{"title":"企业对账面收入替代性最低税额的反应","authors":"Jordan Richmond","doi":"10.1016/j.jpubeco.2024.105158","DOIUrl":null,"url":null,"abstract":"<div><p>This paper studies how firms respond to book income alternative minimum taxes (AMTs) by examining the AMT book income adjustment in 1987. Using Compustat data and an event study approach, I find no evidence that firms avoid the tax, and no evidence of significant real production or investment responses. Firm tax base responses imply an elasticity of book income of <span><math><mrow><mo>−</mo><mn>0</mn><mo>.</mo><mn>03</mn></mrow></math></span> [<span><math><mrow><mo>−</mo><mn>0</mn><mo>.</mo><mn>63</mn></mrow></math></span>,<span><math><mrow><mn>0</mn><mo>.</mo><mn>56</mn></mrow></math></span>], smaller than previous estimates because I correct for mean reversion. The null results indicate that firms face strong, non-tax incentives to report high book incomes.</p></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"236 ","pages":"Article 105158"},"PeriodicalIF":4.8000,"publicationDate":"2024-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Firm responses to book income alternative minimum taxes\",\"authors\":\"Jordan Richmond\",\"doi\":\"10.1016/j.jpubeco.2024.105158\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This paper studies how firms respond to book income alternative minimum taxes (AMTs) by examining the AMT book income adjustment in 1987. Using Compustat data and an event study approach, I find no evidence that firms avoid the tax, and no evidence of significant real production or investment responses. Firm tax base responses imply an elasticity of book income of <span><math><mrow><mo>−</mo><mn>0</mn><mo>.</mo><mn>03</mn></mrow></math></span> [<span><math><mrow><mo>−</mo><mn>0</mn><mo>.</mo><mn>63</mn></mrow></math></span>,<span><math><mrow><mn>0</mn><mo>.</mo><mn>56</mn></mrow></math></span>], smaller than previous estimates because I correct for mean reversion. The null results indicate that firms face strong, non-tax incentives to report high book incomes.</p></div>\",\"PeriodicalId\":48436,\"journal\":{\"name\":\"Journal of Public Economics\",\"volume\":\"236 \",\"pages\":\"Article 105158\"},\"PeriodicalIF\":4.8000,\"publicationDate\":\"2024-07-11\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Public Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S004727272400094X\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Public Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S004727272400094X","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
Firm responses to book income alternative minimum taxes
This paper studies how firms respond to book income alternative minimum taxes (AMTs) by examining the AMT book income adjustment in 1987. Using Compustat data and an event study approach, I find no evidence that firms avoid the tax, and no evidence of significant real production or investment responses. Firm tax base responses imply an elasticity of book income of [,], smaller than previous estimates because I correct for mean reversion. The null results indicate that firms face strong, non-tax incentives to report high book incomes.
期刊介绍:
The Journal of Public Economics aims to promote original scientific research in the field of public economics, focusing on the utilization of contemporary economic theory and quantitative analysis methodologies. It serves as a platform for the international scholarly community to engage in discussions on public policy matters.