کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5093286 1478438 2016 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
CEO political preference and corporate tax sheltering
ترجمه فارسی عنوان
برگزاری انتخابات ریاست جمهوری و حمایت از مالیات شرکت
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی


- Partisan CEOs are associated with a higher level of corporate tax sheltering.
- This is true for both Republican and Democratic leaning CEOs.
- Political ideology dominates Republican CEOs' tax sheltering decisions.
- Economic incentive dominates Democratic CEOs' tax sheltering decisions.

We show that firms led by politically partisan CEOs are associated with a higher level of corporate tax sheltering than firms led by nonpartisan CEOs. Specifically, Republican CEOs are associated with more corporate tax sheltering even when their wealth is not tied with that of shareholders and when corporate governance is weak, suggesting that their tax sheltering decisions could be driven by idiosyncratic factors such as their political ideology. We also show that Democratic CEOs are associated with more corporate tax sheltering only when their stock-based incentives are high, suggesting that their tax sheltering decisions are more likely to be driven by economic incentives. In sum, our results support the political connection hypothesis in general but highlight that the specific factors driving partisan CEOs' tax sheltering behaviors differ. Our results imply that it may cost firms more to motivate Democratic CEOs to engage in more tax sheltering activities because such decisions go against their political beliefs regarding tax policies.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 38, June 2016, Pages 37-53
نویسندگان
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