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Global evidence on profit shifting within firms and across time 企业内部和不同时期利润转移的全球证据
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2025-04-01 DOI: 10.1016/j.jacceco.2024.101744
Fotis Delis , Manthos D. Delis , Luc Laeven , Steven Ongena
{"title":"Global evidence on profit shifting within firms and across time","authors":"Fotis Delis ,&nbsp;Manthos D. Delis ,&nbsp;Luc Laeven ,&nbsp;Steven Ongena","doi":"10.1016/j.jacceco.2024.101744","DOIUrl":"10.1016/j.jacceco.2024.101744","url":null,"abstract":"<div><div>We provide estimates of profit shifting for over 2 million firm-year observations in 100 countries over the period 2009–2020. Employing nonparametric estimation techniques within a mainstay model of profit shifting, we examine how the profits of both parent and subsidiary firms within a multinational group respond to marginal changes in the composite tax indicator. The key advantage of this approach is that it yields firm-year estimates of profit shifting. Multinational firms engage in extensive profit shifting by maintaining affiliates in low-tax countries and zero-tax havens. Multinational groups with an ultimate tax-haven owner exhibit the largest profit response to tax incentives. Our new database opens important avenues for analyzing the sources and effects of profit shifting.</div></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"79 2","pages":"Article 101744"},"PeriodicalIF":5.4,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142670431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Contract contingencies and uncertainty: Evidence from product market contracts 合同意外情况和不确定性：产品市场合同的证据
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2025-04-01 DOI: 10.1016/j.jacceco.2024.101743
Kai Wai Hui , Jun Oh , Guoman She , P. Eric Yeung
{"title":"Contract contingencies and uncertainty: Evidence from product market contracts","authors":"Kai Wai Hui ,&nbsp;Jun Oh ,&nbsp;Guoman She ,&nbsp;P. Eric Yeung","doi":"10.1016/j.jacceco.2024.101743","DOIUrl":"10.1016/j.jacceco.2024.101743","url":null,"abstract":"<div><div>We study contingencies written in firms' material product market contracts, focusing on the theoretical prediction of uncertainty as an important determinant. We identify contract contingencies from firms’ public regulatory filings and examine the effects of general business uncertainty and specific innovation-related uncertainty. To enhance causal inference, we utilize two major business shocks (i.e., the 2008 Financial Crisis and the COVID pandemic) and the diffusion of 29 disruptive innovation shocks (Bloom et al., 2021). We also explore the effects of re-negotiation costs and writing costs. Overall, our empirical results are consistent with predictions from dynamic models of incomplete contracting.</div></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"79 2","pages":"Article 101743"},"PeriodicalIF":5.4,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142670433","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Preference dynamics and risk-taking incentives 偏好动态和冒险动机
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2025-04-01 DOI: 10.1016/j.jacceco.2024.101739
Xiao Cen , Nan Li , Chao Tang , Juanting Wang
{"title":"Preference dynamics and risk-taking incentives","authors":"Xiao Cen ,&nbsp;Nan Li ,&nbsp;Chao Tang ,&nbsp;Juanting Wang","doi":"10.1016/j.jacceco.2024.101739","DOIUrl":"10.1016/j.jacceco.2024.101739","url":null,"abstract":"<div><div>This study explores the relationship between executive compensation and the preference dynamics of managers and shareholders. Our analysis centers on the theoretical prediction that changes in firms' asset value can differentially affect the risk-taking preferences of the two groups, potentially influencing the optimal compensation policy. Utilizing local real estate price changes to identify variations in firms’ asset value, we find that a decrease in asset value leads to more risk-taking incentives in compensation, and this effect is more pronounced in firms that are more likely to be influenced by the hypothesized mechanisms. In the second empirical setting, we provide corroborating evidence using a natural experiment involving disaster-induced negative shocks to the firm fundamentals. Collectively, our findings suggest that the design of compensation contracts facilitates incentive alignment by incorporating the dynamic preferences of the contracting parties.</div></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"79 2","pages":"Article 101739"},"PeriodicalIF":5.4,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143820356","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do personal income taxes affect corporate tax-motivated profit shifting?
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2025-04-01 DOI: 10.1016/j.jacceco.2024.101758
Antonio De Vito , Lisa Hillmann , Martin Jacob , Robert Vossebürger
{"title":"Do personal income taxes affect corporate tax-motivated profit shifting?","authors":"Antonio De Vito ,&nbsp;Lisa Hillmann ,&nbsp;Martin Jacob ,&nbsp;Robert Vossebürger","doi":"10.1016/j.jacceco.2024.101758","DOIUrl":"10.1016/j.jacceco.2024.101758","url":null,"abstract":"<div><div>This paper examines the role of personal income taxes on multinationals' corporate tax-induced profit shifting. As mandated in most OECD countries, firms need economic substance in low corporate-tax countries to justify profit shifting to these countries. Because high personal income taxes raise labor costs and thus the cost of providing economic substance, we predict that personal income taxes mute profit shifting. Using data from 26 European countries, we find that personal income taxes substantially reduce profit shifting to low corporate-tax jurisdictions, particularly when parent countries impose strict substance requirements. We also find that firms use employees to justify economic substance and that the effect of the personal income tax is related to its incidence falling partly on firms. Our results show important interactions between personal and corporate income taxes that reduce multinationals’ profit-shifting activities when substance requirements are implemented as in the European Union or many OECD countries.</div></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"79 2","pages":"Article 101758"},"PeriodicalIF":5.4,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143820361","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Acknowledgement
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2025-04-01 DOI: 10.1016/j.jacceco.2025.101786
{"title":"Acknowledgement","authors":"","doi":"10.1016/j.jacceco.2025.101786","DOIUrl":"10.1016/j.jacceco.2025.101786","url":null,"abstract":"","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"79 2","pages":"Article 101786"},"PeriodicalIF":5.4,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143820365","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Sell-by-plan mandate and opportunistic insider selling: Evidence from China
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2025-04-01 DOI: 10.1016/j.jacceco.2024.101757
Pengfei Ye , Qingsheng Zeng , Cheng Zhang
{"title":"Sell-by-plan mandate and opportunistic insider selling: Evidence from China","authors":"Pengfei Ye ,&nbsp;Qingsheng Zeng ,&nbsp;Cheng Zhang","doi":"10.1016/j.jacceco.2024.101757","DOIUrl":"10.1016/j.jacceco.2024.101757","url":null,"abstract":"<div><div>We examine whether requiring insiders to sell their stock shares based on pre-disclosed plans can mitigate opportunistic insider selling activities and, more importantly, to what extent insiders can circumvent this regulation. Using China's mandate enacted in 2017 as the setting, we demonstrate that a sell-by-plan mandate can reduce opportunistic selling activities. However, insiders can circumvent this mandate by strategically initiating their plans before bad news. We find that this gaming practice is widespread in China. It is concentrated in firms with weak governance but largely absent in firms with strong governance<strong>.</strong> We also find that China's stock market cannot discern whether a plan is opportunistically motivated upon its announcement. Overall, this paper highlights a new form of opportunism in insider trading—opportunistic planning—and proposes a method to identify such plans. Our results also suggest that government regulation, without strong governance, could be ineffective in curbing corporate executives' opportunistic behaviors.</div></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"79 2","pages":"Article 101757"},"PeriodicalIF":5.4,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143820360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Tax havens and reputational costs 避税天堂和声誉成本
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2025-04-01 DOI: 10.1016/j.jacceco.2024.101761
Adrienne DePaul , Frank Murphy , Mary E. Vernon
{"title":"Tax havens and reputational costs","authors":"Adrienne DePaul ,&nbsp;Frank Murphy ,&nbsp;Mary E. Vernon","doi":"10.1016/j.jacceco.2024.101761","DOIUrl":"10.1016/j.jacceco.2024.101761","url":null,"abstract":"<div><div>In 2017, the European Commission (EC) published a list of non-cooperative tax havens. We study whether country-level tourism and foreign direct investment (FDI) change as a result of this list. Consistent with a reputational cost of the EC's “name and shame” campaign, there is a modest reduction in EU tourism among listed countries compared to unlisted ones. This relative reduction is concentrated among tourists from countries that view cheating on taxes as less justifiable. In contrast, listed countries experience a general increase in FDI following the list, a benefit potentially offsetting the costs of reduced tourism.</div></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"79 2","pages":"Article 101761"},"PeriodicalIF":5.4,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142874774","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Sell-side analysts’ assessment of ESG risk
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2025-04-01 DOI: 10.1016/j.jacceco.2024.101759
Min Park , Aaron Yoon , Tzachi Zach
{"title":"Sell-side analysts’ assessment of ESG risk","authors":"Min Park ,&nbsp;Aaron Yoon ,&nbsp;Tzachi Zach","doi":"10.1016/j.jacceco.2024.101759","DOIUrl":"10.1016/j.jacceco.2024.101759","url":null,"abstract":"<div><div>We assess whether and how financial analysts incorporate information about downside ESG risk. Using a unique dataset on firm-day level negative ESG incidents, we find that analysts’ outputs (i.e., stock recommendations, EPS forecasts, and target prices) are associated with negative future ESG risk events, especially those that are financially material. Further investigation suggests that analysts incorporate ESG risk not only through adjusting future cash flow expectations (i.e. the “numerator”), but also through adjusting discount rates (i.e., the “denominator”). Overall, our results highlight the ability of financial analysts to synthesize and integrate ESG risk into their research.</div></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"79 2","pages":"Article 101759"},"PeriodicalIF":5.4,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143820362","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
FOMC news and segmented markets
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2025-04-01 DOI: 10.1016/j.jacceco.2025.101767
Benjamin Golez , Peter Kelly , Ben Matthies
{"title":"FOMC news and segmented markets","authors":"Benjamin Golez ,&nbsp;Peter Kelly ,&nbsp;Ben Matthies","doi":"10.1016/j.jacceco.2025.101767","DOIUrl":"10.1016/j.jacceco.2025.101767","url":null,"abstract":"<div><div>A growing body of evidence suggests that Federal Open Market Committee (FOMC) announcements can affect private sector beliefs about near-term macroeconomic conditions. We measure the impact of central bank policy on index option trader beliefs about near-term economic conditions using the return of short-term dividend strips around each FOMC announcement (we term this short-term dividend strip return, “SDR”). Consistent with the idea that these announcements contain valuable information about macroeconomic conditions, we find that <em>SDR</em> predicts both future firm-level earnings and firm-level earnings announcement returns. Furthermore, using analyst earnings forecasts, we provide evidence of belief underreaction to FOMC announcements. We discuss how investor specialization and segmented markets can generate our empirical results.</div></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"79 2","pages":"Article 101767"},"PeriodicalIF":5.4,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143049704","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Client restatement announcement, audit office human capital investment, and audit quality improvements
IF 5.4 1区 管理学
Journal of Accounting & Economics Pub Date : 2025-04-01 DOI: 10.1016/j.jacceco.2024.101741
Daniel Aobdia , Xuejiao Liu , Ke Na , Hong Wu
{"title":"Client restatement announcement, audit office human capital investment, and audit quality improvements","authors":"Daniel Aobdia ,&nbsp;Xuejiao Liu ,&nbsp;Ke Na ,&nbsp;Hong Wu","doi":"10.1016/j.jacceco.2024.101741","DOIUrl":"10.1016/j.jacceco.2024.101741","url":null,"abstract":"<div><div>This paper examines audit offices’ human capital investment in response to client restatement announcements and the resulting effects on audit quality and audit office client base. We find that audit offices attempt to acquire human capital and talent by posting more audit-related job positions just after a client announces a restatement. The increase in job postings follows restatements with more negative announcement returns and restatements of annual financial statements, and is concentrated among more senior and experienced positions. Importantly, the increased job postings are not driven by replacement hiring due to individual auditor departures and reflect more auditors joining the office. These human capital investments reduce future client misstatements and losses in client portfolios, indicating improvements in actual and perceived audit quality. Audit offices are also more likely to replace audit managing partners and prevent the signing partners of the misstated financial statements from signing new audit reports after restatement announcements.</div></div>","PeriodicalId":48438,"journal":{"name":"Journal of Accounting & Economics","volume":"79 2","pages":"Article 101741"},"PeriodicalIF":5.4,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143820357","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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