Is Tax Avoidance Related to Firm Risk?
研究了避税策略是否增加企业风险，发现低税率比高税率更持久，常用避税指标与未来税率波动或整体风险无关，表明避税通常采用持久且不增加风险的策略。
ABSTRACT We test whether tax avoidance strategies are associated with greater firm risk. We find that low tax rates tend to be more persistent than high tax rates and that measures of tax avoidance commonly used in the literature are generally not associated with either future tax rate volatility or future overall firm risk. Our evidence suggests that, on average, corporate tax avoidance is accomplished using strategies that are persistent and do not increase firm risk. We also find that the volatility of cash tax rates is associated with future stock volatility, suggesting that tax rate volatility and overall firm risk are related. JEL Classifications: M41.