Does Schedule UTP Have Uniform Long-Run Effects on Corporate Tax Planning?
研究了美国国税局要求披露保密附表UTP对2008-2013年间公司税务筹划的影响，发现公司普遍降低了不确定税收优惠的报告，但现金有效税率未变，且激进筹划公司反应与其他公司无显著差异。
ABSTRACT This study investigates the effects of the Internal Revenue Service requiring confidential Schedule UTP disclosures on corporate tax planning over the period from 2008 to 2013. We make three important observations using a difference-in-differences design and two measures of tax planning. First, we find that firms generally report significantly lower current year uncertain tax benefits in the Schedule UTP reporting era. Second, we find these firms do not exhibit a change in cash effective tax rates. Third, we observe that while aggressive tax-planning firms and firms with more foreign presence likely face greater risk with increased transparency under Schedule UTP disclosures, these firms do not exhibit a response to Schedule UTP that is significantly different from that of other firms. Collectively, our results suggest that firms appear to have uniformly adjusted their reporting of uncertain tax benefits without altering the underlying nature of their tax planning.