德勤－复旦会计论坛系列讲座之九十
时间：2015年10月20日（周二）下午14：00
地点：李达三楼806室
主持人: 陈超 教授
演讲嘉宾：Gerald J. Lobo (University of Houston)
Title：CEO career concerns and corporate tax avoidance
Abstract：We investigate the relation between CEO career concerns and corporate tax avoidance and how the relation evolves over the CEO’s tenure. We hypothesize that because new CEOs have strong career concerns, they have incentives to reduce the effective tax rate in order to favorably influence shareholders’ and the board of directors’ perceptions about their ability. Consistent with this career concerns hypothesis, we document that CEOs engage in a higher level of tax avoidance in the first year of their service than in later years. We also find that the level of tax avoidance in the CEO’s first year of service increases in idiosyncratic risk, but decreases in systematic risk, the proportion of outsiders on the board, institutional ownership, and shareholder rights. Our results are robust to alternative measures of tax avoidance, alternative time horizons to proxy for the early period during a CEO’s tenure, controlling for firm and manager characteristics that may impact tax avoidance, and including firm-manager fixed effects to deal with unobservable firm-manager specific factors that may affect tax avoidance. Together, our findings are consistent with career concerns providing strong incentives for mangers to defer cash tax payments.
会计学系
2015-10-14
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