The Reputational Costs of Corporate Tax Avoidance: A Closer Look at Stakeholder Responses and Their Potential Impacts on the Firm
研究了企业避税如何影响利益相关者对企业社会责任的看法，进而影响其投资和消费意愿，并发现非避税的社会责任活动和利益相关者的财务素养会调节这种影响。
ABSTRACT We examine factors that potentially moderate the impact of corporate tax avoidance on individuals’ perceptions of a firm's overall corporate social responsibility (CSR) and, in turn, on potential consequences of CSR perceptions. We find that a firm’s nontax CSR activities and its stakeholders' financial sophistication, but not the aggressiveness of the tax avoidance strategy itself, moderate the impact of avoidance on overall CSR perceptions. Further, although these CSR perceptions have no impact on assessments of firm value, they do mediate the impact of avoidance on stakeholders’ willingness to invest in and patronize the firm. Finally, we find that reactions to avoidance differ across countries with varying views regarding the broader roles and responsibilities of corporations. The study corroborates and extends prior research examining the reputational costs of avoidance, providing insight for firms considering the nature and extent of their avoidance activities as well as for regulators considering related disclosures. JEL Classifications: D91; H26; K34; M49.