Executive Compensation Corporate Tax Aggressiveness And Financial Reporting Aggressiveness
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Executive Compensation Corporate Tax Aggressiveness And Financial Reporting Aggressiveness
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Author : Bonnie R. Quillin
language : en
Publisher:
Release Date : 2017
Executive Compensation Corporate Tax Aggressiveness And Financial Reporting Aggressiveness written by Bonnie R. Quillin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Executives categories.
Using a variety of research methods, prior empirical research finds that executive compensation influences the behavior of managers, particularly with decisions involving risk. These studies show that, when executive compensation is more sensitive to stock price volatility, firms implement riskier investment and financial policies and take more aggressive positions in financial and tax reporting. The sensitivity of executive compensation to stock price volatility is largely due to stock option compensation. Prior studies provide evidence that companies reduced the stock option grants to executives following the introduction of the Statement of Financial Accounting Standard 123R - Share-Based Payment (SFAS 123R). The reduced stock option grants lead to executive compensation being less sensitive to stock price volatility. Because SFAS 123R is unrelated to a manager's inherent risk aversion, this paper uses the introduction of SFAS 123R as a natural experiment to further explore the relationship between executive compensation and managerial risk taking, in the form of aggressive positions taken in financial and tax reporting. This paper's focus on changes in corporate tax aggressiveness and financial reporting aggressiveness complements the work of Hayes et al. (2012), Cohen et al. (2010), Chava and Purnanandam (2010), and Bakke et al. (2016), which examine changes in the riskiness of corporate financing and investment policies following SFAS 123R. I fail to find evidence that firms affected by SFAS 123R have a more pronounced decline in corporate tax or financial reporting aggressiveness following SFAS 123R than firms not affected by SFAS 123R. These findings are consistent with Cohen et al. (2009) and Hayes et al. (2012) who examines changes in vega following SFAS 123R and the riskiness of firms' investment and financing policies (research and development, capital investments, leverage, and acquisitions). Hayes et al. (2002) and Cohen et al. (2010) fail to find consistent evidence that managerial risk taking decreases following SFAS 123R. These findings are inconsistent with Chava and Purnanandam (2010) and Bakke et al. (2016) who examine changes in vega following SFAS 123R and the association with corporate financial policies (the former considers book leverage and debt; the latter, corporate hedging in the oil and gas industry). Chava and Purnanandam (2010) and Bakke et al. (2016) find evidence that managerial risk taking decreases following SFAS 123R. The lack of evidence of decreased aggressiveness in tax and financial reporting in my study add to the mixed results from other studies using SFAS 123R as a natural experiment to evaluate the relation between vega and aggressive corporate financing and risk policies. As concluded by Hayes et al. (2012), understanding the effects of vega on managerial risk taking continues to be a challenge for empirical research.
Essays In Tax And Financial Reporting
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Author : Hong Fan
language : en
Publisher:
Release Date : 2013
Essays In Tax And Financial Reporting written by Hong Fan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This dissertation consists of three essays. The first two essays study the association between tax aggressiveness and financial reporting aggressiveness. There is an emerging debate about whether firms tradeoff between tax savings and reported earnings. Essay 1 examines this relationship in the Canadian context and finds that tax aggressiveness is negatively associated with financial reporting aggressiveness, suggesting the existence of a tradeoff. However, closely-held firms seem to be making no tradeoffs between tax savings and book income. This essay also finds that closely-held firms are more aggressive in pursuing tax savings compared to other firms. Essay 2 examines the tradeoff question in the North American context. I find that tax reporting aggressiveness is positively associated with financial reporting aggressiveness for U.S. firms (id est, U.S. firms in general do not seem to tradeoff between the tax savings and book income), while negatively associated for Canadian firms (id est, Canadian firms do seem to tradeoff between pursuit of tax savings and book income). Within the U.S. sub-sample, there is no difference in tradeoff behavior between closely-held and widely-held firms. Closely-held firms in Canada do not seem to tradeoff between book income and tax savings, thereby pursuing both tax aggressiveness and financial reporting aggressiveness simultaneously. Essay 3 focuses on financial reporting and examines the association between IFRS adoption and executive compensation. More specifically, I examine whether IFRS better reflects firms' and managers' performance. I find that accounting-based pay for performance sensitivity is stronger in the year of IFRS adoption. My results show that CFOs earned approximately more in the year of IFRS adoption. In contrast, the chief executive officer's (CEO) compensation did not change significantly in the year of IFRS adoption. I also find CF Os' bonus relative to CEO bonus increased by more than 20% in the year of IFRS adoption.
Ceo Governance And Shareholder Returns
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Author : Lex Donaldson
language : en
Publisher:
Release Date : 1990
Ceo Governance And Shareholder Returns written by Lex Donaldson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Group decision making categories.
Tax And Corporate Governance
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Author : Wolfgang Schön
language : en
Publisher: Springer Science & Business Media
Release Date : 2008-03-12
Tax And Corporate Governance written by Wolfgang Schön and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-03-12 with Business & Economics categories.
Academic research shows that well-known principal-agent and capital market problems are strongly influenced by tax considerations. Against this background, this volume is the first to present a fully-fledged overview of the interdependence of tax and corporate governance. Not only the basic political, legal and economic questions but also major topics like income measurement, shareholding structures, corporate social responsibility and tax shelter disclosure are covered.
An Empirical Examination Of Corporate Tax Noncompliance
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Author :
language : en
Publisher:
Release Date : 2005
An Empirical Examination Of Corporate Tax Noncompliance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Taxes And Business Strategy
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Author : Myron S. Scholes
language : en
Publisher:
Release Date : 2015-01-03
Taxes And Business Strategy written by Myron S. Scholes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-03 with categories.
For MBA students and graduates embarking on careers in investment banking, corporate finance, strategy consulting, money management, or venture capital Through integration with traditional MBA topics, Taxes and Business Strategy, Fifth Edition provides a framework for understanding how taxes affect decision-making, asset prices, equilibrium returns, and the financial and operational structure of firms. Teaching and Learning Experience This program presents a better teaching and learning experience-for you and your students: *Use a text from an active author team: All 5 authors actively teach the tax and business strategy course and provide students with relevant examples from both classroom and real-world consulting experience. *Teach students the practical uses for business strategy: Students learn important concepts that can be applied to their own lives. *Reinforce learning by using in-depth analysis: Analysis and explanatory material help students understand, think about, and retain information.
International Taxation And Multinational Activity
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Author : James R. Hines
language : en
Publisher: University of Chicago Press
Release Date : 2009-02-15
International Taxation And Multinational Activity written by James R. Hines and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-02-15 with Business & Economics categories.
Because the actions of multinational corporations have a clear and direct effect on the flow of capital throughout the world, how and why these firms behave the way they do is a major issue for national governments and their policymakers. With an unprecedented ability to adjust the scale, character, and location of their global operations, international corporations have become increasingly sensitive to the kind and degree of tax obligations imposed on them by both host and home countries. Tax rules affect the volume of foreign direct investment, corporate borrowing, transfer pricing, dividend and royalty payments, and research and development. National governments that tax the profits of international firms face important challenges in designing tax policies to attract them. This collection examines the global ramifications of tax policies, offering up-to-date, theoretically innovative, and empirically sound perspectives on a problem of immense significance to future economic growth around the globe.
Corporate Taxation And Social Responsibility
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Author : Axel Hilling
language : en
Publisher: Kluwer Law International
Release Date : 2017
Corporate Taxation And Social Responsibility written by Axel Hilling and has been published by Kluwer Law International this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Corporations categories.
This book advocates ethical self-restraint in the realm of corporate tax. It seeks to undermine, and ideally to remove, any self-serving rationalizations that may seductively encourage corporate executives to act without restraint. Nowhere is this more needed than in the world of business regulations, where corporate executives may be tempted to influence the formation, implementation, and reform of the regulatory regime so as to further the interests of their businesses. This includes, most notably, manipulation of corporate-tax law. "This is a ground-breaking book. It is the first book-length statement explaining why managers of business corporations have an ethical obligation to cooperate with tax legislation in corporate income taxation, locally, nationally and globally. This ethical obligation is binding regardless of any potential impact on the value of the corporation." Reuven S. Avi-Yonah, Irwin I. Cohn Professor of Law and Director of International Tax LLM Program, Michigan Law, University of Michigan "At a time when a majority of young people prefer socialism to capitalism and the head of the U.S. Chamber of Commerce warns that companies risk losing their license to operate if income inequalities persist, Professors Hilling and Ostas have written a compelling appeal for managers and their lawyers and accountants to ensure that the corporations they lead or advise live up to their social contract by paying their fair share of taxes. A must-read for business leaders, politicians, ethicists, and activists." Constance E. Bagley, Senior Research Fellow, Yale School of Management, Yale University
Tax Avoidance Activities Of U S Multinational Corporations
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Author : Sonja Lynne Olhoft
language : en
Publisher:
Release Date : 1999
Tax Avoidance Activities Of U S Multinational Corporations written by Sonja Lynne Olhoft and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business planning categories.
The Crisis In Tax Administration
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Author : Henry Aaron
language : en
Publisher: Rowman & Littlefield
Release Date : 2004-05-20
The Crisis In Tax Administration written by Henry Aaron and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-05-20 with Political Science categories.
People pay taxes for two reasons. On the positive side, most people recognize, even if grudgingly, that payment of tax is a duty of citizenship. On the negative side, they know that the law requires payment, that evasion is a crime, and that willful failure to pay taxes is punishable by fines or imprisonment. The practical questions for tax administration are how to strengthen each of these motives to comply with the law. How much should be spent on enforcement and how should enforcement be organized to promote these objectives and achieve the best results per dollar spent? Over the last few years, the U.S. Congress has restricted spending on tax administration, forcing the Internal Revenue Service to curtail enforcement activities, at the same time, that the number of individual filers has increased, tax rules have become more complex, and more business have become multinational operations. But if too many cases of tax evasion go undetected and unpunished, those who may have grudgingly paid their taxes may soon find it easier to join the scofflaws. These events in combination have created a genuine crisis in tax administration. The chapters in this volume evaluate the capacity of authorities to enforce the tax laws in a modern, global economy and examine the implications of failing to do so. Specific aspects of tax law, including tax shelters, issues relating to small businesses, tax software, role of tax preparers, and the objectives of tax simplification are examined in detail. The volume also builds a conceptual basis for future scholarship, with regard not only to tax administration, but also to such fundamental questions as whether taxpayers respond mostly to economic incentives or are influenced by their experiences with the filing process and what is the proper framework for evaluating the allocation of resources within the IRS.