Corporate Social Responsibility and Tax Management: The Moderating Effect of Beliefs about Corporate Tax Duty
通过实验研究投资者如何看待企业纳税义务，发现投资者认为纳税（而非避税）是社会责任，且税务管理与非税务CSR表现共同影响投资者对管理质量的感知及投资意愿，投资者对纳税义务的态度起调节作用。
ABSTRACT Limited empirical evidence exists regarding investor perceptions of tax management and whether investors consider paying taxes a social responsibility. To fill this gap, we use an experiment to explore investor perceptions about the corporate duty to pay or minimize taxes. We find that investors view paying taxes (rather than minimizing taxes) as socially responsible. We also measure participants' attitudes about the corporate duty to pay or minimize taxes and find that participants lean more toward a view that corporations have a duty to pay taxes. In a path analysis, we find that a firm's tax management and its performance in a non-tax area of CSR both influence investors' perceptions of managerial quality that ultimately impacts investors' willingness to invest. We also find that the investor's attitude about the corporate tax duty moderates the association between tax management and investor perceptions of the quality of managerial decision-making. JEL Classifications: H25; H26; M14.