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Money Laundering Control Systems, External Auditorspecialization and Tax Haven Use: An Empirical Analysis ofU.S. Multinational Financial Corporations
In: International Journal of Auditing
SSRN
WITHDRAWN: Let's Get Connected: The Effect of Directors Connected to a Tax Office on Corporate Tax Avoidance in China
In: Journal of accounting and public policy, S. 106817
ISSN: 1873-2070
The Effect of Tax Haven Utilization on the Implied Cost of Equity Capital: Evidence from U.S. Multinational Firms
In: Journal of International Accounting Research, Band 17, Heft 2, S. 41-70
ISSN: 1558-8025
ABSTRACTThis study examines the effect of tax haven utilization on the implied cost of equity capital (ICOE) based on a sample of publicly listed U.S. multinational firms over the 2006–2014 period. Our regression results show that tax haven utilization is significantly positively associated with the ICOE. In terms of economic significance, we find that, on average, a one-standard deviation increase in tax haven utilization leads to an increase in the ICOE for our sample firms by approximately 0.30 percent or 30 basis points. We also observe that our regression results are robust to a number of endogeneity checks. In additional analysis, we find that high agency costs are likely to magnify the positive association between tax haven utilization and the ICOE, while high independent director monitoring could moderate this association. Overall, this study provides unique insights into the effect of tax haven utilization on the ICOE.
The Impact of Social Trust on Loan Grants and Default Risk: Evidence from China's Regional Commercial Banks During Branching Policy Changes
In: EL56156
SSRN