Access to finance and corporate tax avoidance: International evidence

IF 3.3 Q1 BUSINESS, FINANCE

Journal of International Accounting Auditing and Taxation Pub Date : 2024-12-07 DOI:10.1016/j.intaccaudtax.2024.100668

Ramzi Benkraiem , Safa Gaaya , Faten Lakhal , Merve Kilic

引用次数: 0

Abstract

This paper investigates the relationship between access to finance and corporate tax avoidance. Using a sample of 63,443 firm-year observations from 37 countries, the results reveal that firms suffering from limited access to finance are more inclined to engage in tax avoidance practices. This result supports the pecking-order theory and suggests that managers may rely on cash flows generated from tax-saving activities to finance their investments. The results also show that increased levels of financial constraints are positively associated with tax avoidance in the presence of high economic policy uncertainty (EPU). We also show that this effect is more prevalent in firms operating in countries with high government debt levels, and with weak investor protection. Our results are robust after addressing endogeneity concerns and using different measures of financial constraints, tax avoidance, and additional control variables.

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融资渠道与企业避税：国际证据

本文研究了融资渠道与企业避税之间的关系。通过对来自37个国家的63443家公司年度观察样本的分析，结果显示，融资渠道有限的公司更倾向于从事避税行为。这一结果支持了优先顺序理论，并表明管理者可能依赖于从节税活动中产生的现金流来为他们的投资融资。研究结果还表明，在经济政策高度不确定性（EPU）的情况下，财政约束水平的提高与避税呈正相关。我们还表明，在政府债务水平高、投资者保护薄弱的国家经营的公司中，这种效应更为普遍。在解决内生性问题并使用不同的财政约束措施、避税措施和其他控制变量后，我们的结果是稳健的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Accounting Auditing and Taxation BUSINESS, FINANCE-

CiteScore

4.50

自引率

3.80%

发文量

期刊介绍： The Journal of International Accounting, Auditing and Taxation publishes articles which deal with most areas of international accounting including auditing, taxation and management accounting. The journal''s goal is to bridge the gap between academic researchers and practitioners by publishing papers that are relevant to the development of the field of accounting. Submissions are expected to make a contribution to the accounting literature, including as appropriate the international accounting literature typically found in JIAAT and other primary US-based international accounting journals as well as in leading European accounting journals. Applied research findings, critiques of current accounting practices and the measurement of their effects on business decisions, general purpose solutions to problems through models, and essays on world affairs which affect accounting practice are all within the scope of the journal.