Board Diversity and Voluntary Tax Disclosures: Do Institutional Characteristics Matter?
研究基于欧洲大型跨国企业数据，发现董事会层面的员工代表和企业社会责任委员会能促进企业自愿披露税务政策，但董事会性别多样性无显著影响，且制度特征（如税收执法和税收道德）会调节这种关系。
ABSTRACT Manuscript Type Empirical. Research Question/Issue Building on the argument that diverse boards could be more receptive to stakeholder concerns, this study examines whether board diversity (in both composition and structure) is related to increased information disclosure on a firm's tax policy in response to stakeholder and societal concerns about aggressive tax policies. Research Findings/Insights Data from large European multinationals indicate a positive causal relationship between board‐level employee representation (BLER) and a firm's voluntary tax disclosures, as well as a positive relationship for the existence of a corporate social responsibility (CSR) committee, especially with a unitary board structure. Board gender diversity (BGD) has no significant effect. Theoretical/Academic Implications Job‐related diversity (i.e., deep‐level diversity) on a board increases the availability of firm‐specific information to the board and has more impact on firm outcomes than does non–job‐related diversity (i.e., surface‐level diversity), which increases the availability of general information. Institutional characteristics (i.e., tax enforcement and tax morale) act as either complements or substitutes, depending on the type of board diversity. Practitioner/Policy Implications Enhancing board diversity to increase a board's effectiveness, as promoted in many corporate governance codes, should be applied with some nuance. Whereas adding employee representatives to a board reduces information asymmetry concerning a firm's tax policies, adding female directors to the board does not make a firm more responsive to societal calls for tax transparency.