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[Seminar] 財金系 11/29 (二) 中午 12:30 邀請香港中文大學 (深圳) 的 Prof. Erik Rui Wang 演講
活動起日:2016-11-22 
發佈日期:2016-11-22 
瀏覽數:787  2017-02-12 更新

本系擬於 11/29 (二) 邀請香港中文大學 (深圳) 的 Prof. Erik Rui Wang 至本所進行專題演講,相關訊息如下:

 

時間: 11/29 (二) 12:30-14:00

地點: 管理學院一號館8樓財金系會議室

講者: Prof. Erik Rui Wang

講題: When Dedicated Investors Are Distracted: The Effect of Institutional Monitoring on Corporate Tax Avoidance

 

Abstract: 

This study investigates whether loosened monitoring from institutional investors affects firm tax planning decisions. We take advantage of shocks to unrelated parts of institutional investors’ portfolios and examine how exogenous changes in monitoring from institutional investors influence the level of firm tax avoidance. We find that investee firms significantly increase their tax avoidance when there are temporal exogenous reductions in the attention of their dedicated institutional investors. Further, we show that the tax impact of dedicated institutional investor distraction is more pronounced when stock returns of the investee firm are more volatile, when outside directors on the board of the firm control less voting power, and when product market competition from the firm’s industry as an external governance mechanism is weaker. Our findings are robust to various measures of tax avoidance and alternative research designs.