Corporate Governance and Tax Avoidance: Evidence from US Cross-Listing

• 成果类型: Article
• 署名作者: Chen, Ruiyuan; El Ghoul, Sadok; Guedhami, Omrane; Wang, He; Yang, Yang
• 署名单位: West Virginia University; University of Alberta; University of South Carolina System; University of South Carolina Columbia; West Virginia University; Gannon University
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826
• DOI: 10.2308/TAR-2019-0296
• 发表日期: 2022
• 页码: 49-78
• 关键词: UNITED-STATES; Information environment; economic consequences; ifrs adoption; FIRMS; equity; OWNERSHIP; incentives; culture; cost

摘要

Using a sample of firms from 51 countries and a difference-in-differences approach that exploits corporate governance shocks induced by cross-listing in the U.S., we find that firms tend to engage in less tax avoidance after cross-listing. This effect is more pronounced for firms that experience significant improvements in corporate governance, and for firms from countries with weaker shareholder protection and disclosure requirements. Taken together, the results indicate that cross-listing in the U.S. helps align the interests of managers and shareholders and reduces managerial diversion.