Shareholder perceptions of external tax advisors in corporate tax planning

• 成果类型: Article
• 署名作者: Donohoe, Michael P.; Gale, Brian T.; Mayberry, Michael A.
• 署名单位: University of Illinois System; University of Illinois Urbana-Champaign; University of Washington; University of Washington Seattle; State University System of Florida; University of Florida; University of Illinois System; University of Illinois Urbana-Champaign
• 刊物名称: CONTEMPORARY ACCOUNTING RESEARCH
• ISSN/ISSBN: 0823-9150
• DOI: 10.1111/1911-3846.12945
• 发表日期: 2024
• 页码: 1311-1345
• 关键词: economic consequences; Aggressiveness; avoidance; returns; performance; expertise; rates; theft; cost

摘要

We examine shareholders' perceptions about how external tax advisors contribute to corporate tax planning. As residual claimants of corporate tax planning, shareholders benefit from lower corporate taxes, but also bear the financial and reputational costs of subsequent tax enforcement. Despite the influential advisory role of external tax advisors in corporate tax planning, existing research on how shareholders perceive this role is limited. Using event study methods and exploiting the heightened regulation of tax advice through the covered opinion rules as a setting, we observe average and cross-sectional stock returns consistent with shareholders perceiving external tax advisors as contributing unfavorably to tax planning by promoting excessively risky strategies. We further find that risky and overall tax planning declined across firms after the enactment of the rules, consistent with shareholders' perceptions about tax advisors' contributions to firms' tax planning. Overall, our findings contribute to research on shareholder perceptions and valuation of tax planning, and have important implications for practice, where regulatory oversight of external tax advisors remains a significant concern. Les perceptions des actionnaires quant aux conseillers fiscaux externes dans le cadre de la planification fiscale des entreprisesLes auteurs evaluent les perceptions des actionnaires quant a la contribution des conseillers fiscaux a la planification fiscale des entreprises. Les actionnaires ayant droit residuel en matiere de planification fiscale des entreprises, ils beneficient de reductions d'impot sur les societes, mais supportent egalement les couts financiers et les atteintes a la reputation lies aux operations ulterieures de mise en recouvrement de l'impot. Malgre l'influence des conseillers fiscaux externes sur la planification fiscale des entreprises, les recherches existantes sur la facon dont les actionnaires percoivent leur role sont limitees. En utilisant une approche evenementielle dans le contexte de renforcement des regles sur les conseils fiscaux (covered opinion rules), les auteurs observent des rendements moyens et transversaux des actions. Ces resultats concordent avec la perception negative des actionnaires envers les conseillers fiscaux externes, qui pourraient proposer des strategies de planification fiscale excessivement risquees. Les auteurs constatent en outre que les strategies risquees de planification fiscale sont moins utilisees dans les entreprises apres l'ediction des regles, ce qui concorde avec les perceptions des actionnaires quant a la contribution des conseillers fiscaux a la planification fiscale des entreprises. Dans l'ensemble, les resultats contribuent a comprendre la facon dont les actionnaires percoivent et evaluent la planification fiscale, et revelent d'importantes implications pour la pratique, alors que la surveillance reglementaire des conseillers fiscaux externes demeure une preoccupation importante.