Accounting Review, SEP 2018

税收与同行效应

作者：Bird Andrew (Carnegie Mellon Univ)

Edwards Alexander (Carnegie Mellon Univ)

Ruchti Thomas G. (Univ Toronto)

摘要：越来越多的文献研究了公司行为如何对其同业者的行为产生影响。本文中，我们研究了纳税变化及其相关的财务报告如何对公司同行产生影响。同行中其它公司的纳税和报告行为的变化可能受许多相同因素的影响，例如行业范围内税收政策的变化或审计风险，因此我们对同行企业采取外生冲击来检验税收行为。根据Dyreng，Hanlon和Maydew（2010）的方法，本文估计出管理层的避税固定效应，并凭此确定与高层人员流动相关的税率冲击。本文发现同行公司通过朝着同一方向改变其GAAP税率来应对这些冲击。效果的量级大小与对照组同行公司GAAP ETR平均变化的约10%的响应相关。我们的研究证据表明，这些同行效应仅发生在账簿（即财务报告）上，而非现金（即实际效应）、ETR上，且集中在对国外收入税可能具有更大自由裁量权的公司。

关键词：有效税率，同群效应

Taxes and Peer Effects

Bird Andrew (Carnegie Mellon Univ), Edwards Alexander (Carnegie Mellon Univ), Ruchti Thomas G. (Univ Toronto)

ABSTRACT

A growing literature examines how a firm's behavior impacts the behavior of its peers. In this paper, we examine how changes in tax paying, and the associated financial reporting, impact a firm's peers. Changes to tax paying and reporting behavior at other firms within a peer group can be affected by many of the same factors, such as industry-level tax policy changes or audit risk, so we make use of exogenous-to the peer firms-shocks to tax behavior. Following the methodology of Dyreng, Hanlon, and Maydew (2010), we estimate managerial tax avoidance fixed effects and use these to identify tax rate shocks associated with executive turnover. We find that peer firms respond to these shocks by changing their GAAP tax rates in the same direction. The magnitude of the effect corresponds to an approximately 10 percent response to the average change in peer group GAAP ETR. Our evidence suggests that these peer effects occur only for book (i.e., financial reporting), rather than cash (i.e., real effects), ETR and are concentrated in firms with potentially greater discretion in reporting taxes on foreign earnings.

Keywords: Effective tax rates, Peer effects

原文链接：

http://aaajournals.org/doi/10.2308/accr-52004

翻译：谭丰林