کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7357235 | 1478427 | 2018 | 81 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Tax avoidance and cost of debt: The case for loan-specific risk mitigation and public debt financing
ترجمه فارسی عنوان
اجتناب از مالیات و هزینه بدهی: مورد برای کاهش خطر و اختصاص بدهی عمومی
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کلمات کلیدی
اجتناب از مالیات، هزینه بدهی، هزینه های آژانس طراحی قرارداد و کاهش خطر، محدودیت های مالی، عدم تقارن اطلاعات،
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
کسب و کار و مدیریت بین المللی
چکیده انگلیسی
Examining the syndicate loans market for publicly traded U.S. firms I show that tax avoidance is positively related to loan spreads. Importantly, however, tax-specific premiums disappear for loans with large number of co-leads, which facilitate credit risk diversification, for loans with performance pricing provisions, which facilitate borrower-lender incentive alignment, and for borrowers with CDS contracts, which facilitate credit risk transfer. Moreover, non-bank institutional investors demand higher risk premiums to compensate for their high-risk investment strategies that also account for tax-specific risks and do not have particular focus on tax-specific risk taking. Finally, I show that simultaneous access to private and public debt financing, which reflects greater firm-level financial flexibility and fewer hold-up problems, largely mitigates agency risks associated with all forms of tax avoidance. These syndicate-level risk-mitigating measures work jointly well and are more effective, ex-ante, at moderating tax-specific risks in comparison to maintenance-based covenant structures alone. These results help identify channels through which firms can mitigate non-tax costs associated with tax avoidance and, hence, effectively pursue strategies that persistently reduce their corporate tax liabilities without incurring material agency costs.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 49, April 2018, Pages 344-378
Journal: Journal of Corporate Finance - Volume 49, April 2018, Pages 344-378
نویسندگان
Adnan Anil Isin,