Are Socially Responsible Firms Less Likely to Expatriate? An Examination of Corporate Inversions
研究了企业社会责任表现与公司倒置（一种合法税务筹划策略）之间的关系，发现高社会责任的公司更少迁往海外，且投资者对这类公司倒置的反应更不积极。
ABSTRACT This study examines whether corporate social responsibility (CSR) is related to the likelihood of corporate inversions, a legal tax-planning strategy. We use a full sample to test stakeholder theory and a risk management view of CSR. We find that firms with higher CSR performance are less likely to expatriate compared to firms with lower CSR performance. Although equity investors react positively to inversion announcements, we find that the reaction is less positive for firms with higher CSR ratings. These results are consistent with stakeholder theory. We do not find evidence that inversion firms experience significant improvements in operating performance after inversion. Overall, this study improves our understanding of the role of CSR in corporate expatriation decisions and has practical implications for a firm's stakeholders. Data Availability: Data are available from sources identified in the paper.