首席执行官战争创伤和企业避税

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-05-15 DOI:10.1016/j.irfa.2025.104343

Seunghyun Cho , Jinhan Pae , Choong-Yuel Yoo

{"title":"首席执行官战争创伤和企业避税","authors":"Seunghyun Cho , Jinhan Pae , Choong-Yuel Yoo","doi":"10.1016/j.irfa.2025.104343","DOIUrl":null,"url":null,"abstract":"<div><div>This paper investigates the impact of CEOs' traumatic experiences on corporate tax avoidance. Using CEOs who experienced the Korean War, we find that firms led by war-traumatized CEOs exhibit lower levels of tax avoidance than those led by non-traumatized CEOs. Our results are robust to controlling for managerial characteristics, such as CEO age, education, and stock ownership, and to the applications of propensity score matching, entropy balancing, and placebo tests. Analysis of CEO turnover further bolsters our main finding. We also find that the effect of CEO war trauma on tax avoidance is less pronounced for firms that belong to chaebols, have higher foreign investor ownership, and have award-winning CEOs. Overall, our results highlight the role of traumatic experiences in shaping CEOs' risk preferences, which, in turn, affect corporate tax planning.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104343"},"PeriodicalIF":7.5000,"publicationDate":"2025-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"CEO war trauma and corporate tax avoidance\",\"authors\":\"Seunghyun Cho , Jinhan Pae , Choong-Yuel Yoo\",\"doi\":\"10.1016/j.irfa.2025.104343\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This paper investigates the impact of CEOs' traumatic experiences on corporate tax avoidance. Using CEOs who experienced the Korean War, we find that firms led by war-traumatized CEOs exhibit lower levels of tax avoidance than those led by non-traumatized CEOs. Our results are robust to controlling for managerial characteristics, such as CEO age, education, and stock ownership, and to the applications of propensity score matching, entropy balancing, and placebo tests. Analysis of CEO turnover further bolsters our main finding. We also find that the effect of CEO war trauma on tax avoidance is less pronounced for firms that belong to chaebols, have higher foreign investor ownership, and have award-winning CEOs. Overall, our results highlight the role of traumatic experiences in shaping CEOs' risk preferences, which, in turn, affect corporate tax planning.</div></div>\",\"PeriodicalId\":48226,\"journal\":{\"name\":\"International Review of Financial Analysis\",\"volume\":\"104 \",\"pages\":\"Article 104343\"},\"PeriodicalIF\":7.5000,\"publicationDate\":\"2025-05-15\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Financial Analysis\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1057521925004302\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1057521925004302","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本文研究了ceo创伤经历对企业避税的影响。通过研究经历过朝鲜战争的ceo，我们发现，由受过战争创伤的ceo领导的公司，其避税水平低于那些没有受过战争创伤的ceo领导的公司。我们的结果在控制管理特征（如CEO年龄、教育程度和持股情况）以及倾向得分匹配、熵平衡和安慰剂测试的应用方面是稳健的。对CEO离职的分析进一步支持了我们的主要发现。我们还发现，对于那些属于财阀、外国投资者持股比例较高、CEO屡获殊荣的公司来说，CEO战争创伤对避税的影响不那么明显。总体而言，我们的研究结果强调了创伤经历在塑造首席执行官风险偏好方面的作用，而风险偏好反过来又影响了公司的税收筹划。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

CEO war trauma and corporate tax avoidance

This paper investigates the impact of CEOs' traumatic experiences on corporate tax avoidance. Using CEOs who experienced the Korean War, we find that firms led by war-traumatized CEOs exhibit lower levels of tax avoidance than those led by non-traumatized CEOs. Our results are robust to controlling for managerial characteristics, such as CEO age, education, and stock ownership, and to the applications of propensity score matching, entropy balancing, and placebo tests. Analysis of CEO turnover further bolsters our main finding. We also find that the effect of CEO war trauma on tax avoidance is less pronounced for firms that belong to chaebols, have higher foreign investor ownership, and have award-winning CEOs. Overall, our results highlight the role of traumatic experiences in shaping CEOs' risk preferences, which, in turn, affect corporate tax planning.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.