دانلود رایگان مقاله لاتین پرخاشگری مالیاتی در شرکت از سایت الزویر
عنوان فارسی مقاله:
پرخاشگری مالیاتی در شرکت های خانوادگی و اثر جبهه گیری غیر خطی
عنوان انگلیسی مقاله:
Tax aggressiveness in family firms and the non-linear entrenchment effect
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مقدمه انگلیسی مقاله:
1. Introduction
Tax aggressiveness (Hanlon & Heinzman, 2010; Shackelford & Shevlin, 2001) generally originates in an agency framework in which managers behave opportunistically and extract rents from tax savings at the expense of shareholders (Desai & Dharmapala, 2006). Because tax manipulations consist of temporary or permanent modifications of reported accounting numbers (Graham, Raedy, & Shackelford, 2012; Slemrod & Yitzhaki, 2002), we would expect that the higher the tax aggressiveness, the lower the earnings quality (Ayers, Jiang, & Yeung, 2009; Badertscher, Phillips, Pincus, & Rego, 2009; Frank, Lynch, & Rego, 2009; Hanlon, 2005). Only two studies (Chen, Chen, Cheng, & Shevlin, 2010; Steijvers & Niskanen, 2014) specifically investigate tax aggressiveness in a family context, both grounded in agency theory and finding that family firms are less tax aggressive than nonfamily firms. In an agency framework, ownership concentration is the most typical feature of family involvement, producing the following two countervailing effects on the governance of corporations: an alignment (or incentive) effect,1 which makes monitoring of management more efficient, and an entrenchment effect, which makes it easier for opportunistic owners to expropriate minority owners (Morck, Wolfenzon, & Yeung, 2005). In the investigation of the impact of family involvement on firms’ tax aggressiveness, Chen et al. (2010) document the relevance of the alignment effect due to family ownership, whereas Steijvers and Niskanen (2014) support that the salience of family socio-emotional wealth favors an alignment effect. In some institutional contexts (including the Italian context), the entrenchment effect prevails, originating from the high concentration of ownership and the active involvement of the family in the management of the firm. These impel the family to divert resources from the firm, addressing their own purposes at the expense of minority shareholders. Supporting the fact that family firms cannot be considered homogeneous across different institutional contexts, in this article, we question how different levels of family involvement impact the tax aggressiveness of the firm by testing whether family firms that are too entrenched are more tax aggressive than their counterparts. Our findings demonstrate a non-linear impact of family entrenchment on tax aggressiveness, which has not been measured in the literature so far.
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کلمات کلیدی:
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