دانلود مقاله ISI انگلیسی شماره 89128
ترجمه فارسی عنوان مقاله

اجتناب از مالیات و هزینه بدهی: مورد برای کاهش خطر و اختصاص بدهی عمومی

عنوان انگلیسی
Tax avoidance and cost of debt: The case for loan-specific risk mitigation and public debt financing
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
89128 2018 81 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Corporate Finance, Volume 49, April 2018, Pages 344-378

ترجمه کلمات کلیدی
اجتناب از مالیات، هزینه بدهی، هزینه های آژانس طراحی قرارداد و کاهش خطر، محدودیت های مالی، عدم تقارن اطلاعات،
کلمات کلیدی انگلیسی
Tax avoidance; Cost of debt; Agency costs; Contract design and risk mitigation; Financial constraints; Information asymmetries;
پیش نمایش مقاله
پیش نمایش مقاله  اجتناب از مالیات و هزینه بدهی: مورد برای کاهش خطر و اختصاص بدهی عمومی

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.