Essays On Institutional Ownership And Tax Avoidance
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Essays On Institutional Ownership And Tax Avoidance
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Author : Simone Traini
language : en
Publisher:
Release Date : 2019
Essays On Institutional Ownership And Tax Avoidance written by Simone Traini and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Corporations categories.
Three Essays On Institutional Investors And Income Taxes
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Author : Spencer Conley Usrey
language : en
Publisher:
Release Date : 2009
Three Essays On Institutional Investors And Income Taxes written by Spencer Conley Usrey and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Electronic dissertations categories.
This dissertation investigates the role of institutional investors in capital market tax studies. Specifically, this studies examines how institutional investors influence firms' cost of capital and financing decisions following changes in personal tax rates on debt and equity income. The dissertation is organized into three essays that examine these topics. The first two essays examine tax rate changes in 1997 and 2003 that reduced the personal tax rates on interest, capital gains and dividends. Essay 3 summarizes relevant literature involving institutional investors and capital market tax studies. Essay 1 investigates whether differences between the tax liabilities of the underlying shareholders of institutional investors affect firms' capital structures and decisions to issue debt versus equity following changes in tax rates on investment income received by individuals. The study predicts that firms with high concentrations of tax disadvantaged institutional investors (institutions whose underlying shareholders are taxable) will issue more equity relative to debt than those with high concentrations of tax-advantaged institutional investors (institutions whose underlying shareholders are not taxable). The results find that the financing decisions of firms with high levels of tax-disadvantaged institutional investors are influenced by changes in individual tax rates. Essay 2 investigates whether differences in the tax attributes of the underlying shareholders of institutional investors influences the impact of equity tax rate changes on a firm's cost of equity. The study examines a sample period of two years (eight quarters) around the enactment of the 1997 and 2003 Acts. The study finds that firms with high levels of tax-disadvantaged ownership experienced a decrease in their cost of equity capital following a decrease in the individual tax rate on capital gains. In addition, the interaction of the institutional investor dummy variable and a dummy variable indicating the observation is after the 2003 Act indicates that the cost of equity capital for firms with high levels of tax-disadvantaged ownership decreased following the 2003 Act. The results of Essays 1 and 2 provide evidence that institutional investors are not homogeneous with respect to their influence on firms' cost of capital and financing decisions following changes in individual tax rates.
Corporate Tax Avoidance And Social Ir Responsibility
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Author : David Gremminger
language : en
Publisher:
Release Date : 2023
Corporate Tax Avoidance And Social Ir Responsibility written by David Gremminger and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
In recent years, companies have increasingly emphasized their commitment in the area of corporate social responsibility (CSR). In view of this development, it is striking that at the same time, large corporations, including some that otherwise portray themselves as particularly socially responsible, are caught evading taxes. This poses a conundrum and raises several questions that this dissertation aims to address. To this end, this thesis explores the effects of corporate tax behavior and consequences of socially (ir-)responsible behavior. A particular focus is on the role of media coverage in this context. The first paper (Chapter 2) finds that while media coverage of tax behavior does not affect abnormal stock returns, consumers notice and penalize brands that engage in tax avoidance, and trading activity increases in response to media coverage of tax avoidance, suggesting heterogeneous reactions across investors. The second paper (Chapter 3) shows that paying a higher tax rate can help mitigate the negative effects of socially irresponsible behavior on firm performance. The third paper (Chapter 4) demonstrates the potential of state-of-the-art topic modeling techniques by examining the media coverage of corporate tax behavior and the importance of tax avoidance reporting relative to other tax-related news. Overall, this thesis contributes to our understanding of the complex relationships between corporate behavior and its consequences, highlighting the importance of considering the perspectives of multiple stakeholders. In doing so, the thesis can hopefully inform the public discourse on how to adequately address the issue of corporate tax avoidance.
Essays On Corporate Tax Planning And Corporate Tax Avoidance
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Author :
language : en
Publisher:
Release Date : 2015
Essays On Corporate Tax Planning And Corporate Tax Avoidance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Essays On Corporate Governance And Tax Avoidance
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Author : Modawi Fadoul
language : en
Publisher:
Release Date : 2022
Essays On Corporate Governance And Tax Avoidance written by Modawi Fadoul and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
Two Essays On Institutional Investors
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Author : Hoang Huy Nguyen
language : en
Publisher:
Release Date : 2007
Two Essays On Institutional Investors written by Hoang Huy Nguyen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
This dissertation consists of two essays investigating the trading by institutions and its impact on the stock market. In the first essay, I investigate why changes in institutional breadth predict return. I first show that changes in breadth are positively associated with abnormal returns over the following four quarters. I then demonstrate that this return predictability can be attributed to the information about the firms' future operating performance. When I examine different types of institutions independently, I find that the predictive power varies across the population of institutions. More specifically, institutions that follow active management style are better able to predict future returns than the passive institutions, and their predictive power appears to be associated with information about future earnings growth. These findings are consistent with the information hypothesis that changes in breadth of institutional ownership can predict return because they contain information about the fundamental value of firms. In the second essay, I examine institutional herding behavior and its impact on stock prices. I document that herds by institutions usually last for more than one quarter and that herds occur more frequently for small and medium size stocks. I find that after herds end, there are reversals in stocks returns for up to four quarters. The magnitude of reversals is positively related to the duration of herding, and negatively related to the price impact of current herding activity. This pattern in returns prevails for all sub-periods examined and is concentrated in small and medium size stocks. My findings suggest that institutional herding may destabilize stock prices.
The Effect Of Foreign Institutional Ownership On Corporate Tax Avoidance
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Author : Iftekhar Hasan
language : en
Publisher:
Release Date : 2016
The Effect Of Foreign Institutional Ownership On Corporate Tax Avoidance written by Iftekhar Hasan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The Effect Of Foreign Institutional Ownership On Corporate Tax Avoidance
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Author : Iftekhar Hasan
language : en
Publisher:
Release Date : 2019
The Effect Of Foreign Institutional Ownership On Corporate Tax Avoidance written by Iftekhar Hasan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This study examines whether foreign institutional investors (FIIs) help explain variation in corporate tax avoidance and whether mechanisms such as tax morality, investment horizon, and corporate governance underlie the relation between FIIs and tax avoidance. We find robust evidence that FIIs are negatively associated with corporate tax avoidance. Moreover, this negative association is dominated by FIIs from countries with high tax morality, FIIs with long-term investment horizons, and FIIs from countries with high corporate governance quality. We conclude that FIIs play an active role in shaping corporate tax avoidance policy.
Essays On Corporate Tax Avoidance Sustainability And Tax Transparency
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Author : Sina Willkomm
language : en
Publisher:
Release Date : 2023
Essays On Corporate Tax Avoidance Sustainability And Tax Transparency written by Sina Willkomm and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
Three Essays On Institutional Investors And Corporate Governance
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Author : Rasha Ashraf
language : en
Publisher:
Release Date : 2007
Three Essays On Institutional Investors And Corporate Governance written by Rasha Ashraf and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Antitakeover strategies categories.
The first essay analyzes mutual funds' proxy voting records on shareholder proposals. The results indicate that mutual funds support shareholder proposals and vote against management for proposals that are likely to increase shareholders' wealth and rights, in firms with weaker external monitoring mechanisms, in firms with entrenched management, and when funds have longer investment horizon. Mutual funds mostly take management sides on executive compensation related proposals, when they have higher ownership concentration, and when they belong to bigger fund families. The results further indicate that there is a positive reputational effect for the funds undertaking a monitoring role. Moreover, mutual funds reduce holdings when they disapprove of managements' policy, but before doing so they take on an activist role by supporting shareholder proposals. The second essay investigates institutional investors' trading behavior of acquiring firm stocks surrounding merger activities. We label investment companies and independent investment advisors as active institutions and banks, nonbank trusts and insurance companies as passive institutions. We find active institutions increase holdings of acquiring firm stocks for mergers with higher wealth implications. However, active institutions overreact to stock mergers at the announcement, which they appear to correct at the resolution quarter of the merger. The trading behavior of passive institutions suggests that these institutions disregard the market response of merger announcement in trading acquiring firm stocks at the announcement quarter. The passive institutions gradually update their beliefs and trade on the basis of merger wealth effect at the resolution quarter. The third essay examines relation between executive compensation structure with the existing level and changes of takeover defense mechanisms of firms. According to "managerial entrenchment hypothesis," higher managerial power from adoption of takeover defense mechanisms would lead to generating higher rents for executives. "Efficient contracting hypothesis" argue that higher anti-takeover provisions would contribute in achieving efficient contracting by deferring compensation into the future due to the low possibility of hostile takeover. The results support managerial entrenchment hypothesis with regard to existing level of takeover defense mechanisms. With regard to changes in anti-takeover provisions, the existing level of managerial power influence the future pay structure.