Corporate Governance, Tax Avoidance, and Financial Constraints
研究了公司治理如何影响避税与财务约束的关系，发现治理差的企业避税会加剧财务约束和财务困境风险，而治理好的企业则无此负面效应。
Abstract We examine how corporate governance affects the relationship between corporate tax avoidance and financial constraints. Conditional on having poor governance, tax avoidance is associated with greater financial constraints and a greater likelihood of financial distress. In firms with strong governance, however, we find that tax avoidance does not have a negative impact on financial constraints. Our results suggest that tax avoidance is a less useful source of financing for constrained firms when they are plagued with potential agency problems and opaque information environments. Stronger governance mechanisms can help firms mitigate the negative consequences of tax avoidance.