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Managerial overconfidence, family firms and tax avoidance
Jhang, Chong Lun
Jhang, Chong Lun
|Issue Date: ||2017-07-24 11:59:40 (UTC+8)|
|Abstract: ||為探討總經理過度自信、家族企業與企業租稅規避之關聯性，本研究參照 Malmendier and Tate (2005) 第三項方式─依據總經理持股行為判斷過度自信，探究當總經理具過度自信時，企業是否有較激進的避稅行為，並考慮家族企業特性的調節效果。本研究樣本取自台灣經濟新報，研究對象為2005年至2015年的台灣上市櫃公司（排除TDR、F股與金融保險業），實證方式採取普通最小平方法。實證結果顯示，過度自信的總經理使企業有較激進的租稅規避程度。若將企業分為家族企業與否，則家族企業特性使得總經理過度自信與企業租稅規避間關聯趨緩，即過度自信的家族企業總經理較不租稅規避。本文進一步探究家族企業特性的調節效果是否主要來自家族成員總經理，惟結果顯示家族成員總經理與非家族成員總經理產生的調節效果無顯著差異。|
This study examines the effect of managerial overconfidence and family firm characteristics on tax avoidance, following the third mearsure in Malmendier and Tate (2005) to proxy managerial overconfidence, which is based on stock-holding behavior. I investigate wheather firms with overconfident CEOs avoid more tax, and wheather family firm characteristics can moderate the effect of managerial overconfidence on tax avoidance. The sample includes Taiwanese listed and OTC companies from 2005 to 2015, excluding TDR, F-share, financial and insurance industry. The OLS empirical results indicate that firms with overconfident CEOs do avoid more tax. The further results show that the effect of managerial overconfidence on tax avoidance would be negatively moderated by family characteristics, which means overconfident CEOs in family firms avoid less tax than overconfident CEOs in non-family firms. Then I split CEOs in family firms into family members and non-family members, finding that moderate effect of family characteristics stay indifference no matter CEOs in family firms are family members or not.
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|Source URI: ||http://thesis.lib.nccu.edu.tw/record/#G0104255006|
|Data Type: ||thesis|
|Appears in Collections:||[財政學系] 學位論文|
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