کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5093134 1478434 2017 49 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Do tax havens create firm value?
ترجمه فارسی عنوان
آیا پناهگاه های مالیاتی ارزش شرکتی را ایجاد می کنند؟
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی
On October 11, 2011, a non-governmental organization called ActionAid published a report condemning the FTSE 100 firms for holding an unusually large number of subsidiaries in tax havens. Urging the government to implement appropriate actions, the report raised the firms' costs of holding tax haven subsidiaries. After this event, the stock prices of the nonfinancial firms experienced a 0.9% abnormal drop (corresponding to about £ 9 billion in market capitalization). Those better-governed firms and those with larger shares of subsidiaries in tax havens experienced larger drops. We find some evidence that government scrutiny, reputation, and investor sentiment were plausible channels of such a negative impact.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 42, February 2017, Pages 198-220
نویسندگان
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