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政大典藏 > College of Commerce > Department of Accounting > Periodical Articles > Item 140.119/135140

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/135140

Title:	Innovation and Corporate Tax Planning: The Distinct Effects of Patents and R&D
Authors:	翁嘉祥 Weng, Chia‐Hsiang Cheng, C. S. Agnes Guo, Peng Wu, Qiang
Contributors:	會計系
Date:	2020-04
Issue Date:	2021-05-26 10:31:15 (UTC+8)
Abstract:	Using a large US sample, we find a significant and positive relation between patents and corporate tax planning, and the effect is incremental to the effect of R&D on tax planning. We employ a quasi‐natural experiment based on staggered industry‐level innovation shocks to identify the positive causal effect of patents on corporate tax planning. We also find that patents are not associated with tax planning for domestic firms, but their association with tax planning is concentrated in multinational firms, which have the ability to shift domestic income to low‐tax countries. Moreover, we find that the identified effect mainly exists in the post–check‐the‐box (CTB) rule period when shifting income among affiliates becomes more flexible and convenient. Finally, we use two income‐shifting models and find that patents, rather than R&D, facilitate tax planning through an income‐shifting channel. Overall, our results suggest that R&D and patents facilitate firms` tax planning in distinct ways: R&D facilitates tax planning as intended through tax credits and deductions, whereas patents are used by taxpayers to avoid taxes aggressively through income shifting.
Relation:	Contemporary Accounting Research, 38:1, 621-653
Data Type:	article
DOI link:	https://doi.org/10.1111/1911-3846.12613
DOI:	10.1111/1911-3846.12613
Appears in Collections:	[Department of Accounting] Periodical Articles

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