English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113313/144292 (79%)
Visitors : 50947022      Online Users : 928
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/152915


    Title: 企業租稅策略與商業策略之關聯性
    The Relation between Firms’ Tax Strategy and Business Strategy
    Authors: 黃凱正
    Huang, Kai-Jheng
    Contributors: 何怡澄
    郭振雄

    Ho, Yi-Cheng
    Kuo, Jenn-Shyong

    黃凱正
    Huang, Kai-Jheng
    Keywords: 商業策略
    租稅策略
    彷彿無相關模型
    Business Strategy
    Tax Strategy
    Seemingly Unrelated Regression
    Date: 2024
    Issue Date: 2024-08-05 14:46:46 (UTC+8)
    Abstract: 本研究討論企業商業策略如何影響租稅策略選擇,以及商業策略與租稅策略對企業價值的影響。先前的文獻討論商業策略與租稅規避的關聯性 (Higgins et al. 2015),然而,亦有文獻指出租稅規避會帶來更高的租稅風險,兩種租稅目標具有關聯性 (Dyreng et al. 2019)。因此,企業在商業策略上的差異如何影響企業在租稅規避及租稅波動性之間做出取捨,為本研究有意探討之議題。本研究以2000年至2020年之美國上市企業為研究樣本,使用彷彿無相關模型 (SUR) 對低租稅波動性與租稅規避兩種租稅策略同時進行估計,並處理兩種租稅策略的相關性。首先,本研究發現先驅者與穩健者在租稅策略選擇上具有差異,先驅者(穩健者)傾向選擇租稅規避(低租稅波動性)策略,且間接得知兩種租稅目標具有抵換關係,難以同時實現。第二,本研究選定租稅不確定狀況聲明書 (Schedule UTP) 實施及美國第九巡迴法院管轄作為外生事件,進行三重差分 (DDD) 分析,處理本研究潛在的內生性疑慮,結果並不違反主要測試之實證發現。
    This study examines how corporate business strategies influence tax strategy choices and the impact of business strategies and tax strategies on firm value. Not only to estimate both tax volatility and tax avoidance simultaneously but to tackle the correlation between tax volatility and tax avoidance, this study estimates U.S. publicly listed firms from 2000 to 2020 by using seemingly unrelated regression (SUR) model. First, this study finds differences in tax strategy choices between prospector and defender that prospector (defender) tend to choose tax avoidance (low tax volatility) strategy. At the same time, the result indirectly shows a trade-off relation between these two tax objectives. Second, this study selects not only the implementation of Schedule UTP but the decision of the U.S. Ninth Circuit Court as exogenous events to conduct endogeneity tests, and implement difference-in-difference-in-difference method to tackle the potential exogenous issues. This study shows that tax outcomes actually altered by exogenous events, and the results conform to the expectations.
    Reference: 周賓凰,(2023)。計量經濟學:理論、觀念與應用(二版)。臺北市:雙葉書廊。
    Allingham, M. G., & Sandmo, A. (1972). Income tax evasion: A theoretical analysis. Journal of public economics, 1(3-4), 323-338.
    Arieftiara, D., Utama, S., Wardhani, R., & Rahayu, N. (2019). Contingent fit between business strategies and environmental uncertainty: The impact on corporate tax avoidance in Indonesia. Meditari Accountancy Research, 28(1), 139-167.
    Armstrong, C. S., Blouin, J. L., & Larcker, D. F. (2012). The incentives for tax planning. Journal of accounting and economics, 53(1-2), 391-411.
    Austin, C. R., & Wilson, R. J. (2017). An examination of reputational costs and tax avoidance: Evidence from firms with valuable consumer brands. The Journal of the American Taxation Association, 39(1), 67-93.
    Ballas, A., & Demirakos, E. (2018). The valuation implications of strategy in R&D-intensive industries. Journal of Applied Accounting Research, 19(3), 365-382.
    Bentley, K. A., Omer, T. C., & Sharp, N. Y. (2013). Business strategy, financial reporting irregularities, and audit effort. Contemporary Accounting Research, 30(2), 780-817.
    Bird, R., & Davis-Nozemack, K. (2018). Tax avoidance as a sustainability problem. Journal of business ethics, 151, 1009-1025.
    Blaufus, K., Möhlmann, A., & Schwäbe, A. N. (2019). Stock price reactions to news about corporate tax avoidance and evasion. Journal of Economic Psychology, 72, 278-292.
    Brown, J. L., Lin, K., Moore, J. A., & Wellman, L. (2017). Tax policy uncertainty and stock return volatility. Available at SSRN 2348414.
    Dave, D., Corman, H., Kalil, A., Schwartz‐Soicher, O., & Reichman, N. E. (2021). Intergenerational effects of welfare reform: Adolescent delinquent and risky behaviors. Economic Inquiry, 59(1), 199-216.
    Dent, J. F. (1990). Strategy, organization and control: some possibilities for accounting research. Accounting, organizations and society, 15(1-2), 3-25.
    Desai, M. A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145-179.
    Desai, M. A., & Dharmapala, D. (2009). Corporate tax avoidance and firm value. The review of Economics and Statistics, 91(3), 537-546.
    Drake, K. D., Lusch, S. J., & Stekelberg, J. (2019). Does tax risk affect investor valuation of tax avoidance? Journal of Accounting, Auditing & Finance, 34(1), 151-176.
    Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long‐run corporate tax avoidance. The accounting review, 83(1), 61-82.
    Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2019). When does tax avoidance result in tax uncertainty? The accounting review, 94(2), 179-203.
    Dyreng, S. D., & Lindsey, B. P. (2009). Using financial accounting data to examine the effect of foreign operations located in tax havens and other countries on US multinational firms' tax rates. Journal of Accounting Research, 47(5), 1283-1316.
    Edwards, A., Schwab, C., & Shevlin, T. (2016). Financial constraints and cash tax savings. The accounting review, 91(3), 859-881.
    Ftouhi, K., Ayed, A., & Zemzem, A. (2015). Tax planning and firm value: evidence from European companies. International Journal Economics & Strategic Management of Business Process, 4(1), 73-78.
    Fuller, K. P., Wu, Q., & Yildiz, S. (2024). Corporate debt policy and tax uncertainty. Review of Quantitative Finance and Accounting, 62(1), 247-270.
    Gaertner, F. B. (2014). CEO after‐tax compensation incentives and corporate tax avoidance. Contemporary Accounting Research, 31(4), 1077-1102.
    Gallmeyer, M. F., Kaniel, R., & Tompaidis, S. (2006). Tax management strategies with multiple risky assets. Journal of Financial Economics, 80(2), 243-291.
    Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2014). Incentives for tax planning and avoidance: Evidence from the field. The accounting review, 89(3), 991-1023.
    Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2014). Incentives for tax planning and avoidance: Evidence from the field. The accounting review, 89(3), 991-1023.
    Guenther, D. A., Wilson, R. J., & Wu, K. (2019). Tax uncertainty and incremental tax avoidance. The accounting review, 94(2), 229-247.
    Gupta, S., Mills, L. F., & Towery, E. M. (2014). The effect of mandatory financial statement disclosures of tax uncertainty on tax reporting and collections: The case of FIN 48 and multistate tax avoidance. The Journal of the American Taxation Association, 36(2), 203-229.
    Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of accounting and economics, 50(2-3), 127-178.
    Hanlon, M., Maydew, E. L., & Saavedra, D. (2017). The taxman cometh: Does tax uncertainty affect corporate cash holdings? Review of Accounting Studies, 22, 1198-1228.
    Hanlon, M., & Slemrod, J. (2009). What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement. Journal of public economics, 93(1-2), 126-141.
    Hardeck, I., & Hertl, R. (2014). Consumer reactions to corporate tax strategies: Effects on corporate reputation and purchasing behavior. Journal of business ethics, 123, 309-326.
    Henry, E., Massel, N., & Towery, E. (2016). Increased tax disclosures and corporate tax avoidance. National Tax Journal, 69(4), 809-829.
    Higgins, D., Omer, T. C., & Phillips, J. D. (2015). The influence of a firm's business strategy on its tax aggressiveness. Contemporary Accounting Research, 32(2), 674-702.
    Hoi, C. K., Wu, Q., & Zhang, H. (2013). Is corporate social responsibility (CSR) associated with tax avoidance? Evidence from irresponsible CSR activities. The accounting review, 88(6), 2025-2059.
    Honaker, K., & Sharma, D. S. (2017). Does schedule UTP have uniform long-run effects on corporate tax planning? The Journal of the American Taxation Association, 39(2), 63-79.
    Huang, H. H., Lobo, G. J., Wang, C., & Xie, H. (2016). Customer concentration and corporate tax avoidance. Journal of Banking & Finance, 72, 184-200.
    Hutchens, M., Rego, S. O., & Williams, B. (2024). Tax avoidance and firm risk: New insights from a latent class mixture model. The accounting review, 99(1), 285-313.
    Jacob, M., Wentland, K., & Wentland, S. A. (2022). Real effects of tax uncertainty: Evidence from firm capital investments. Management Science, 68(6), 4065-4089.
    Khan, M., Srinivasan, S., & Tan, L. (2017). Institutional ownership and corporate tax avoidance: New evidence. The accounting review, 92(2), 101-122.
    Laplante, S. K., Skaife, H. A., Swenson, L. A., & Wangerin, D. D. (2019). Limits of tax regulation: Evidence from strategic R&D classification and the R&D tax credit. Journal of Accounting and Public Policy, 38(2), 89-105.
    Lee, Y., Shevlin, T., & Venkat, A. (2023). The effect of tax avoidance on capital structure choices. Journal of the American Taxation Association, 45(1), 91-115.
    Li, Q., Ma, M. S., & Shevlin, T. (2021). The effect of tax avoidance crackdown on corporate innovation. Journal of accounting and economics, 71(2-3), 101382.
    Lin, X., Liu, M., So, S., & Yuen, D. (2019). Corporate social responsibility, firm performance and tax risk. Managerial Auditing Journal, 34(9), 1101-1130.
    Lopo Martinez, A., & Ferreira, B. A. (2019). Business strategy and tax aggressiveness in Brazil. Journal of Strategy and Management, 12(4), 522-535.
    March, J. G. (1991). Exploration and exploitation in organizational learning. Organization science, 2(1), 71-87.
    McClure, C. G. (2023). How Costly is Tax Avoidance? Evidence from Structural Estimation. Accounting Review, 98(6).
    McGuire, S. T., Neuman, S. S., & Omer, T. C. (2013). Sustainable tax strategies and earnings persistence. Available at SSRN 1950378.
    McGuire, S. T., Omer, T. C., & Wang, D. (2012). Tax avoidance: Does tax-specific industry expertise make a difference? The accounting review, 87(3), 975-1003.
    Miles, R. E., Snow, C. C., Meyer, A. D., & Coleman Jr, H. J. (1978). Organizational strategy, structure, and process. Academy of management review, 3(3), 546-562.
    Minnick, K., & Noga, T. (2010). Do corporate governance characteristics influence tax management? Journal of corporate finance, 16(5), 703-718.
    Mocanu, M., Constantin, S.-B., & Răileanu, V. (2021). Determinants of tax avoidance–evidence on profit tax-paying companies in Romania. Economic Research-Ekonomska Istraživanja, 34(1), 2013-2033.
    Neuman, S. S. (2014). Effective tax strategies: It's not just minimization. Available at SSRN 2496994.
    Neuman, S. S. (2023). Examining tax strategy choice. Journal of the American Taxation Association, 45(1), 117-144.
    Neuman, S. S., Omer, T. C., & Shelley, M. K. (2013). Corporate transparency, sustainable tax strategies, and uncertain tax activities. Sustainable Tax Strategies, and Uncertain Tax Activities (March 20, 2013).
    Pedersen, E. R. G., Gwozdz, W., & Hvass, K. K. (2018). Exploring the relationship between business model innovation, corporate sustainability, and organisational values within the fashion industry. Journal of business ethics, 149, 267-284.
    Platikanova, P. (2017). Debt maturity and tax avoidance. European Accounting Review, 26(1), 97-124.
    Poretti, C., Weisskopf, J.-P., & de Régie, P. d. V. (2024). Innovative business strategies, corporate performance, and firm value in the travel and leisure industry. International Journal of Hospitality Management, 118, 103683.
    Porter, M. E. (1980). Industry structure and competitive strategy: Keys to profitability. Financial analysts journal, 36(4), 30-41.
    Prager, D. L., Burns, C. B., & Miller, N. J. (2018). How do financially vulnerable farms finance debt in periods of falling prices? Agricultural Finance Review, 78(4), 412-424.
    Robinson, L., & Schmidt, A. (2009). Firm and investor responses to uncertain tax benefit disclosure requirements.
    Rossing, C. P. (2013). Tax strategy control: The case of transfer pricing tax risk management. Management Accounting Research, 24(2), 175-194.
    Saavedra, D. (2019). Is tax volatility priced by lenders in the syndicated loan market? European Accounting Review, 28(4), 767-789.
    Sadjiarto, A., Hartanto, S., & Octaviana, S. (2020). Analysis of the effect of business strategy and financial distress on tax avoidance. Journal of Economics and Business, 3(1).
    Scholes, M. S., Wolfson, M. A., Erickson, M., Maydew, E., & Shevlin, T. (2014). Taxes and business strategy. Prentice Hall Upper Saddle River, NJ.
    Seifzadeh, P. (2011). Business strategy and the synergistic combination of exploration and exploitation. University of Western Ontario Working Paper.
    Shevlin, T., Thornock, J., & Williams, B. (2017). An examination of firms’ responses to tax forgiveness. Review of Accounting Studies, 22, 577-607.
    Slemrod, J., & Yitzhaki, S. (2002). Tax avoidance, evasion, and administration. In Handbook of public economics (Vol. 3, pp. 1423-1470). Elsevier.
    Taylor, G., Richardson, G., & Al‐Hadi, A. (2018). Uncertain tax benefits, international tax risk, and audit specialization: Evidence from US multinational firms. International Journal of Auditing, 22(2), 230-248.
    Treacy, M., & Wiersema, F. (1995). How market leaders keep their edge. Fortune, 131(2), 52-57.
    Wilkinson, B. R., & Noga, T. J. (2011). Xilinx, Stock Option Pricing, and the Meaning of Arm's Length. The ATA Journal of Legal Tax Research, 9(1), 50-63.
    Zellner, A. (1962). An efficient method of estimating seemingly unrelated regressions and tests for aggregation bias. Journal of the American statistical Association, 57(298), 348-368.
    Description: 碩士
    國立政治大學
    財政學系
    111255031
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0111255031
    Data Type: thesis
    Appears in Collections:[財政學系] 學位論文

    Files in This Item:

    File Description SizeFormat
    503101.pdf2879KbAdobe PDF0View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback