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    政大機構典藏 > 商學院 > 會計學系 > 會議論文 >  Item 140.119/122606
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/122606


    Title: Innovation, Tax Aggressiveness, and Stock Price Crash Risk
    Authors: 翁嘉祥
    Weng, Chia-Hsiang
    Cheng, C.S. Agnes
    Guo, Peng
    Wu, Qiang
    Contributors: 會計系
    Keywords: Tax Avoidance;Income Shifting;Innovative Firms;Patent;Transfer Pricing;Stock Price Crash Risk
    Date: 2018-01
    Issue Date: 2019-03-19 16:26:53 (UTC+8)
    Abstract: Presumably, more R&D should lead to lower taxes due to tax credits and tax deductions and more patents should lead to higher taxes due to increased revenue. Many previous studies find that higher R&D indeed leads to lower taxes. However, studies also show that more patents are associated with lower taxes. One reason can be that firms use patents to shift income across the borders. Accordingly, we predict and find that multinational companies (MNCs) with more patents avoid more taxes. Specifically, we provide large-sample evidence that MNCs with more patents use income-shifting tactics aggressively to avoid taxes. As domestic firms cannot shift income across the borders, we find that domestic firms with more patents actually pay more taxes. Moreover, we find that tax avoidance resulting from income-shifting tactics predicts future stock price crash risk, but we do not find such an effect for tax avoidance due to R&D.
    Relation: 2018 FMA Annual Meeting, Financial Management Association
    Data Type: conference
    Appears in Collections:[會計學系] 會議論文

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