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Institutional ownership and tax avoidance
|Issue Date: ||2018-07-23 16:52:45 (UTC+8)|
|Abstract: ||本研究探討法人持股比率對企業租稅規避的影響。由於法人持股比率與企業租稅規避有內生性的問題，本研究係採用Fuzzy不連續斷點迴歸模型 (fuzzy regression discontinuity design) 的概念，直接推論法人持股比率對企業租稅規避的影響，參考Bird and Karolyi (2017) 的兩階段分析，藉由是否分配到臺灣中型100指數作為主要的工具變數，透過兩階段最小平方法 (2SLS) 探討此議題。第一階段檢視指數股票型基金重組對於法人持股比率造成的改變；第二階段探討法人持股比率對企業租稅規避的影響。本研究樣本取自臺灣經濟新報，研究對象為2007年至2016年的臺灣50與中型100指數成分股名單中之上市櫃公司 (排除TDR、F股)。實證結果顯示，首先，指數股票型基金重組，使得臺灣中型100指數頂部企業的法人持股比率高於臺灣50指數底部企業；其次，兩種指數股票型基金門檻附近之法人持股比率差異，與企業租稅規避程度呈顯著正向關係。亦即在門檻值附近，法人持股比率較高的企業，其租稅規避程度亦較激進。敏感性分析中，採用租稅規避的衡量期間為18個月以及採用Crane et al. (2016) 的實證架構，第一階段採用不連續斷點迴歸 (regression discontinuity design) 檢視指數股票型基金與法人持股比率關聯性；第二階段採用工具變數法 (instrumental variable method) 檢視法人持股比率對企業租稅規避的影響，皆獲得一致結果。|
This study examines the effect of institutional ownership on tax avoidance. A key issue in testing the relation between tax avoidance and institutional ownership is that institutional ownership is endogenous, so studies in related fields have studied the effect of institutional ownership on tax avoidance through corporate governance mechanisms. Khan et al. (2017) found that there is no consistency in the effect of institutional ownership on tax avoidance, and therefore using the Russell index reconstitution setting to isolate exogenous shocks to institutional ownership. The changes in institutional ownership and tax avoidance which is caused by Russell index reconstitution indirectly inferred that institutional ownership has a significant positive impact on tax avoidance.
This study uses the concept of fuzzy regression discontinuity to directly infer the effect of institutional ownership on tax avoidance, and explores this issue through the two-stage least square method (2SLS) by assigning dumming variable 0051 as the main instrumental variable following the two-stage analysis of Bird and Karolyi (2017). The first stage examines the effect of Exchange Traded Funds on institutional ownership; the second stage examines the effect of institutional ownership on tax avoidance. The database is from Taiwan Economic Journal (TEJ), sampling from the list of 0050 and 0051 from 2007 to 2016, excluding TDR and F-share. The empirical results indicate that, first, the firms assigned to the top of 0051 exhibit much higher institutional ownership than firms assigned to the bottom of 0050. Second, the differences in the institutional ownership near the thresholds of the two index (0050,0051) have a significant positive relationship with tax avoidance. That is, near the threshold, companies with higher institutional ownership are also more aggressive in tax avoidance. Sensitivity analysis adopts a measurement period of 18 months for tax avoidance and adopts the empirical structure of Crane et al. (2016). The first stage uses sharp regression discontinuity design to examine index funds and institutional ownership; the second stage uses instrumental variable method to examine the effect of institutional ownership on tax avoidance, all with consistent results.
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|Source URI: ||http://thesis.lib.nccu.edu.tw/record/#G0105255029|
|Data Type: ||thesis|
|Appears in Collections:||[財政學系] 學位論文|
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