Is Stakeholder Orientation Related to Corporate Tax Avoidance? New Evidence
研究美国各州利益相关者法规对企业避税的影响，发现法规通过后受影响企业减少了避税，尤其对之前避税多或社会责任评级低的企业影响更大。
SYNOPSIS Our study examines how constituency statutes influence corporate tax avoidance. These state-level laws allow corporate boards to consider the interests of all stakeholders, not just shareholders, in their decisions. Using recent econometric advances in staggered difference-in-differences estimations, we find that after these laws are adopted, firms affected by these laws reduce their tax avoidance. This effect is stronger in firms that previously avoid more taxes or have lower corporate social responsibility ratings. Our study provides valuable insights into how stakeholder orientation influences tax behavior, offering practical implications for both corporate managers and policymakers. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: H26; K22; M14; M41.