סמינר בחשבונאות - "The Separation of Ownership and Control and Its Impact on Corporate Tax Avoidance "

Speaker: Sharon P. Katz,Columbia University

31 ביולי 2012, 11:00 
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סמינר בחשבונאות - "The Separation of Ownership and Control and Its Impact on Corporate Tax Avoidance "

 

ABSTRACT: We investigate the impact of organizational structure on corporate tax avoidance. Our empirical predictions are based on agency theory in Fama and Jensen (1983) regarding the separation of decision management, decision control, and residual risk sharing (i.e., ownership and control). We base our primary tests on a unique sample of firms with privately-owned equity but publicly-traded debt, where some firms are owned by private equity (PE) firms, while others are owned by the firm's management or employees. Our sample exhibits substantial variation in the separation of ownership and control, but holds financial reporting requirements relatively constant across all firms, making it ideal for examining the influence of organizational structure on corporate tax avoidance. The results consistently indicate that corporate tax avoidance is increasing in the separation of ownership and control, and thus increase our understanding of fundamental firm characteristics that influence corporate tax practices

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