德勤－复旦会计论坛系列讲座之一百九十三
时 间：2022年5月24日（周二）下午16:00
地 点：腾讯会议
会议链接：https://meeting.tencent.com/dm/xd58vRiLcnTy
会 议 号：665 810 76298
会议密码：046054
主 持 人：施海娜
主 讲 人：Lixin (Nancy) SU (香港理工大学)
主 题：IRS-Related Disclosure Costs: Evidence from Redactions in Material Contracts
摘 要：Since material contracts contain information about income shifting and other tax avoidance strategies that facilitates Internal Revenue Service (IRS) enforcement, we contend that the public disclosure of material contracts bears IRS-related disclosure costs. Consistent with disclosure costs preventing full disclosure, we find that firms facing tougher IRS monitoring are more likely to redact material contract disclosure. Cross-sectionally, we find this positive association between IRS monitoring intensity and redactions in material contracts is more pronounced for firms with foreign subsidiaries, greater book-tax differences, and more uncertain tax positions. Redactions in material contracts are also associated with less IRS enforcement ex post. Finally, redacting firms have higher costs of capital and lower firm value than non-redacting firms, suggesting that shareholders view the increased costs of capital as outweighing the benefits of having less IRS enforcement through redactions.
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2022-5-19
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