1607,"properties":1614,"displayName":1616,"givenName":24,"familyName":24},"80f7c38e-25d9-4b07-bd0e-d780e2957a57",[],[1608],{"id":1571,"sortIndex":25,"affiliation":1609,"properties":24},{"id":1571,"createTime":24,"updateTime":24,"relativeEntities":1610,"slug":24,"properties":1611,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":1613,"statistic":24},[],{"title":1612},{"EN":1576},[],{"title":1615,"openalex":1617},{"EN":1616},"Hao Zhang",{"VOID":1618},"A5100396818",{"url":24,"publisher":1620,"properties":1666},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":1621,"slug":10,"properties":1622,"entityType":22,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":25,"subjectFields":1627,"manageAffiliations":1640,"indexDatabases":1651,"url":97,"thumbnailPath":24,"statistic":24,"gsStatistic":24,"type":24,"analyzePriority":24},[],{"country":1623,"eissn":1624,"issn":1625,"title":1626},{"VOID":13},{"VOID":15},{"VOID":17},{"EN":19},[1628,1632,1636],{"id":28,"createTime":24,"updateTime":24,"relativeEntities":1629,"label":1630,"description":1631,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":31},{},{"id":34,"createTime":24,"updateTime":24,"relativeEntities":1633,"label":1634,"description":1635,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":37},{},{"id":40,"createTime":24,"updateTime":24,"relativeEntities":1637,"label":1638,"description":1639,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":43},{},[1641,1646],{"id":47,"createTime":24,"updateTime":24,"relativeEntities":1642,"slug":24,"properties":1643,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":1645,"statistic":24},[],{"title":1644},{"EN":51},[],{"id":54,"createTime":24,"updateTime":24,"relativeEntities":1647,"slug":24,"properties":1648,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":1650,"statistic":24},[],{"title":1649},{"EN":58},[],[1652,1659],{"id":62,"indexDatabase":1653,"url":75,"indexYears":24,"academicFieldIds":1658,"indexDatabaseRanking":24},{"id":64,"createTime":24,"updateTime":24,"relativeEntities":1654,"label":1655,"description":1656,"key":71,"publicationTags":1657,"standard":24},[],{"EN":67,"VI":67},{"EN":69,"VI":70},[73,74],[77],{"id":79,"indexDatabase":1660,"url":90,"indexYears":91,"academicFieldIds":1665,"indexDatabaseRanking":96},{"id":81,"createTime":24,"updateTime":24,"relativeEntities":1661,"label":1662,"description":1663,"key":87,"publicationTags":1664,"standard":24},[],{"EN":84,"VI":84},{"EN":84,"VI":86},[89],[93,94,95],{"issue":1667,"pages":1668,"volume":1670},{"VOID":1255},{"VOID":1669},"2025-2059",{"VOID":1671},"88",785,{"total":1672,"publishYear":1674,"statisticByYear":1675},2013,{"2012":150,"2013":168,"2014":1676,"2015":1267,"2016":1270,"2017":1677,"2018":1678,"2019":1679,"2020":1680,"2021":1681,"2022":1682,"2023":1683,"2024":1684},22,48,66,74,70,109,88,130,100,"2013-11-01",[73,96],[1688,1692,1696,1699,1701,1705,1709,1713,1717,1720,1724,1728,1730,1732,1736,1740,1744,1748,1751,1754,1757,1759,1763,1767,1771,1775,1779,1783,1787,1791,1795,1799,1803,1805,1807,1810,1813,1816,1820,1824,1827,1831,1835,1838,1841,1843,1845,1848,1852,1855,1859,1863,1865,1869,1873,1877,1881,1885,1887,1891,1895,1899,1903,1907,1911,1915,1919,1923],{"id":24,"text":1689,"url":24,"identifiers":1690},"Blouin, 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Boston, MA: KLD Research & Analytics, Inc.",{},{"id":24,"text":1828,"url":24,"identifiers":1829},"Kreps, 1990, Corporate culture and economic theory, Perspectives on Positive Political Economy, 10.1017\u002FCBO9780511571657.006",{"doi":1830},"10.1017\u002FCBO9780511571657.006",{"id":24,"text":1832,"url":24,"identifiers":1833},"Lanis, 2012, Corporate social responsibility and tax aggressiveness: An empirical analysis, Journal of Accounting and Public Policy, 31, 86, 10.1016\u002Fj.jaccpubpol.2011.10.006",{"doi":1834},"10.1016\u002Fj.jaccpubpol.2011.10.006",{"id":24,"text":1836,"url":24,"identifiers":1837},"Lennox, 2012, Selection models in accounting research, The Accounting Review, 87, 589, 10.2308\u002Faccr-10195",{"doi":733},{"id":24,"text":1839,"url":24,"identifiers":1840},"Li, 2007, Self-selection models in corporate finance, Handbook of Corporate Finance: Empirical Corporate Finance",{},{"id":24,"text":1483,"url":24,"identifiers":1842},{"doi":1485},{"id":24,"text":1487,"url":24,"identifiers":1844},{"doi":1489},{"id":24,"text":1846,"url":24,"identifiers":1847},"Manzon, 2002, The relation between financial and tax reporting measures of income, Tax Law Review, 55, 175",{},{"id":24,"text":1849,"url":24,"identifiers":1850},"Margolis, 2003, Misery loves companies: Rethinking social initiatives by business, Administrative Science Quarterly, 48, 268, 10.2307\u002F3556659",{"doi":1851},"10.2307\u002F3556659",{"id":24,"text":1853,"url":24,"identifiers":1854},"Margolis, J. D., \n            \n              H. A. Elfenbein, and J. P. Walsh. \n          2007.  Does it Pay to Be Good? A Meta-Analysis and Redirection of Research on the Relationship Between Corporate Social and Financial Performance. Working paper, Harvard University, University of California, and University of Michigan.",{},{"id":24,"text":1856,"url":24,"identifiers":1857},"Mattingly, 2006, Measurement of corporate social action: Discovering taxonomy in the Kinder Lydenburg Domini ratings data, Business and Society, 45, 20, 10.1177\u002F0007650305281939",{"doi":1858},"10.1177\u002F0007650305281939",{"id":24,"text":1860,"url":24,"identifiers":1861},"McWilliams, 2001, Corporate social responsibility: A theory of the firm perspective, Academy of Management Review, 26, 117, 10.2307\u002F259398",{"doi":1862},"10.2307\u002F259398",{"id":24,"text":1498,"url":24,"identifiers":1864},{"doi":1500},{"id":24,"text":1866,"url":24,"identifiers":1867},"Mills, 2000, Strategic tax and financial reporting decisions: Theory and evidence, Contemporary Accounting Research, 17, 85, 10.1111\u002Fj.1911-3846.2000.tb00912.x",{"doi":1868},"10.1111\u002Fj.1911-3846.2000.tb00912.x",{"id":24,"text":1870,"url":24,"identifiers":1871},"Mills, 2010, FIN 48 and tax compliance, The Accounting Review, 85, 1721, 10.2308\u002Faccr.2010.85.5.1721",{"doi":1872},"10.2308\u002Faccr.2010.85.5.1721",{"id":24,"text":1874,"url":24,"identifiers":1875},"Minor, 2011, CSR as reputation insurance: Primum non nocere, California Management Review, 53, 40, 10.1525\u002Fcmr.2011.53.3.40",{"doi":1876},"10.1525\u002Fcmr.2011.53.3.40",{"id":24,"text":1878,"url":24,"identifiers":1879},"Moser, 2012, A broader perspective on corporate social responsibility research in accounting, The Accounting Review, 87, 797, 10.2308\u002Faccr-10257",{"doi":1880},"10.2308\u002Faccr-10257",{"id":24,"text":1882,"url":24,"identifiers":1883},"Neu, 1998, Managing public impressions: Environmental disclosures in annual reports, Accounting, Organizations and Society, 23, 265, 10.1016\u002FS0361-3682(97)00008-1",{"doi":1884},"10.1016\u002FS0361-3682(97)00008-1",{"id":24,"text":1510,"url":24,"identifiers":1886},{"doi":1512},{"id":24,"text":1888,"url":24,"identifiers":1889},"Rego, 2012, Executive compensation, tax reporting aggressiveness, and future firm performance, Journal of Accounting Research, 50, 775, 10.1111\u002Fj.1475-679X.2012.00438.x",{"doi":1890},"10.1111\u002Fj.1475-679X.2012.00438.x",{"id":24,"text":1892,"url":24,"identifiers":1893},"Roychowdhury, 2006, Earnings management through real activities manipulation, Journal of Accounting and Economics, 42, 335, 10.1016\u002Fj.jacceco.2006.01.002",{"doi":1894},"10.1016\u002Fj.jacceco.2006.01.002",{"id":24,"text":1896,"url":24,"identifiers":1897},"Rubin, 2008, Political views and corporate decision making: The case of corporate social responsibility, Financial Review, 43, 337, 10.1111\u002Fj.1540-6288.2008.00197.x",{"doi":1898},"10.1111\u002Fj.1540-6288.2008.00197.x",{"id":24,"text":1900,"url":24,"identifiers":1901},"Shivdasani, 1993, Board composition, ownership structure, and hostile takeovers, Journal of Accounting and Economics, 16, 167, 10.1016\u002F0165-4101(93)90009-5",{"doi":1902},"10.1016\u002F0165-4101(93)90009-5",{"id":24,"text":1904,"url":24,"identifiers":1905},"Sikka, 2010, Smoke and mirrors: Corporate social responsibility and tax avoidance, Accounting Forum, 34, 153, 10.1016\u002Fj.accfor.2010.05.002",{"doi":1906},"10.1016\u002Fj.accfor.2010.05.002",{"id":24,"text":1908,"url":24,"identifiers":1909},"Van den Steen, 2005, Organizational beliefs and managerial vision, Journal of Law, Economics, and Organization, 21, 256, 10.1093\u002Fjleo\u002Fewi011",{"doi":1910},"10.1093\u002Fjleo\u002Fewi011",{"id":24,"text":1912,"url":24,"identifiers":1913},"Van den Steen, 2010, On the origin of shared beliefs (and corporate culture), RAND Journal of Economics, 41, 617, 10.1111\u002Fj.1756-2171.2010.00114.x",{"doi":1914},"10.1111\u002Fj.1756-2171.2010.00114.x",{"id":24,"text":1916,"url":24,"identifiers":1917},"Waddock, 2003, Myths and realities of social investing, Organization and Environment, 16, 369, 10.1177\u002F1086026603256284",{"doi":1918},"10.1177\u002F1086026603256284",{"id":24,"text":1920,"url":24,"identifiers":1921},"Weisbach, 2002, An economic analysis of anti-tax-avoidance doctrines, American Law and Economics Review, 4, 88, 10.1093\u002Faler\u002F4.1.88",{"doi":1922},"10.1093\u002Faler\u002F4.1.88",{"id":24,"text":1536,"url":24,"identifiers":1924},{"doi":1538},{"id":1926,"createTime":1927,"updateTime":1927,"relativeEntities":1928,"slug":1929,"properties":1930,"entityType":121,"verifyStatus":122,"verifyTime":1927,"verifyNote":124,"languages":1941,"translateLanguages":24,"viewCount":25,"primaryUrl":1942,"fullTextUrl":24,"authors":1943,"publicationType":184,"publisherRelationship":2007,"citationCount":2060,"citationInfo":2061,"publishDate":2065,"publishYear":2062,"citationAnalyzeStatus":23,"lastCitationAnalyze":24,"indexDatabases":2066,"openAccess":24,"references":2067,"isForceReanalyzing":386},"015fce87-45e5-4cbc-aa10-4a13860bd3cd","2025-01-31T02:27:46.352+00:00",[],"Tax-Collector-or-Tax-Avoider-An-Investigation-of-Intergovernmental-Agency-Conflicts",{"openalex":1931,"mag":1933,"abstract":1935,"title":1937,"doi":1939},{"VOID":1932},"W2522909199",{"VOID":1934},"2522909199",{"EN":1936},"\u003Cjats:title>ABSTRACT\u003C\u002Fjats:title>\n               \u003Cjats:p>Local governments play dual, but conflicting, roles in China's tax system. That is, they are both tax collectors and controlling shareholders of firms subject to tax payments. We investigate how local governments balance their tax collection and tax avoidance incentives. We find that the conflicts between central and local governments arising from the 2002 tax sharing reform have led to more tax avoidance by local government-controlled firms, particularly when the local government's ownership percentage of the firms is higher than the tax sharing ratio. We also find evidence that the overall level of tax avoidance by local government-controlled firms in a region is positively associated with local fiscal deficits. As a high level of government ownership of corporations and intergovernmental tax sharing are common phenomena in many transitional economies, this study offers valuable insights into how the dual roles played by local governments affect tax policy enforcement in these economies.\u003C\u002Fjats:p>\n               \u003Cjats:p>JEL Classifications: H26; H71; M40; G38.\u003C\u002Fjats:p>",{"EN":1938},"Tax Collector or Tax Avoider? An Investigation of Intergovernmental Agency Conflicts",{"VOID":1940},"10.2308\u002Faccr-51526",[126],"https:\u002F\u002Fpublications.aaahq.org\u002Faccounting-review\u002Farticle\u002F92\u002F2\u002F247\u002F3882\u002FTax-Collector-or-Tax-Avoider-An-Investigation-of",[1944,1963,1982],{"id":1945,"sortIndex":25,"researcher":24,"roles":1946,"affiliations":1947,"properties":1956,"displayName":1960,"givenName":24,"familyName":24},"866b31cb-1efb-46c3-8ebb-8fbceda78b52",[],[1948],{"id":1949,"sortIndex":25,"affiliation":1950,"properties":24},"dbababcc-7516-4457-80a3-3164ddbf841c",{"id":1949,"createTime":24,"updateTime":24,"relativeEntities":1951,"slug":24,"properties":1952,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":1955,"statistic":24},[],{"title":1953},{"VI":1954},"Brock University",[],{"orcid":1957,"title":1959,"openalex":1961},{"VOID":1958},"https:\u002F\u002Forcid.org\u002F0000-0002-3750-1779",{"EN":1960},"Tanya Y. H. 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Hung Chan",{"VOID":2006},"A5109831915",{"url":24,"publisher":2008,"properties":2054},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":2009,"slug":10,"properties":2010,"entityType":22,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":25,"subjectFields":2015,"manageAffiliations":2028,"indexDatabases":2039,"url":97,"thumbnailPath":24,"statistic":24,"gsStatistic":24,"type":24,"analyzePriority":24},[],{"country":2011,"eissn":2012,"issn":2013,"title":2014},{"VOID":13},{"VOID":15},{"VOID":17},{"EN":19},[2016,2020,2024],{"id":28,"createTime":24,"updateTime":24,"relativeEntities":2017,"label":2018,"description":2019,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":31},{},{"id":34,"createTime":24,"updateTime":24,"relativeEntities":2021,"label":2022,"description":2023,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":37},{},{"id":40,"createTime":24,"updateTime":24,"relativeEntities":2025,"label":2026,"description":2027,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":43},{},[2029,2034],{"id":47,"createTime":24,"updateTime":24,"relativeEntities":2030,"slug":24,"properties":2031,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":2033,"statistic":24},[],{"title":2032},{"EN":51},[],{"id":54,"createTime":24,"updateTime":24,"relativeEntities":2035,"slug":24,"properties":2036,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":2038,"statistic":24},[],{"title":2037},{"EN":58},[],[2040,2047],{"id":62,"indexDatabase":2041,"url":75,"indexYears":24,"academicFieldIds":2046,"indexDatabaseRanking":24},{"id":64,"createTime":24,"updateTime":24,"relativeEntities":2042,"label":2043,"description":2044,"key":71,"publicationTags":2045,"standard":24},[],{"EN":67,"VI":67},{"EN":69,"VI":70},[73,74],[77],{"id":79,"indexDatabase":2048,"url":90,"indexYears":91,"academicFieldIds":2053,"indexDatabaseRanking":96},{"id":81,"createTime":24,"updateTime":24,"relativeEntities":2049,"label":2050,"description":2051,"key":87,"publicationTags":2052,"standard":24},[],{"EN":84,"VI":84},{"EN":84,"VI":86},[89],[93,94,95],{"issue":2055,"pages":2056,"volume":2058},{"VOID":476},{"VOID":2057},"247-270",{"VOID":2059},"92",137,{"total":2060,"publishYear":2062,"statisticByYear":2063},2017,{"2016":150,"2017":168,"2018":1264,"2019":250,"2020":1676,"2021":248,"2022":1676,"2023":245,"2024":2064},30,"2017-03-01",[73,96],[2068,2072,2075,2078,2082,2085,2088,2092,2096,2100,2104,2108,2111,2114,2118,2120,2124,2126,2130,2134,2138,2140,2144,2146,2149,2153,2157,2161,2164,2168,2172,2176,2179,2182,2185,2189,2193,2196,2199,2202,2206,2210,2214,2218,2221,2224,2228,2232,2236,2239],{"id":24,"text":2069,"url":24,"identifiers":2070},"Abadie, 2005, Semiparametric difference-in-differences estimators, Review of Economic Studies, 72, 1, 10.1111\u002F0034-6527.00321",{"doi":2071},"10.1111\u002F0034-6527.00321",{"id":24,"text":2073,"url":24,"identifiers":2074},"Amiram, D., \n            \n              A. 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Empirical evidence from China, International Journal of Accounting, 46, 175, 10.1016\u002Fj.intacc.2011.04.005",{"doi":2227},"10.1016\u002Fj.intacc.2011.04.005",{"id":24,"text":2229,"url":24,"identifiers":2230},"Xu, 2011, The fundamental institutions of China's reforms and development, Journal of Economic Literature, 49, 1076, 10.1257\u002Fjel.49.4.1076",{"doi":2231},"10.1257\u002Fjel.49.4.1076",{"id":24,"text":2233,"url":24,"identifiers":2234},"Zhan, 2011, Explaining central intervention in local extra-budgetary practices in China, Asian Survey, 51, 497, 10.1525\u002Fas.2011.51.3.497",{"doi":2235},"10.1525\u002Fas.2011.51.3.497",{"id":24,"text":2237,"url":24,"identifiers":2238},"Zhang, Z., and J. Martinez-Vazquez. \n          2003. The System of Equalization Transfers in China. Working paper, Georgia State University.",{},{"id":24,"text":2240,"url":24,"identifiers":2241},"Zhou, 2007, Governing China's local officials: An analysis of promotion tournament model, Economic Research Journal, 7, 36",{},{"id":2243,"createTime":2244,"updateTime":2244,"relativeEntities":2245,"slug":2246,"properties":2247,"entityType":121,"verifyStatus":122,"verifyTime":2244,"verifyNote":124,"languages":2258,"translateLanguages":24,"viewCount":25,"primaryUrl":2259,"fullTextUrl":24,"authors":2260,"publicationType":184,"publisherRelationship":2324,"citationCount":2376,"citationInfo":2377,"publishDate":2065,"publishYear":2062,"citationAnalyzeStatus":23,"lastCitationAnalyze":24,"indexDatabases":2383,"openAccess":24,"references":2384,"isForceReanalyzing":386},"b3fdb81d-e07a-4be5-a554-af8c0e1b5eed","2025-01-31T02:27:44.944+00:00",[],"Institutional-Ownership-and-Corporate-Tax-Avoidance-New-Evidence",{"openalex":2248,"mag":2250,"abstract":2252,"title":2254,"doi":2256},{"VOID":2249},"W3125147605",{"VOID":2251},"3125147605",{"EN":2253},"\u003Cjats:title>ABSTRACT\u003C\u002Fjats:title>\n               \u003Cjats:p>We provide new evidence on the agency theory of corporate tax avoidance (Slemrod 2004; Crocker and Slemrod 2005; Chen and Chu 2005) by showing that increases in institutional ownership are associated with increases in tax avoidance. Using the Russell index reconstitution setting to isolate exogenous shocks to institutional ownership, and a regression discontinuity design that facilitates sharper identification of treatment effects, we find a significant and discontinuous increase in tax avoidance following Russell 2000 inclusion. The tax avoidance involves the use of tax shelters, and immediate benefits include higher profit margins and likelihood of meeting or beating analyst expectations. Collectively, the results shed light on the effect of increased ownership concentration on tax avoidance.\u003C\u002Fjats:p>",{"EN":2255},"Institutional Ownership and Corporate Tax Avoidance: New Evidence",{"VOID":2257},"10.2308\u002Faccr-51529",[126],"https:\u002F\u002Fpublications.aaahq.org\u002Faccounting-review\u002Farticle\u002F92\u002F2\u002F101\u002F3830\u002FInstitutional-Ownership-and-Corporate-Tax",[2261,2288,2305],{"id":2262,"sortIndex":25,"researcher":24,"roles":2263,"affiliations":2264,"properties":2281,"displayName":2285,"givenName":24,"familyName":24},"16c67157-698d-44df-b4a0-9404ac5a5cc6",[],[2265,2273],{"id":2266,"sortIndex":25,"affiliation":2267,"properties":24},"5495127c-ee0c-4321-8201-7b7ae40ab860",{"id":2266,"createTime":24,"updateTime":24,"relativeEntities":2268,"slug":24,"properties":2269,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":2272,"statistic":24},[],{"title":2270},{"VI":2271},"Harvard University",[],{"id":2274,"sortIndex":150,"affiliation":2275,"properties":24},"b2c09929-d9ee-4fd3-994c-302ff62819e4",{"id":2274,"createTime":24,"updateTime":24,"relativeEntities":2276,"slug":24,"properties":2277,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":2280,"statistic":24},[],{"title":2278},{"EN":2279},"University of Minnesota",[],{"orcid":2282,"title":2284,"openalex":2286},{"VOID":2283},"https:\u002F\u002Forcid.org\u002F0000-0001-8205-4923",{"EN":2285},"Mozaffar 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Tan",{"VOID":2323},"A5103180421",{"url":24,"publisher":2325,"properties":2371},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":2326,"slug":10,"properties":2327,"entityType":22,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":25,"subjectFields":2332,"manageAffiliations":2345,"indexDatabases":2356,"url":97,"thumbnailPath":24,"statistic":24,"gsStatistic":24,"type":24,"analyzePriority":24},[],{"country":2328,"eissn":2329,"issn":2330,"title":2331},{"VOID":13},{"VOID":15},{"VOID":17},{"EN":19},[2333,2337,2341],{"id":28,"createTime":24,"updateTime":24,"relativeEntities":2334,"label":2335,"description":2336,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":31},{},{"id":34,"createTime":24,"updateTime":24,"relativeEntities":2338,"label":2339,"description":2340,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":37},{},{"id":40,"createTime":24,"updateTime":24,"relativeEntities":2342,"label":2343,"description":2344,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":43},{},[2346,2351],{"id":47,"createTime":24,"updateTime":24,"relativeEntities":2347,"slug":24,"properties":2348,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":2350,"statistic":24},[],{"title":2349},{"EN":51},[],{"id":54,"createTime":24,"updateTime":24,"relativeEntities":2352,"slug":24,"properties":2353,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":2355,"statistic":24},[],{"title":2354},{"EN":58},[],[2357,2364],{"id":62,"indexDatabase":2358,"url":75,"indexYears":24,"academicFieldIds":2363,"indexDatabaseRanking":24},{"id":64,"createTime":24,"updateTime":24,"relativeEntities":2359,"label":2360,"description":2361,"key":71,"publicationTags":2362,"standard":24},[],{"EN":67,"VI":67},{"EN":69,"VI":70},[73,74],[77],{"id":79,"indexDatabase":2365,"url":90,"indexYears":91,"academicFieldIds":2370,"indexDatabaseRanking":96},{"id":81,"createTime":24,"updateTime":24,"relativeEntities":2366,"label":2367,"description":2368,"key":87,"publicationTags":2369,"standard":24},[],{"EN":84,"VI":84},{"EN":84,"VI":86},[89],[93,94,95],{"issue":2372,"pages":2373,"volume":2375},{"VOID":476},{"VOID":2374},"101-122",{"VOID":2059},350,{"total":2376,"publishYear":2062,"statisticByYear":2378},{"2013":150,"2016":1264,"2017":250,"2018":247,"2019":245,"2020":2379,"2021":2380,"2022":2381,"2023":2382,"2024":2381},37,46,63,77,[73,96],[2385,2389,2393,2397,2400,2404,2408,2411,2413,2416,2420,2424,2428,2430,2432,2436,2440,2444,2448,2450,2454,2456,2460,2464,2467,2469,2473,2477,2479,2483,2487,2491,2493,2497,2500,2502,2506,2510,2513,2515,2519,2523,2526,2530,2533],{"id":24,"text":2386,"url":24,"identifiers":2387},"Angrist, 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Working paper, TheUniversity of Texas at Austin, The University of Texas at Dallas, and University of California, Irvine.",{"doi":2435},"10.2139\u002Fssrn.2610826",{"id":24,"text":2437,"url":24,"identifiers":2438},"Cheng, 2012, The effect of hedge fund activism on corporate tax avoidance, The Accounting Review, 87, 1493, 10.2308\u002Faccr-50195",{"doi":2439},"10.2308\u002Faccr-50195",{"id":24,"text":2441,"url":24,"identifiers":2442},"Core, 1999, The use of equity grants to manage optimal equity incentive levels, Journal of Accounting and Economics, 28, 151, 10.1016\u002FS0165-4101(99)00019-1",{"doi":2443},"10.1016\u002FS0165-4101(99)00019-1",{"id":24,"text":2445,"url":24,"identifiers":2446},"Crocker, 2005, Corporate tax evasion with agency costs, Journal of Public Economics, 89, 1593, 10.1016\u002Fj.jpubeco.2004.08.003",{"doi":2447},"10.1016\u002Fj.jpubeco.2004.08.003",{"id":24,"text":1346,"url":24,"identifiers":2449},{"doi":1348},{"id":24,"text":2451,"url":24,"identifiers":2452},"Dhaliwal, 2004, Last chance earnings management: Using the tax expense to meet analyst forecasts, Contemporary Accounting Research, 21, 431, 10.1506\u002FTFVV-UYT1-NNYT-1YFH",{"doi":2453},"10.1506\u002FTFVV-UYT1-NNYT-1YFH",{"id":24,"text":1370,"url":24,"identifiers":2455},{"doi":1372},{"id":24,"text":2457,"url":24,"identifiers":2458},"Dyreng, 2010, The effects of executives on corporate tax avoidance, The Accounting Review, 85, 1163, 10.2308\u002Faccr.2010.85.4.1163",{"doi":2459},"10.2308\u002Faccr.2010.85.4.1163",{"id":24,"text":2461,"url":24,"identifiers":2462},"Gaertner, F. \n          \n          2013. CEO After-Tax Compensation Incentives and Corporate Tax Avoidance. Working paper, University of Wisconsin.",{"doi":2463},"10.1111\u002F1911-3846.12058",{"id":24,"text":2465,"url":24,"identifiers":2466},"Gao, Y., \n            \n              M. Khan, and L. Tan. \n          2016. Further Evidence on Consequences of Debt Covenant Violations. Working paper, Harvard University, University of Minnesota, and The George Washington University.",{},{"id":24,"text":1422,"url":24,"identifiers":2468},{"doi":1424},{"id":24,"text":2470,"url":24,"identifiers":2471},"Guay, 1999, The sensitivity of CEO wealth to equity risk: An analysis of the magnitudes and determinants, Journal of Financial Economics, 53, 43, 10.1016\u002FS0304-405X(99)00016-1",{"doi":2472},"10.1016\u002FS0304-405X(99)00016-1",{"id":24,"text":2474,"url":24,"identifiers":2475},"Hahn, 2001, Identification and estimation of treatment effects with a regression discontinuity design, Econometrica, 69, 201, 10.1111\u002F1468-0262.00183",{"doi":2476},"10.1111\u002F1468-0262.00183",{"id":24,"text":1434,"url":24,"identifiers":2478},{"doi":1436},{"id":24,"text":2480,"url":24,"identifiers":2481},"Hribar, 2002, Errors in estimating accruals: Implications for empirical research, Journal of Accounting Research, 40, 105, 10.1111\u002F1475-679X.00041",{"doi":2482},"10.1111\u002F1475-679X.00041",{"id":24,"text":2484,"url":24,"identifiers":2485},"Khurana, 2013, Institutional shareholders' investment horizons and tax avoidance, Journal of the American Taxation Association, 35, 111, 10.2308\u002Fatax-50315",{"doi":2486},"10.2308\u002Fatax-50315",{"id":24,"text":2488,"url":24,"identifiers":2489},"Lee, 2010, Regression discontinuity designs in economics, Journal of Economic Literature, 48, 281, 10.1257\u002Fjel.48.2.281",{"doi":2490},"10.1257\u002Fjel.48.2.281",{"id":24,"text":1846,"url":24,"identifiers":2492},{},{"id":24,"text":2494,"url":24,"identifiers":2495},"McGuire, 2014, Dual class ownership and tax avoidance, The Accounting Review, 89, 1487, 10.2308\u002Faccr-50718",{"doi":2496},"10.2308\u002Faccr-50718",{"id":24,"text":2498,"url":24,"identifiers":2499},"Monks, R., and N. Minow. \n          1995. Corporate Governance. Cambridge, MA: Blackwell.",{},{"id":24,"text":1510,"url":24,"identifiers":2501},{"doi":1512},{"id":24,"text":2503,"url":24,"identifiers":2504},"Porter, M. \n          \n          1992. Capital Choices: Changing the Way America Invests in Industry. Boston, MA: Council on Competitiveness\u002FHarvard Business School.",{"doi":2505},"10.1111\u002Fj.1745-6622.1992.tb00485.x",{"id":24,"text":2507,"url":24,"identifiers":2508},"Powers, K., \n            \n              J. Robinson, and B. Stomberg. \n          2015. How Do CEO Incentives Affect Corporate Tax Planning and Financial Reporting of Income Taxes?Working paper, TheUniversity of Texas at Austin, Texas A&M University, and The University of Georgia.",{"doi":2509},"10.1007\u002Fs11142-016-9350-6",{"id":24,"text":2511,"url":24,"identifiers":2512},"Rego, 2012, Equity risk incentives and corporate tax aggressiveness, Journal of Accounting Research, 50, 775, 10.1111\u002Fj.1475-679X.2012.00438.x",{"doi":1890},{"id":24,"text":1514,"url":24,"identifiers":2514},{"doi":1516},{"id":24,"text":2516,"url":24,"identifiers":2517},"Shackelford, 2001, Empirical tax research in accounting, Journal of Accounting and Economics, 31, 321, 10.1016\u002FS0165-4101(01)00022-2",{"doi":2518},"10.1016\u002FS0165-4101(01)00022-2",{"id":24,"text":2520,"url":24,"identifiers":2521},"Slemrod, 2004, The economics of corporate tax selfishness, National Tax Journal, 57, 877, 10.17310\u002Fntj.2004.4.06",{"doi":2522},"10.17310\u002Fntj.2004.4.06",{"id":24,"text":2524,"url":24,"identifiers":2525},"Sorkin, 2014, Public pension funds stay mum on corporate expats, New York Times",{},{"id":24,"text":2527,"url":24,"identifiers":2528},"Tan, 2013, Creditor control rights, state of nature verification, and financial reporting conservatism, Journal of Accounting and Economics, 55, 1, 10.1016\u002Fj.jacceco.2012.08.001",{"doi":2529},"10.1016\u002Fj.jacceco.2012.08.001",{"id":24,"text":2531,"url":24,"identifiers":2532},"Weisbach, 2002, Ten truths about tax shelters, Tax Law Review, 55, 215–",{},{"id":24,"text":1536,"url":24,"identifiers":2534},{"doi":1538},{"id":2536,"createTime":2537,"updateTime":2537,"relativeEntities":2538,"slug":2539,"properties":2540,"entityType":121,"verifyStatus":122,"verifyTime":2537,"verifyNote":124,"languages":2550,"translateLanguages":24,"viewCount":25,"primaryUrl":2551,"fullTextUrl":24,"authors":2552,"publicationType":184,"publisherRelationship":2572,"citationCount":2625,"citationInfo":2626,"publishDate":2639,"publishYear":2627,"citationAnalyzeStatus":23,"lastCitationAnalyze":24,"indexDatabases":2640,"openAccess":24,"references":2641,"isForceReanalyzing":386},"7e33f61c-357f-48fe-95a0-560dc5843f75","2025-01-31T02:27:43.798+00:00",[],"An-Examination-of-Corporate-Tax-Shelter-Participants",{"openalex":2541,"mag":2543,"abstract":2545,"title":2547,"doi":2549},{"VOID":2542},"W2060563930",{"VOID":2544},"2060563930",{"EN":2546},"\u003Cjats:p>ABSTRACT: Recent evidence suggests that corporate tax shelters have become important corporate instruments for reducing tax burden. Based on a sample of identified tax shelter participants, I develop a profile of the type of firm that likely engages in tax sheltering. The model detects tax shelter participants through the use of variables predicted to be either affected by or associated with tax sheltering. I find that firms actively engaged in tax sheltering exhibit larger ex post book-tax differences and more aggressive financial reporting practices. Using this model of tax shelter firm characteristics, I identify a broad sample of predicted tax shelter firms from the population of firms. I then examine whether tax sheltering is associated with wealth creation for shareholders or with managerial opportunism. I find that active tax shelter firms with strong corporate governance exhibit positive abnormal returns. This finding is consistent with tax sheltering being a tool for wealth creation in well-governed firms.\u003C\u002Fjats:p>",{"EN":2548},"An Examination of Corporate Tax Shelter Participants",{"VOID":1538},[126],"https:\u002F\u002Fpublications.aaahq.org\u002Faccounting-review\u002Farticle\u002F84\u002F3\u002F969\u002F3089\u002FAn-Examination-of-Corporate-Tax-Shelter",[2553],{"id":2554,"sortIndex":25,"researcher":24,"roles":2555,"affiliations":2556,"properties":2565,"displayName":2569,"givenName":24,"familyName":24},"88108bb4-749b-4d33-bcd5-e7a766f8de87",[],[2557],{"id":2558,"sortIndex":25,"affiliation":2559,"properties":24},"c1e2b27a-c8ff-478a-97bc-18c07b5aa93e",{"id":2558,"createTime":24,"updateTime":24,"relativeEntities":2560,"slug":24,"properties":2561,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":2564,"statistic":24},[],{"title":2562},{"VI":2563},"The University of Iowa",[],{"orcid":2566,"title":2568,"openalex":2570},{"VOID":2567},"https:\u002F\u002Forcid.org\u002F0000-0002-0191-2410",{"EN":2569},"Ryan J. Wilson",{"VOID":2571},"A5060332859",{"url":24,"publisher":2573,"properties":2619},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":2574,"slug":10,"properties":2575,"entityType":22,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":25,"subjectFields":2580,"manageAffiliations":2593,"indexDatabases":2604,"url":97,"thumbnailPath":24,"statistic":24,"gsStatistic":24,"type":24,"analyzePriority":24},[],{"country":2576,"eissn":2577,"issn":2578,"title":2579},{"VOID":13},{"VOID":15},{"VOID":17},{"EN":19},[2581,2585,2589],{"id":28,"createTime":24,"updateTime":24,"relativeEntities":2582,"label":2583,"description":2584,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":31},{},{"id":34,"createTime":24,"updateTime":24,"relativeEntities":2586,"label":2587,"description":2588,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":37},{},{"id":40,"createTime":24,"updateTime":24,"relativeEntities":2590,"label":2591,"description":2592,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":43},{},[2594,2599],{"id":47,"createTime":24,"updateTime":24,"relativeEntities":2595,"slug":24,"properties":2596,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":2598,"statistic":24},[],{"title":2597},{"EN":51},[],{"id":54,"createTime":24,"updateTime":24,"relativeEntities":2600,"slug":24,"properties":2601,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":2603,"statistic":24},[],{"title":2602},{"EN":58},[],[2605,2612],{"id":62,"indexDatabase":2606,"url":75,"indexYears":24,"academicFieldIds":2611,"indexDatabaseRanking":24},{"id":64,"createTime":24,"updateTime":24,"relativeEntities":2607,"label":2608,"description":2609,"key":71,"publicationTags":2610,"standard":24},[],{"EN":67,"VI":67},{"EN":69,"VI":70},[73,74],[77],{"id":79,"indexDatabase":2613,"url":90,"indexYears":91,"academicFieldIds":2618,"indexDatabaseRanking":96},{"id":81,"createTime":24,"updateTime":24,"relativeEntities":2614,"label":2615,"description":2616,"key":87,"publicationTags":2617,"standard":24},[],{"EN":84,"VI":84},{"EN":84,"VI":86},[89],[93,94,95],{"issue":2620,"pages":2621,"volume":2623},{"VOID":923},{"VOID":2622},"969-999",{"VOID":2624},"84",1063,{"total":2625,"publishYear":2627,"statisticByYear":2628},2009,{"2012":2629,"2013":2381,"2014":1680,"2015":2630,"2016":2631,"2017":2632,"2018":2633,"2019":2632,"2020":2634,"2021":2635,"2022":2636,"2023":2637,"2024":2638},56,59,72,67,80,78,98,79,95,84,"2009-05-01",[73,96],[2642,2645,2648,2651,2654,2657,2661,2664,2667,2670,2672,2674,2677,2680,2682,2684,2686,2689,2693,2697,2701,2704,2707,2710,2713,2716,2720,2723,2726,2730,2733,2736,2740,2744,2747,2751,2753,2756,2759],{"id":24,"text":2643,"url":24,"identifiers":2644},"Bankman, 1999, The new market in corporate tax shelters, Tax Notes, 83, 1775",{},{"id":24,"text":2646,"url":24,"identifiers":2647},"Basu, 1997, The conservatism principle and the asymmetric timeliness of earnings, Journal of Accounting and Economics, 24, 2, 10.1016\u002FS0165-4101(97)00014-1",{"doi":958},{"id":24,"text":2649,"url":24,"identifiers":2650},"Blouin, J., and I. Tuna. 2007. Tax contingencies: Cushioning the blow to earnings? Working paper, University of Pennsylvania.",{},{"id":24,"text":2652,"url":24,"identifiers":2653},"Brown, J. 2008. The spread of aggressive corporate tax reporting: A detailed examination of the corporate-owned life insurance shelter. Working paper, Arizona State University.",{},{"id":24,"text":2655,"url":24,"identifiers":2656},"Browning, L. 2005. Tax-shelter inquiry focuses on restaurant operator. The New York Times (December 14).",{},{"id":24,"text":2658,"url":24,"identifiers":2659},"Desai, 2003, The divergence between book and tax income, Tax Policy and Economy, 17, 169, 10.1086\u002Ftpe.17.20140508",{"doi":2660},"10.1086\u002Ftpe.17.20140508",{"id":24,"text":2662,"url":24,"identifiers":2663},"Dharmapala, 2006, Corporate tax avoidance and high powered incentives, Journal of Financial Economics, 79, 145, 10.1016\u002Fj.jfineco.2005.02.002",{"doi":1348},{"id":24,"text":2665,"url":24,"identifiers":2666},"———, and ———. 2007. Corporate tax avoidance and firm value. Working paper, Harvard University and University of Connecticut.",{},{"id":24,"text":2668,"url":24,"identifiers":2669},"Drucker, J. 2006. Bermuda Triangle: How Merck saved $1.5 billion paying itself for drug patents: Partnership with British bank moved liabilities offshore; Alarmed U.S. cracks down—“The art of tax avoidance.” Wall Street Journal (September 28): A1.",{},{"id":24,"text":1370,"url":24,"identifiers":2671},{"doi":1372},{"id":24,"text":1396,"url":24,"identifiers":2673},{"doi":1398},{"id":24,"text":2675,"url":24,"identifiers":2676},"Financial Accounting Standards Board (FASB). 1975. Accounting for Contingencies. Statement of Financial Accounting Standard No. 5. Norwalk, CT: FASB.",{},{"id":24,"text":2678,"url":24,"identifiers":2679},"Frank, 2009, Are financial and tax reporting aggressiveness reflective of broader corporate policies, The Accounting Review, 84, 467, 10.2308\u002Faccr.2009.84.2.467",{"doi":1406},{"id":24,"text":1764,"url":24,"identifiers":2681},{"doi":1766},{"id":24,"text":1776,"url":24,"identifiers":2683},{"doi":1778},{"id":24,"text":1796,"url":24,"identifiers":2685},{"doi":1798},{"id":24,"text":2687,"url":24,"identifiers":2688},"Gompers, 2003, Corporation governance and equity prices, The Quarterly Journal of Economics, 118, 107, 10.1162\u002F00335530360535162",{"doi":1790},{"id":24,"text":2690,"url":24,"identifiers":2691},"Hanlon, 2003, What can we infer about a firm's taxable income from its financial statements?, National Tax Journal, 56, 831, 10.17310\u002Fntj.2003.4.07",{"doi":2692},"10.17310\u002Fntj.2003.4.07",{"id":24,"text":2694,"url":24,"identifiers":2695},"2005, The persistence and pricing of earnings, accruals, and cash flows when firms have large book-tax differences, The Accounting Review, 80, 137, 10.2308\u002Faccr.2005.80.1.137",{"doi":2696},"10.2308\u002Faccr.2005.80.1.137",{"id":24,"text":2698,"url":24,"identifiers":2699},"Laplante, 2005, Evidence on the possible information loss of conforming book income and taxable income, The Journal of Law & Economics, 48, 407, 10.1086\u002F497525",{"doi":2700},"10.1086\u002F497525",{"id":24,"text":2702,"url":24,"identifiers":2703},"———, and J. Slemrod. 2006. What does tax aggressiveness signal? Evidence from stock price reactions to news about tax aggressiveness. Working paper, University of Michigan.",{},{"id":24,"text":2705,"url":24,"identifiers":2706},"———, L. Mills, and J. Slemrod. 2007. An empirical examination of corporate tax noncompliance. In Taxing Corporate Income in the 21st Century, edited by A. Auerbach, J. R. Hines, Jr., and J. Slemrod. Cambridge, U.K.: Cambridge University Press.",{},{"id":24,"text":2708,"url":24,"identifiers":2709},"Heltzer, W. 2008. Conservatism and book-tax differences. Working paper, DePaul University.",{},{"id":24,"text":2711,"url":24,"identifiers":2712},"Jones, 1991, Earnings management during import relief investigations, Journal of Accounting Research, 40, 727",{},{"id":24,"text":2714,"url":24,"identifiers":2715},"Kothari, 2005, Performance matched unexplained accrual measures, Journal of Accounting and Economics, 39, 745, 10.1016\u002Fj.jacceco.2004.11.002",{"doi":713},{"id":24,"text":2717,"url":24,"identifiers":2718},"Lev, 2004, Taxable income, future earnings, and equity values, The Accounting Review, 79, 1039, 10.2308\u002Faccr.2004.79.4.1039",{"doi":2719},"10.2308\u002Faccr.2004.79.4.1039",{"id":24,"text":2721,"url":24,"identifiers":2722},"Lisowsky, P. 2008a. “Seeking shelter”: Empirically modeling tax shelters and examining their link to the contingent tax liability reserve. Working paper, University of Illinois.",{},{"id":24,"text":2724,"url":24,"identifiers":2725},"———. 2008b. Inferring U.S. tax liability from financial statement information. Working paper, University of Illinois.",{},{"id":24,"text":2727,"url":24,"identifiers":2728},"McGill, 2004, Lost in translation: Detecting tax shelter activity in financial statements, National Tax Journal, 57, 739, 10.17310\u002Fntj.2004.3.13",{"doi":2729},"10.17310\u002Fntj.2004.3.13",{"id":24,"text":2731,"url":24,"identifiers":2732},"Mills, 1998, Book-tax differences and internal revenue service adjustments, Journal of Accounting Research, 36, 343, 10.2307\u002F2491481",{"doi":1500},{"id":24,"text":2734,"url":24,"identifiers":2735},"Erickson, 1998, Investments in tax planning, The Journal of the American Taxation Association, 20, 1",{},{"id":24,"text":2737,"url":24,"identifiers":2738},"Newberry, 2005, Firms' off-balance sheet and hybrid debt-financing: Evidence from their book-tax reporting differences, Journal of Accounting Research, 43, 251, 10.1111\u002Fj.1475-679x.2005.00170.x",{"doi":2739},"10.1111\u002Fj.1475-679x.2005.00170.x",{"id":24,"text":2741,"url":24,"identifiers":2742},"Phillips, 2003, Earnings management: New evidence based on deferred tax expense, The Accounting Review, 78, 491, 10.2308\u002Faccr.2003.78.2.491",{"doi":2743},"10.2308\u002Faccr.2003.78.2.491",{"id":24,"text":2745,"url":24,"identifiers":2746},"Plesko, G., 1999. Book-tax differences and the measurement of corporate income. National Tax Association Proceedings 1999: 171–176.",{},{"id":24,"text":2748,"url":24,"identifiers":2749},"2003, An evaluation of alternative measures of corporate tax rates, Journal of Accounting and Economics, 35, 201, 10.1016\u002FS0165-4101(03)00019-3",{"doi":2750},"10.1016\u002FS0165-4101(03)00019-3",{"id":24,"text":2516,"url":24,"identifiers":2752},{"doi":2518},{"id":24,"text":2754,"url":24,"identifiers":2755},"U.S. Congress, Joint Committee on Taxation. 2003. Report of investigation of Enron Corporation and related entities regarding federal tax and compensation issues, and policy recommendations. Vol. I–III. JCS-3-03. Washington, D.C.: Government Printing Office.",{},{"id":24,"text":2757,"url":24,"identifiers":2758},"Wall Street Journal. 2004. KPMG shelter shaved $1.7 billion off taxes of 29 large companies. (June 16): A1.",{},{"id":24,"text":2760,"url":24,"identifiers":2761},"———. 2005. Outside audit: KPMG used a shelter it sold to firms—Accounting concern booked a $34 million deduction before IRS banned strategy. (October 14): M1.",{},{"id":2763,"createTime":2764,"updateTime":2764,"relativeEntities":2765,"slug":2766,"properties":2767,"entityType":121,"verifyStatus":122,"verifyTime":2764,"verifyNote":124,"languages":2777,"translateLanguages":24,"viewCount":25,"primaryUrl":2778,"fullTextUrl":24,"authors":2779,"publicationType":184,"publisherRelationship":2832,"citationCount":2884,"citationInfo":2885,"publishDate":2892,"publishYear":1262,"citationAnalyzeStatus":23,"lastCitationAnalyze":24,"indexDatabases":2893,"openAccess":24,"references":2894,"isForceReanalyzing":386},"e08ec859-52e4-4937-af42-d66b83d3ed1c","2025-01-31T02:27:43.679+00:00",[],"Financial-Constraints-and-Cash-Tax-Savings",{"openalex":2768,"mag":2770,"abstract":2772,"title":2774,"doi":2776},{"VOID":2769},"W3123370681",{"VOID":2771},"3123370681",{"EN":2773},"\u003Cjats:title>ABSTRACT\u003C\u002Fjats:title>\n               \u003Cjats:p>We investigate the association between financial constraints and cash savings generated through tax planning. We predict that an increase in financial constraints leads firms to increase internally generated funds via tax planning. We measure financial constraints based on changes in firm-specific and macroeconomic measures. We find that firms facing increases in financial constraints exhibit increases in cash tax planning. Our results indicate that among profitable firms, firm-years with the largest increases in firm-specific constraints are associated with declines in firms' cash effective tax rates ranging from 3.00 to 5.14 percent, which equate to between 2.87 and 4.82 percent of operating cash flows. We also find that (1) the impact of financial constraints on tax planning is greatest among firms with low cash reserves, and (2) constrained firms achieve a substantial portion of their current tax savings via deferral-based tax planning strategies, despite the lack of a financial statement benefit.\u003C\u002Fjats:p>\n               \u003Cjats:p>JEL Classifications: E69; H25; H60.\u003C\u002Fjats:p>\n               \u003Cjats:p>Data Availability: Data used in this study are available from public sources identified in the paper.\u003C\u002Fjats:p>",{"EN":2775},"Financial Constraints and Cash Tax Savings",{"VOID":1388},[126],"https:\u002F\u002Fpublications.aaahq.org\u002Faccounting-review\u002Farticle\u002F91\u002F3\u002F859\u002F3806\u002FFinancial-Constraints-and-Cash-Tax-Savings",[2780,2799,2818],{"id":2781,"sortIndex":25,"researcher":24,"roles":2782,"affiliations":2783,"properties":2792,"displayName":2796,"givenName":24,"familyName":24},"b5394180-1203-47e8-bc74-e6a16051c9aa",[],[2784],{"id":2785,"sortIndex":25,"affiliation":2786,"properties":24},"47eb5d6e-90c9-4f72-9394-e914bbd774fc",{"id":2785,"createTime":24,"updateTime":24,"relativeEntities":2787,"slug":24,"properties":2788,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":2791,"statistic":24},[],{"title":2789},{"VI":2790},"University of Toronto",[],{"orcid":2793,"title":2795,"openalex":2797},{"VOID":2794},"https:\u002F\u002Forcid.org\u002F0000-0003-1508-9522",{"EN":2796},"Alexander Edwards",{"VOID":2798},"A5014095382",{"id":2800,"sortIndex":150,"researcher":24,"roles":2801,"affiliations":2802,"properties":2811,"displayName":2815,"givenName":24,"familyName":24},"2360de24-ca8d-4162-bb98-dc1c08e7d2d3",[],[2803],{"id":2804,"sortIndex":25,"affiliation":2805,"properties":24},"098da7e4-7bdf-47bb-ab48-a45330867b51",{"id":2804,"createTime":24,"updateTime":24,"relativeEntities":2806,"slug":24,"properties":2807,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":2810,"statistic":24},[],{"title":2808},{"VI":2809},"Indiana University, Bloomington",[],{"orcid":2812,"title":2814,"openalex":2816},{"VOID":2813},"https:\u002F\u002Forcid.org\u002F0000-0002-0191-7449",{"EN":2815},"Casey M. Schwab",{"VOID":2817},"A5010835701",{"id":2819,"sortIndex":168,"researcher":24,"roles":2820,"affiliations":2821,"properties":2828,"displayName":1203,"givenName":24,"familyName":24},"cbc3b9cc-c56a-40eb-9976-a25cfa127be9",[],[2822],{"id":1192,"sortIndex":25,"affiliation":2823,"properties":24},{"id":1192,"createTime":24,"updateTime":24,"relativeEntities":2824,"slug":24,"properties":2825,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":2827,"statistic":24},[],{"title":2826},{"VI":1197},[],{"orcid":2829,"title":2830,"openalex":2831},{"VOID":1201},{"EN":1203},{"VOID":1205},{"url":24,"publisher":2833,"properties":2879},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":2834,"slug":10,"properties":2835,"entityType":22,"verifyStatus":23,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":25,"subjectFields":2840,"manageAffiliations":2853,"indexDatabases":2864,"url":97,"thumbnailPath":24,"statistic":24,"gsStatistic":24,"type":24,"analyzePriority":24},[],{"country":2836,"eissn":2837,"issn":2838,"title":2839},{"VOID":13},{"VOID":15},{"VOID":17},{"EN":19},[2841,2845,2849],{"id":28,"createTime":24,"updateTime":24,"relativeEntities":2842,"label":2843,"description":2844,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":31},{},{"id":34,"createTime":24,"updateTime":24,"relativeEntities":2846,"label":2847,"description":2848,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":37},{},{"id":40,"createTime":24,"updateTime":24,"relativeEntities":2850,"label":2851,"description":2852,"parentId":24,"standard":24,"scholarHubFieldId":24},[],{"EN":43},{},[2854,2859],{"id":47,"createTime":24,"updateTime":24,"relativeEntities":2855,"slug":24,"properties":2856,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":2858,"statistic":24},[],{"title":2857},{"EN":51},[],{"id":54,"createTime":24,"updateTime":24,"relativeEntities":2860,"slug":24,"properties":2861,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":2863,"statistic":24},[],{"title":2862},{"EN":58},[],[2865,2872],{"id":62,"indexDatabase":2866,"url":75,"indexYears":24,"academicFieldIds":2871,"indexDatabaseRanking":24},{"id":64,"createTime":24,"updateTime":24,"relativeEntities":2867,"label":2868,"description":2869,"key":71,"publicationTags":2870,"standard":24},[],{"EN":67,"VI":67},{"EN":69,"VI":70},[73,74],[77],{"id":79,"indexDatabase":2873,"url":90,"indexYears":91,"academicFieldIds":2878,"indexDatabaseRanking":96},{"id":81,"createTime":24,"updateTime":24,"relativeEntities":2874,"label":2875,"description":2876,"key":87,"publicationTags":2877,"standard":24},[],{"EN":84,"VI":84},{"EN":84,"VI":86},[89],[93,94,95],{"issue":2880,"pages":2881,"volume":2883},{"VOID":923},{"VOID":2882},"859-881",{"VOID":1259},509,{"total":2884,"publishYear":1262,"statisticByYear":2886},{"2013":150,"2015":1264,"2016":243,"2017":247,"2018":2887,"2019":1268,"2020":2888,"2021":2889,"2022":2631,"2023":2890,"2024":2891},41,53,90,83,99,"2016-05-01",[73,96],[2895,2899,2901,2905,2907,2911,2913,2917,2919,2923,2927,2931,2933,2937,2941,2943,2945,2947,2951,2955,2958,2962,2966,2969,2971,2975,2978,2980,2983,2987,2989,2992,2996,2999,3003,3007,3011,3015,3019,3022,3024,3028,3031,3034,3036],{"id":24,"text":2896,"url":24,"identifiers":2897},"Altman, 1968, Financial ratios, discriminant analysis and the prediction of corporate bankruptcy, Journal of Finance, 23, 589, 10.1111\u002Fj.1540-6261.1968.tb00843.x",{"doi":2898},"10.1111\u002Fj.1540-6261.1968.tb00843.x",{"id":24,"text":1277,"url":24,"identifiers":2900},{"doi":1279},{"id":24,"text":2902,"url":24,"identifiers":2903},"Barth, 1998, Relative valuation roles of equity book value and net income as a function of financial health, Journal of Accounting and Economics, 25, 1, 10.1016\u002FS0165-4101(98)00017-2",{"doi":2904},"10.1016\u002FS0165-4101(98)00017-2",{"id":24,"text":1318,"url":24,"identifiers":2906},{"doi":1320},{"id":24,"text":2908,"url":24,"identifiers":2909},"Christensen, 2012, Capital versus performance covenants in debt contracts, Journal of Accounting Research, 50, 75, 10.1111\u002Fj.1475-679X.2011.00432.x",{"doi":2910},"10.1111\u002Fj.1475-679X.2011.00432.x",{"id":24,"text":1342,"url":24,"identifiers":2912},{"doi":1344},{"id":24,"text":2914,"url":24,"identifiers":2915},"Dyreng, S., and K. Markle. \n          2013. The Effects of Taxes and Financial Constraints on Income Shifting by U.S. Multinationals. Working paper, Duke University and The University of Iowa.",{"doi":2916},"10.2139\u002Fssrn.2336997",{"id":24,"text":1370,"url":24,"identifiers":2918},{"doi":1372},{"id":24,"text":2920,"url":24,"identifiers":2921},"Erickson, 2013, Tax-motivated loss shifting, The Accounting Review, 88, 1657, 10.2308\u002Faccr-50496",{"doi":2922},"10.2308\u002Faccr-50496",{"id":24,"text":2924,"url":24,"identifiers":2925},"Fama, 2002, Testing trade-off and pecking order predictions about dividends and debt, Review of Financial Studies, 15, 1, 10.1093\u002Frfs\u002F15.1.1",{"doi":2926},"10.1093\u002Frfs\u002F15.1.1",{"id":24,"text":2928,"url":24,"identifiers":2929},"Frank, 2008, Trade-off and pecking order theories of debt, Handbook of Corporate Finance: Empirical Corporate Finance, 2, 135, 10.1016\u002FB978-0-444-53265-7.50004-4",{"doi":2930},"10.1016\u002FB978-0-444-53265-7.50004-4",{"id":24,"text":1404,"url":24,"identifiers":2932},{"doi":1406},{"id":24,"text":2934,"url":24,"identifiers":2935},"Graham, 1996, Proxies for the corporate marginal tax rate, Journal of Financial Economics, 42, 187, 10.1016\u002F0304-405X(96)00879-3",{"doi":2936},"10.1016\u002F0304-405X(96)00879-3",{"id":24,"text":2938,"url":24,"identifiers":2939},"Graham, 2005, The economic implications of corporate financial reporting, Journal of Accounting and Economics, 40, 3, 10.1016\u002Fj.jacceco.2005.01.002",{"doi":2940},"10.1016\u002Fj.jacceco.2005.01.002",{"id":24,"text":1422,"url":24,"identifiers":2942},{"doi":1424},{"id":24,"text":2141,"url":24,"identifiers":2944},{"doi":2143},{"id":24,"text":1434,"url":24,"identifiers":2946},{"doi":1436},{"id":24,"text":2948,"url":24,"identifiers":2949},"Hanlon, 2007, An empirical examination of corporate tax noncompliance, Taxing Corporate Income in the 21st Century, 171, 10.1017\u002FCBO9780511510823.014",{"doi":2950},"10.1017\u002FCBO9780511510823.014",{"id":24,"text":2952,"url":24,"identifiers":2953},"Joeveer, 2013, Firm, country and macroeconomic determinants of capital structure: Evidence from transition economies, Journal of Comparative Economics, 41, 294, 10.1016\u002Fj.jce.2012.05.001",{"doi":2954},"10.1016\u002Fj.jce.2012.05.001",{"id":24,"text":2956,"url":24,"identifiers":2957},"Kaplan, 1997, Do investment-cash flow sensitivities provide useful measures of financing constraints?, Quarterly Journal of Economics, 112, 169, 10.1162\u002F003355397555163",{"doi":1466},{"id":24,"text":2959,"url":24,"identifiers":2960},"Korajczyk, 2003, Capital structure choice: Macroeconomic conditions and financial constraints, Journal of Financial Economics, 68, 75, 10.1016\u002FS0304-405X(02)00249-0",{"doi":2961},"10.1016\u002FS0304-405X(02)00249-0",{"id":24,"text":2963,"url":24,"identifiers":2964},"Law, 2015, Taxes and financial constraints: Evidence from linguistic cues, Journal of Accounting Research, 53, 777, 10.1111\u002F1475-679X.12081",{"doi":2965},"10.1111\u002F1475-679X.12081",{"id":24,"text":2967,"url":24,"identifiers":2968},"Leone, 2008, There's a cash machine in your tax department, CFO.com",{},{"id":24,"text":1483,"url":24,"identifiers":2970},{"doi":1485},{"id":24,"text":2972,"url":24,"identifiers":2973},"Maydew, 1997, Tax-induced earnings management by firms with net operating losses, Journal of Accounting Research, 35, 83, 10.2307\u002F2491468",{"doi":2974},"10.2307\u002F2491468",{"id":24,"text":2976,"url":24,"identifiers":2977},"McBride, 2009, Revenue chief fears steep rise in tax evasion (April 26), Independent.ie",{},{"id":24,"text":2727,"url":24,"identifiers":2979},{"doi":2729},{"id":24,"text":2981,"url":24,"identifiers":2982},"McGuire, S., \n            \n              S. Neuman, and T. Omer. \n          2013. Sustainable Tax Strategies and Earnings Persistence. Working paper, Texas A&M University, University of Missouri, and University of Nebraska.",{},{"id":24,"text":2984,"url":24,"identifiers":2985},"McGuire, 2014, Investment opportunity sets, operating uncertainty, and capital market pressure: Determinants of investments in tax shelters, Journal of the American Taxation Association, 36, 1, 10.2308\u002Fatax-50599",{"doi":2986},"10.2308\u002Fatax-50599",{"id":24,"text":1498,"url":24,"identifiers":2988},{"doi":1500},{"id":24,"text":2990,"url":24,"identifiers":2991},"Mills, 2001, The influence of tax and non-tax costs on book-tax reporting differences: Public and private firms, Journal of the American Taxation Association, 23, 1, 10.2308\u002Fjata.2001.23.1.1",{"doi":1504},{"id":24,"text":2993,"url":24,"identifiers":2994},"Mills, 2004, Do foreign multinationals' tax incentives influence their U.S. income reporting and debt policy?, National Tax Journal, 57, 89, 10.17310\u002Fntj.2004.1.05",{"doi":2995},"10.17310\u002Fntj.2004.1.05",{"id":24,"text":2997,"url":24,"identifiers":2998},"Mills, 1998, Investments in tax planning, Journal of the American Taxation Association, 20, 1, 10.2308\u002Fjata.2001.23.1.1",{"doi":1504},{"id":24,"text":3000,"url":24,"identifiers":3001},"Neuman, S. \n          \n          2014. Effective Tax Strategies: It's Not Just Minimization. Working paper, University of Missouri.",{"doi":3002},"10.2139\u002Fssrn.2496994",{"id":24,"text":3004,"url":24,"identifiers":3005},"Newberry, 1998, Foreign tax credit limitations and capital structure decisions, Journal of Accounting Research, 36, 157, 10.2307\u002F2491326",{"doi":3006},"10.2307\u002F2491326",{"id":24,"text":3008,"url":24,"identifiers":3009},"Newberry, 2001, Cross-jurisdictional income shifting by U.S. multinationals: Evidence from international bond offerings, Journal of Accounting Research, 39, 643, 10.1111\u002F1475-679X.00032",{"doi":3010},"10.1111\u002F1475-679X.00032",{"id":24,"text":3012,"url":24,"identifiers":3013},"Omer, 1993, An investigation of the firm size-effective tax rate relation in the 1980s, Journal of Accounting, Auditing and Finance, 8, 167, 10.1177\u002F0148558X9300800206",{"doi":3014},"10.1177\u002F0148558X9300800206",{"id":24,"text":3016,"url":24,"identifiers":3017},"Rauh, 2006, Investment and financing constraints: Evidence from the funding of corporate pension plans, Journal of Finance, 61, 33, 10.1111\u002Fj.1540-6261.2006.00829.x",{"doi":3018},"10.1111\u002Fj.1540-6261.2006.00829.x",{"id":24,"text":3020,"url":24,"identifiers":3021},"Rice, 1992, The corporate tax gap: Evidence on tax compliance by small corporations, Why People Pay Taxes, 125",{},{"id":24,"text":2516,"url":24,"identifiers":3023},{"doi":2518},{"id":24,"text":3025,"url":24,"identifiers":3026},"Shumway, 2001, Forecasting bankruptcy more accurately: A simple hazard model, Journal of Business, 74, 101, 10.1086\u002F209665",{"doi":3027},"10.1086\u002F209665",{"id":24,"text":3029,"url":24,"identifiers":3030},"Terando, 1993, Corporate characteristics associated with master limited partnership formation, Journal of the American Taxation Association, 15, 23",{},{"id":24,"text":3032,"url":24,"identifiers":3033},"Trinz, 2014, Last minute year-end 2014 tax-saving moves for corporations, Accounting Today",{},{"id":24,"text":1532,"url":24,"identifiers":3035},{"doi":1534},{"id":24,"text":1536,"url":24,"identifiers":3037},{"doi":1538},{"id":3039,"createTime":3040,"updateTime":3040,"relativeEntities":3041,"slug":3042,"properties":3043,"entityType":121,"verifyStatus":122,"verifyTime":3054,"verifyNote":124,"languages":3055,"translateLanguages":24,"viewCount":25,"primaryUrl":3056,"fullTextUrl":24,"authors":3057,"publicationType":184,"publisherRelationship":3124,"citationCount":3176,"citationInfo":3177,"publishDate":3183,"publishYear":1262,"citationAnalyzeStatus":23,"lastCitationAnalyze":24,"indexDatabases":3184,"openAccess":24,"references":3185,"isForceReanalyzing":386},"abc91cc7-7bfa-49c2-9d16-d0af8d9547da","2025-01-31T02:27:36.789+00:00",[],"Do-Socially-Responsible-Firms-Pay-More-Taxes-",{"openalex":3044,"mag":3046,"abstract":3048,"title":3050,"doi":3052},{"VOID":3045},"W2178398887",{"VOID":3047},"2178398887",{"EN":3049},"\u003Cjats:title>ABSTRACT\u003C\u002Fjats:title>\n               \u003Cjats:p>We investigate the relation between corporate tax payments and corporate social responsibility. Because existing theory and empirical studies find inconsistent evidence on the relation between these constructs, we investigate whether the two activities act as complements or substitutes. We estimate the relation between measures of corporate social responsibility and (1) the amount of corporate taxes paid, and (2) the amount invested in tax lobbying activities using both ordinary least squares and a system of simultaneous equations. We find consistent evidence that corporate social responsibility is negatively related to five-year cash effective tax rates and positively related to tax lobbying expenditures. Our evidence suggests that, on average, corporate social responsibility and tax payments act as substitutes.\u003C\u002Fjats:p>\n               \u003Cjats:p>Data Availability: Data are available from sources identified in the paper.\u003C\u002Fjats:p>",{"EN":3051},"Do Socially Responsible Firms Pay More Taxes?",{"VOID":3053},"10.2308\u002Faccr-51224","2025-01-31T02:27:36.788+00:00",[126],"https:\u002F\u002Fpublications.aaahq.org\u002Faccounting-review\u002Farticle\u002F91\u002F1\u002F47\u002F3772\u002FDo-Socially-Responsible-Firms-Pay-More-Taxes",[3058,3077,3092,3107],{"id":3059,"sortIndex":25,"researcher":24,"roles":3060,"affiliations":3061,"properties":3070,"displayName":3074,"givenName":24,"familyName":24},"d56d64cf-f6f9-46af-8ee3-126899635a3e",[],[3062],{"id":3063,"sortIndex":25,"affiliation":3064,"properties":24},"9d9bd69e-da5c-4168-8657-f86f577a9ee9",{"id":3063,"createTime":24,"updateTime":24,"relativeEntities":3065,"slug":24,"properties":3066,"entityType":24,"verifyStatus":24,"verifyTime":24,"verifyNote":24,"languages":24,"translateLanguages":24,"viewCount":24,"url":24,"parentIds":3069,"statistic":24},[],{"title":3067},{"VI":3068},"University of Oregon",[],{"orcid":3071,"title":3073,"openalex":3075},{"VOID":3072},"https:\u002F\u002Forcid.org\u002F0000-0001-6301-6091",{"EN":3074},"Angela K. 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