Taxable Income as a Performance Measure: The Effects of Tax Planning and Earnings Quality*
研究应税收入相对于账面收入作为业绩衡量指标的信息含量，发现高税收筹划公司中应税收入信息含量较低，而低盈余质量公司中则较高。
Extant research suggests that book-tax differences are useful measures in evaluating firm performance. There is little evidence, however, regarding taxable income as an alternative performance measure to book income. We examine firm characteristics that mitigate or enhance the ability of taxable income to inform investors regarding firm performance. We find that the relative and incremental information content of estimated taxable income to book income is lower for high tax planning firms and higher for low earnings quality firms. Our results suggest that tax planning and low earnings quality have contrasting effects on the information content of estimated taxable income. These findings are pertinent to recent research examining book-tax differences as a measure of earnings quality and taxable income as an alternative performance measure.