دانلود مقاله ISI انگلیسی شماره 89131
ترجمه فارسی عنوان مقاله

آیا پناهگاه های مالیاتی ارزش شرکتی را ایجاد می کنند؟

عنوان انگلیسی
Do tax havens create firm value?
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
89131 2017 49 صفحه PDF
منبع

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

Journal : Journal of Corporate Finance, Volume 42, February 2017, Pages 198-220

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پیش نمایش مقاله  آیا پناهگاه های مالیاتی ارزش شرکتی را ایجاد می کنند؟

چکیده انگلیسی

On October 11, 2011, a non-governmental organization called ActionAid published a report condemning the FTSE 100 firms for holding an unusually large number of subsidiaries in tax havens. Urging the government to implement appropriate actions, the report raised the firms' costs of holding tax haven subsidiaries. After this event, the stock prices of the nonfinancial firms experienced a 0.9% abnormal drop (corresponding to about £ 9 billion in market capitalization). Those better-governed firms and those with larger shares of subsidiaries in tax havens experienced larger drops. We find some evidence that government scrutiny, reputation, and investor sentiment were plausible channels of such a negative impact.