publication . Article . Master thesis . 2016

Corporate Tax Avoidance and Ex Ante Equity Cost of Capital in Europe

Victor Barros;
Open Access
  • Published: 01 Oct 2016
  • Country: Portugal
Abstract
Mestrado em Finanças A presente dissertação pretende analisar a relação entre o nível de planeamento fiscal e o custo de capital ex ante na Europa, tendo em consideração as características específicas de cada país dado o contexto de maior concorrência fiscal entre empresas. Os resultados obtidos mostram que os investidores têm uma percepção diferente sobre o nível de planeamento fiscal praticado consoante a evolução deste. A análise realizada evidencia que à medida que o nível de planeamento fiscal adoptado aumenta de um nível baixo (low tax avoidance) para um nível mais elevado (high tax avoidance), o custo de capital ex ante decresce. Por outro lado, os result...
Subjects
free text keywords: Custo de capital, Fiscalidade, Planeamento fiscal, Cost of capital, Taxation, Corporate tax avoidance
Related Organizations
Funded by
FCT| UID/SOC/04521/2013
Project
UID/SOC/04521/2013
Research in Social Sciences and Management
  • Funder: Fundação para a Ciência e a Tecnologia, I.P. (FCT)
  • Project Code: 147306
  • Funding stream: 5876
Download fromView all 3 versions
UTL Repository
Master thesis . 2016
39 references, page 1 of 3

Allen, A., Francis, B. B., Wu, Q., and Zhao, Y. (2016). Analyst coverage and corporate tax avoidance.

Journal of Banking and Finance 73, 84-98.

Ayers, B., J. Jiang C., and S. K. Laplante. (2009). Taxable income as a performance measure: The effects of tax planning and earnings quality. Contemporary Accounting Research 26 (1): 15-54.

Chen, T., and Lin, C. (2014). Does information asymmetry affect corporate tax aggressiveness? Working Paper, Nanyang Technological University, University of Hong Kong.

Cook, K.A., Huston, G. R., and Omer, T. C. (2008). Earnings management through effective tax rates: The effects of tax-planning investment and the Sarbanes-Oxley Act of 2002. Contemporary Accounting Research 25(2), 447-471.

Cook, K.A., Moser, W.J., and Omer, T. C. (2015). Tax avoidance and ex ante equity cost of capital.

Dhaliwal, D., Heitzman, S., and Li, O. Z. (2006). Taxes, leverage, and the cost of equity capital. [OpenAIRE]

Journal of Accounting Research 44 (4): 691-723.

Dischinger, M., Knoll, B., and Riedel, N. (2014). The role of headquarters in multinational profit shifting strategies. International Tax and Public Finance 21(2), 248-271 Djankov, S., Ganser, T., McLiesh, C., Ramalho, R., and Shleifer, A. (2010). The Effect of Corporate Taxes on Investment and Entrepreneurship. American Economic Journal: Macroeconomics 2(3), 31-64. [OpenAIRE]

Dyreng, S. D., Hanlon, M., and E. L. Maydew. (2008). Long-run corporate tax avoidance. The Accounting Review 83 (1): 61-82.

Easton, P. D. (2004). PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. The Accounting Review 79 (1): 73-95.

El Ghoul, S., Guedhami, O., and Pittman, J. (2011). The role of IRS monitoring in equity pricing in public firms. Contemporary Accounting Research 28, 643-674. [OpenAIRE]

Fama, E. F., and French, K. R. (1993). Common risk factors in the returns on stocks and bonds. [OpenAIRE]

Journal of Financial Economics 33(1), 3-56.

Gallemore, J., Maydew, E. L., and Thornock, J. R. (2014). The reputational costs of tax avoidance. [OpenAIRE]

39 references, page 1 of 3
Abstract
Mestrado em Finanças A presente dissertação pretende analisar a relação entre o nível de planeamento fiscal e o custo de capital ex ante na Europa, tendo em consideração as características específicas de cada país dado o contexto de maior concorrência fiscal entre empresas. Os resultados obtidos mostram que os investidores têm uma percepção diferente sobre o nível de planeamento fiscal praticado consoante a evolução deste. A análise realizada evidencia que à medida que o nível de planeamento fiscal adoptado aumenta de um nível baixo (low tax avoidance) para um nível mais elevado (high tax avoidance), o custo de capital ex ante decresce. Por outro lado, os result...
Subjects
free text keywords: Custo de capital, Fiscalidade, Planeamento fiscal, Cost of capital, Taxation, Corporate tax avoidance
Related Organizations
Funded by
FCT| UID/SOC/04521/2013
Project
UID/SOC/04521/2013
Research in Social Sciences and Management
  • Funder: Fundação para a Ciência e a Tecnologia, I.P. (FCT)
  • Project Code: 147306
  • Funding stream: 5876
Download fromView all 3 versions
UTL Repository
Master thesis . 2016
39 references, page 1 of 3

Allen, A., Francis, B. B., Wu, Q., and Zhao, Y. (2016). Analyst coverage and corporate tax avoidance.

Journal of Banking and Finance 73, 84-98.

Ayers, B., J. Jiang C., and S. K. Laplante. (2009). Taxable income as a performance measure: The effects of tax planning and earnings quality. Contemporary Accounting Research 26 (1): 15-54.

Chen, T., and Lin, C. (2014). Does information asymmetry affect corporate tax aggressiveness? Working Paper, Nanyang Technological University, University of Hong Kong.

Cook, K.A., Huston, G. R., and Omer, T. C. (2008). Earnings management through effective tax rates: The effects of tax-planning investment and the Sarbanes-Oxley Act of 2002. Contemporary Accounting Research 25(2), 447-471.

Cook, K.A., Moser, W.J., and Omer, T. C. (2015). Tax avoidance and ex ante equity cost of capital.

Dhaliwal, D., Heitzman, S., and Li, O. Z. (2006). Taxes, leverage, and the cost of equity capital. [OpenAIRE]

Journal of Accounting Research 44 (4): 691-723.

Dischinger, M., Knoll, B., and Riedel, N. (2014). The role of headquarters in multinational profit shifting strategies. International Tax and Public Finance 21(2), 248-271 Djankov, S., Ganser, T., McLiesh, C., Ramalho, R., and Shleifer, A. (2010). The Effect of Corporate Taxes on Investment and Entrepreneurship. American Economic Journal: Macroeconomics 2(3), 31-64. [OpenAIRE]

Dyreng, S. D., Hanlon, M., and E. L. Maydew. (2008). Long-run corporate tax avoidance. The Accounting Review 83 (1): 61-82.

Easton, P. D. (2004). PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. The Accounting Review 79 (1): 73-95.

El Ghoul, S., Guedhami, O., and Pittman, J. (2011). The role of IRS monitoring in equity pricing in public firms. Contemporary Accounting Research 28, 643-674. [OpenAIRE]

Fama, E. F., and French, K. R. (1993). Common risk factors in the returns on stocks and bonds. [OpenAIRE]

Journal of Financial Economics 33(1), 3-56.

Gallemore, J., Maydew, E. L., and Thornock, J. R. (2014). The reputational costs of tax avoidance. [OpenAIRE]

39 references, page 1 of 3
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