Changes in corporate effective tax rates over the past 25 years

• 成果类型: Article
• 署名作者: Dyreng, Scott D.; Hanlon, Michelle; Maydew, Edward L.; Thornock, Jacob R.
• 署名单位: Duke University; Massachusetts Institute of Technology (MIT); University of North Carolina; University of North Carolina Chapel Hill; Brigham Young University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2017.04.001
• 发表日期: 2017
• 页码: 441-463
• 关键词: tax; EFFECTIVE TAX RATES; Tax avoidance; Time trend; Foreign taxes; Domestic taxes

摘要

We investigate systematic changes in corporate effective tax rates over the past 25 years and find that effective tax rates have decreased significantly. Contrary to conventional wisdom, the decline in effective tax rates is not concentrated in multinational firms; effective tax rates have declined at approximately the same rate for both multinational and domestic firms. Moreover, within multinational firms, both foreign and domestic effective rates have decreased. Finally, changes in firm characteristics and declining foreign statutory tax rates explain little of the overall decrease in effective rates. (C) 2017 Elsevier B.V. All rights reserved.