Tax avoidance and ESG disclosure mandates: international evidence

• 成果类型: Article; Early Access
• 署名作者: El Ghoul, Sadok; Guedhami, Omrane; Kim, Yongtae; Yoon, Hyo Jin
• 署名单位: University of Texas System; University of Texas El Paso; University of South Carolina System; University of South Carolina Columbia; Santa Clara University
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-026-00846-x
• 发表日期: 2026
• 关键词: corporate; ECONOMICS; trust; cost

摘要

This paper examines how regulations mandating environmental, social, and governance (ESG) disclosure affect corporate tax behavior. Using a difference-in-differences analysis on a sample of firms from 48 countries, we find that ESG disclosure mandates lead to significant reductions in tax avoidance, with stronger effects for mandates that include tax-relevant provisions. We identify increases in ESG information transparency and improvements in firms' ESG performance as channels through which ESG disclosure mandates reduce tax avoidance. We further find that the decrease in tax avoidance following ESG disclosure mandates is more pronounced in countries with weaker financial disclosure requirements, legal and tax enforcement, and environmental and social institutions. Collectively, the evidence suggests that non-financial disclosure regulations can curb aggressive tax behavior, supporting broader goals of corporate accountability and sustainable development. This article explores how mandatory disclosure of environmental, social, and governance (ESG) information affects corporate tax practices. Traditionally, tax avoidance has been viewed from a shareholder perspective, focusing on its impact on firm value. However, this study shifts the focus to stakeholders, who see paying fair taxes as a part of corporate social responsibility. The study investigates whether increased transparency in ESG commitments, prompted by mandatory disclosure regulations, influences firms to reduce tax avoidance. The key finding is that firms tend to reduce tax avoidance after implementing these mandates, especially when the mandates include tax-relevant components.This article uses a difference-in-differences (DiD) research design to analyze the impact of ESG disclosure mandates on tax avoidance. The DiD approach compares changes in tax avoidance before and after the mandates across different countries. The study examines data from 239,848 firm-year observations across 48 countries from 1997 to 2017. Tax avoidance is measured by the difference between taxes paid and taxes that should be paid based on statutory rates. The study finds that firms reduce tax avoidance by an average of 5.9 percentage points after the mandates. The effect is more pronounced when mandates include tax-relevant components and for firms that did not voluntarily disclose ESG information before the mandates. The study also explores how the impact varies across countries with different regulatory, social, and environmental institutions.The results show that ESG disclosure mandates lead to a significant reduction in tax avoidance. This reduction is more substantial in countries with weaker regulatory and tax enforcement, suggesting that mandates fill institutional gaps. The study concludes that ESG disclosure mandates enhance transparency and improve ESG performance, which in turn reduces tax avoidance. These findings contribute to understanding how ESG regulations can influence corporate behavior beyond their intended scope. The study suggests that while ESG mandates are not explicitly designed to affect tax practices, they encourage firms to align their tax strategies with their ESG commitments. Future implications include the potential for policymakers to use ESG disclosure mandates as a tool to promote ethical tax practices and enhance corporate accountability.This text was initially drafted using artificial intelligence, then reviewed by the author(s) to ensure accuracy. Cet article examine comment les r & eacute;glementations imposant la divulgation des informations environnementales, sociales et de gouvernance (ESG) influencent le comportement fiscal des entreprises. En utilisant une analyse des diff & eacute;rences de diff & eacute;rences sur un & eacute;chantillon d'entreprises provenant de 48 pays, nous constatons que les obligations de divulgation ESG entra & icirc;nent des r & eacute;ductions significatives de l'& eacute;vasion fiscale, avec des impacts plus marqu & eacute;s pour les obligations incluant des dispositions pertinentes en mati & egrave;re fiscale. Nous identifions des augmentations de la transparence des informations ESG et des am & eacute;liorations de la performance ESG des entreprises comme des canaux par lesquels les obligations de divulgation ESG r & eacute;duisent l'& eacute;vasion fiscale. Nous constatons & eacute;galement que la diminution de l'& eacute;vasion fiscale r & eacute;sultant des obligations de divulgation ESG est plus prononc & eacute;e dans les pays o & ugrave; les exigences en mati & egrave;re de divulgation financi & egrave;re, l'application des r & eacute;glementations fiscales et des lois, ainsi que les institutions environnementales et sociales sont plus faibles. Collectivement, les r & eacute;sultats sugg & egrave;rent que les r & eacute;glementations relatives & agrave; la divulgation non financi & egrave;re peuvent freiner les comportements fiscaux agressifs, soutenant ainsi des objectifs plus larges de responsabilit & eacute; et de d & eacute;veloppement durable des entreprises. Este art & iacute;culo examina c & oacute;mo las regulaciones que exigen la divulgaci & oacute;n de informaci & oacute;n ambiental, social y de gobernanza (ESG, por sus siglas en ingl & eacute;s) afectan el comportamiento tributario corporativo. Utilizando un an & aacute;lisis de diferencias en diferencias en una muestra de empresas de 48 pa & iacute;ses, encontramos que los mandatos de divulgaci & oacute;n ESG conducen a reducciones significativas en la elusi & oacute;n tributaria, con efectos m & aacute;s fuertes en los mandatos que incluyen disposiciones de relevancia tributaria. Identificamos aumentos en la transparencia de la informaci & oacute;n ESG y mejoras en el desempe & ntilde;o ESG de las empresas como canales a trav & eacute;s de los cuales los mandatos de divulgaci & oacute;n ESG reducen la elusi & oacute;n tributaria. Adem & aacute;s, encontramos que la disminuci & oacute;n en la elusi & oacute;n tributaria tras los mandatos de divulgaci & oacute;n ESG es m & aacute;s pronunciada en pa & iacute;ses con requisitos m & aacute;s d & eacute;biles de divulgaci & oacute;n financiera, aplicaci & oacute;n de la ley y fiscalizaci & oacute;n tributaria, e instituciones ambientales y sociales. En conjunto, la evidencia sugiere que las regulaciones de divulgaci & oacute;n no financiera pueden frenar el comportamiento tributario agresivo, apoyando objetivos m & aacute;s amplios de responsabilidad corporativa y desarrollo sostenible. Este artigo examina como regulamenta & ccedil;& otilde;es que exigem a divulga & ccedil;& atilde;o de informa & ccedil;& otilde;es ambientais, sociais e de governan & ccedil;a (ESG) afetam o comportamento tribut & aacute;rio corporativo. Usando uma an & aacute;lise de diferen & ccedil;as-em-diferen & ccedil;as em uma amostra de empresas de 48 pa & iacute;ses, constatamos que exig & ecirc;ncias de divulga & ccedil;& atilde;o ESG levam a redu & ccedil;& otilde;es significativas na elis & atilde;o fiscal, com efeitos mais fortes para regulamenta & ccedil;& otilde;es que incluem disposi & ccedil;& otilde;es relevantes para impostos. Identificamos aumentos na transpar & ecirc;ncia das informa & ccedil;& otilde;es ESG e melhorias no desempenho ESG das empresas como canais por meio dos quais as exig & ecirc;ncias de divulga & ccedil;& atilde;o ESG reduzem a elis & atilde;o fiscal. Al & eacute;m disso, constatamos que a redu & ccedil;& atilde;o na elis & atilde;o fiscal seguida de exig & ecirc;ncias de divulga & ccedil;& atilde;o ESG & eacute; mais pronunciada em pa & iacute;ses com requisitos mais fracos de divulga & ccedil;& atilde;o financeira, de observ & acirc;ncia legal e tribut & aacute;ria, e de institui & ccedil;& otilde;es ambientais e sociais. Coletivamente, as evid & ecirc;ncias sugerem que regulamenta & ccedil;& otilde;es de divulga & ccedil;& atilde;o n & atilde;o financeira podem conter comportamentos tribut & aacute;rios agressivos, apoiando objetivos mais amplos de responsabilidade corporativa e desenvolvimento sustent & aacute;vel. (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic),(sic)(sic)(sic)(sic)(sic)(ESG)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic).(sic)(sic)(sic)(sic)(sic)48(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)ESG(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic).(sic)(sic)(sic)(sic)(sic)ESG(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)ESG(sic)(sic)(sic)(sic)(sic)(sic)ESG(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic).(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic),(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic), ESG(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic). (sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic), (sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic)(sic).