企业风险评估会影响税收侵略性吗?来自美国ORSA法规的证据

Trent J. Krupa
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引用次数: 0

摘要

税收激进性给企业现金流带来了非税收风险。评估这些风险需要的信息超出了会计职能部门的专业知识,导致获取和整合与税收策略相关的风险信息的处理成本很高。管理者可以通过对风险信息做出假设来理性地适应,这可能导致在评估税收侵略性的风险-回报权衡时产生决策偏差。利用美国保险业的一种新的监管设置,我研究了强制性企业风险评估的采用是否更新了管理人员对税收侵略性的非税收风险的先前信念。我发现,由于监管要求管理者接受获取和整合风险信息的处理成本,管理者了解了以前被低估的非税收风险,并显著降低了税收攻击性。研究结果表明,在缺乏全公司内部风险信息的情况下,管理者可以在不充分考虑非税收风险的情况下采取激进的税收立场。数据可用性:本研究中使用的数据可从论文中确定的公共来源获得。JEL分类:G22;G32;H25;M41。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Do Enterprise Risk Assessments Affect Tax Aggressiveness? Evidence from U.S. ORSA Regulation
ABSTRACT Tax aggressiveness presents nontax risks to firms’ cash flow. Evaluating these risks requires information beyond the accounting function’s expertise, resulting in high processing costs to acquire and integrate risk information relevant to tax strategies. Managers can rationally adapt by making assumptions about risk information, potentially resulting in decision biases when evaluating the risk-reward tradeoff of tax aggressiveness. Using a novel regulatory setting in the U.S. insurance industry, I examine whether the adoption of mandated enterprise risk assessments updates managers’ prior beliefs about the nontax risks of tax aggressiveness. I find that as regulation requires managers to accept processing costs to acquire and integrate risk information, managers learn about previously underestimated nontax risks and significantly reduce tax aggressiveness. Results suggest that absent firm-wide internal risk information, managers can use aggressive tax positions without fully considering nontax risks. Data Availability: Data used in this study are available from public sources identified in the paper. JEL Classifications: G22; G32; H25; M41.
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