ERN: Firm (Topic)最新文献

Profit Shifting During Foreign Tax Holidays 外国免税期的利润转移

ERN: Firm (Topic) Pub Date : 2021-08-09 DOI: 10.2139/ssrn.3625168

Travis Chow, Jeffrey L. Hoopes, Edward L. Maydew

引用次数: 3

Tax Subsidy Information and Local Economic Effects 税收补贴信息与地方经济效应

ERN: Firm (Topic) Pub Date : 2021-03-15 DOI: 10.2139/ssrn.3482207

L. De Simone, Rebecca Lester, Aneesh Raghunandan

{"title":"Tax Subsidy Information and Local Economic Effects","authors":"L. De Simone, Rebecca Lester, Aneesh Raghunandan","doi":"10.2139/ssrn.3482207","DOIUrl":"https://doi.org/10.2139/ssrn.3482207","url":null,"abstract":"We examine whether the relation between business tax subsidies and local economic activity varies based on publicly available subsidy information. State and local business incentives have tripled in size over the past thirty years (Bartik, 2019), now amounting to over 40 percent of total state corporate tax revenues (Slattery and Zidar, 2020). However, the subsidy grant process is notoriously opaque, and transparency problems inhibit clear assessments about whether subsidies achieve their intended outcomes. We find that public information about these incentives – measured based on the existence of state-level subsidy disclosure initiatives, the online publication of subsidy details, and ex ante job commitment disclosures – plays a critical role in subsidy effectiveness. Across all three measures, we observe that the positive association between subsidies and establishments occurs only in those counties with greater information. However, we find that employment effects occur only when the subsidies are accompanied by ex ante job commitments, signaling heterogeneity in the extent to which information facilitates job and wage growth. Our large-scale empirical analysis on the role of public subsidy information provides evidence of an important factor previously discussed, but not empirically tested, in public economics. Furthermore, we offer policy-relevant evidence for the increasing number of states implementing subsidy disclosure regimes.","PeriodicalId":161200,"journal":{"name":"ERN: Firm (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117227975","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 7

The COVID-19 Insolvency Gap: First-Round Effects of Policy Responses on SMEs 2019冠状病毒病破产缺口:政策应对对中小企业的第一轮影响

ERN: Firm (Topic) Pub Date : 2021-01-01 DOI: 10.2139/ssrn.3783768

J. Dörr, Simona Murmann, G. Licht

引用次数: 8

Who Benefits from State Corporate Tax Cuts? A Local Labor Markets Approach with Heterogeneous Firms: Comment 谁受益于国家公司税减免?异质企业的本地劳动力市场研究:评论

ERN: Firm (Topic) Pub Date : 2020-10-30 DOI: 10.2139/ssrn.3721950

C. Malgouyres, T. Mayer, C. Mazet-Sonilhac

引用次数: 9

Do Credit Rating Agencies Care About Our International Tax Planning Strategy When Assigning Credit Ratings? 信用评级机构在分配信用评级时是否关心我们的国际税收筹划策略?

ERN: Firm (Topic) Pub Date : 2020-10-01 DOI: 10.2139/ssrn.3759423

Zhiming Ma, D. Stice, Danye Wang

{"title":"Do Credit Rating Agencies Care About Our International Tax Planning Strategy When Assigning Credit Ratings?","authors":"Zhiming Ma, D. Stice, Danye Wang","doi":"10.2139/ssrn.3759423","DOIUrl":"https://doi.org/10.2139/ssrn.3759423","url":null,"abstract":"International tax planning strategies, by their very nature, increase firms’ free cash flows, which could improve companies’ creditworthiness. However, these strategies also bring information and agency problems, which may reduce their creditworthiness. To understand which of these effects dominates, this study examines the effect of international tax planning on credit ratings. We find that credit analysts incorporate information related to international tax planning when analyzing a firm’s credit risk and that high international tax planning is associated with less favorable credit ratings. We also find that this effect is mitigated by a higher conflict of interest for the bond rating agencies. Furthermore, we find that the effect of international tax planning operates through the channels of future cash flow effects, agency costs, and information risk. Our results are robust to a difference-in-differences research design using The American Jobs Creation Act of 2004 as an exogenous shock to the benefits from international tax planning, and we document that the effect of international tax planning is different from and incremental to overall tax avoidance.","PeriodicalId":161200,"journal":{"name":"ERN: Firm (Topic)","volume":"408 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132417703","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Determination of Executive Actions for Self-Enrichment (EASE) at the Cost of Corporate Integrity 以企业诚信为代价的行政行为中饱私囊的判定

ERN: Firm (Topic) Pub Date : 2020-09-24 DOI: 10.2139/ssrn.3691320

B. Williams, C. Graham

{"title":"Determination of Executive Actions for Self-Enrichment (EASE) at the Cost of Corporate Integrity","authors":"B. Williams, C. Graham","doi":"10.2139/ssrn.3691320","DOIUrl":"https://doi.org/10.2139/ssrn.3691320","url":null,"abstract":"The COVID-19 pandemic and its impact on the US economy led to an unprecedented bailout in the early days of the subsequent recession. Companies lined up for a share of the funds, but many of them were in our estimation unworthy of assistance given risky use of free cashflow for share repurchases, limiting their ability to adjust to an economic downturn. Our research resulted in the creation of the Executive Actions for Self-Enrichment (EASE) score, a quarterly determination of the companies that are working toward long-term business outcomes vis a vis those working towards hollowing out their business in the pursuit of short-term market gains. Scores were determined through the combination of pricing, key financials, and executive stock sales/purchases via SEC Form 4 data. We believe that EASE is able to accurately identify the overleveraging of debt to buy back company shares while executives offload their equity at artificially-induced prices. Conversely, this data also indicates an outsized return effect for the top decile of long-term-focused businesses. Going forward, we expect that EASE will provide a clear window into how companies are being run in a way that is immediately actionable, providing the public with the means to hold companies accountable via their investment decisions and beyond.","PeriodicalId":161200,"journal":{"name":"ERN: Firm (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126052967","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Is Tax Planning Best Done In Private? 税务筹划最好私下做吗?

ERN: Firm (Topic) Pub Date : 2020-08-04 DOI: 10.2139/ssrn.3420362

Jeffrey L. Hoopes, Patrick Langetieg, Edward L. Maydew, M. Mullaney

引用次数: 10

An Entrepreneur Point-of-View About Policies to Support Innovation in Sharing Economy Era 分享经济时代支持创新政策的企业家视角

ERN: Firm (Topic) Pub Date : 2019-04-03 DOI: 10.2139/ssrn.3398122

G. Gunarso, Julbintor Kembaren

{"title":"An Entrepreneur Point-of-View About Policies to Support Innovation in Sharing Economy Era","authors":"G. Gunarso, Julbintor Kembaren","doi":"10.2139/ssrn.3398122","DOIUrl":"https://doi.org/10.2139/ssrn.3398122","url":null,"abstract":"Entrepreneurship can take form as intrapreneurship within an established company, creation of new businesses, and innovation of processes. Creation of new businesses have important part in prosperity and development of regions, where the entrepreneurs are the actors who make the new businesses. \u0000 \u0000Innovation is both the cause and result of every entrepreneurship, while research and development is the key to that innovation. An invention of product, service, or process has four distinct steps to become an innovation : research, development, demonstration, and commercialization. Authorities and agencies should provide incentives directly affecting the original innovator to reach commercialization of the product, service, or process. \u0000 \u0000In sharing economy, consumers take part as the producers and consumers at the same time, companies no longer completely control the resources they sell, and business models constantly change. To regulate sharing economy, government have five options : entirely ban the sharing economy activities, do not make any new regulation as long as the stakeholders do not professionally conduct their businesses, let the market stakeholders regulate themselves, make entirely new regulations based on the inputs from all stakeholders or make temporary experimental laws. \u0000 \u0000Entrepreneurship promotional agencies should avoid the trap of attracting the relocation of companies or startups from one homogenous sector, instead, the agencies should create conducive ecology for new companies creation and development from diverse sectors. Government and regulators should aim to minimize the policies’ complexity, resource consumption, unnecessary hindrances, to support the entrepreneurs. Government can actively support both conventional companies and sharing economy companies, at the same time, by consulting the affected parties to provide suitable policies for sustainable development.","PeriodicalId":161200,"journal":{"name":"ERN: Firm (Topic)","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123593296","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Information, Asymmetric Incentives, Or Withholding? Understanding the Self-Enforcement of Value-Added Tax 信息，不对称激励，还是隐瞒?了解增值税的自我执行

ERN: Firm (Topic) Pub Date : 2019-03-19 DOI: 10.2139/ssrn.3355865

M. Waseem

引用次数: 20

Corporate Tax Rates, Allocative Efficiency, and Aggregate Productivity 企业税率、配置效率和总生产率

ERN: Firm (Topic) Pub Date : 2018-06-19 DOI: 10.2139/ssrn.3182796

Marcos Dinerstein, Fausto Patiño Peña

引用次数: 0