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題名 執行長聲譽與租稅規避之關聯
CEO Reputation and Tax Avoidance
作者 蔡依潔
Tsai, I-Chieh
貢獻者 何怡澄
Ho, Yi-Cheng
蔡依潔
Tsai, I-Chieh
關鍵詞 租稅規避
CEO聲譽
負面報導
Tax avoidance
CEO reputation
Negative reporting
日期 2022
上傳時間 2-Sep-2022 15:28:05 (UTC+8)
摘要 身為公司最高階經理人，CEO的各項特性影響公司甚鉅。其聲譽對於公司在各方面受到的關注都扮演重要角色，CEO聲譽為公司最重要的無形資產之一（Gaines-Ross, 2003）。本文使用Francis等（2008）及周雅英與林品馨（2018）之方式，以平面媒體報導數量作為CEO聲譽之指標，以2009至2020年臺灣電子業上市公司為研究對象，探討CEO聲譽與租稅規避之關聯。研究結果顯示，CEO聲譽和租稅規避具有正向關係。本文進一步將報導細分為「正面至中立報導」及「負面報導」兩類，探討不同面向之聲譽對租稅規避之關係，發現負面報導和租稅規避呈負向關係，但結果不顯著。
As the highest positioned manager in a firm, a CEO’s personal traits affect the firm in many ways. A CEO’s reputation is one of the most important intangible assets of the firm(Gaines-Ross, 2003). Using the numbers of press coverage as a proxy of CEO reputation, and listed companies of electronic industries of Taiwan from 2009 to 2020 as samples, the purpose of this study is to examine the relation between CEO reputation and tax avoidance behavior of the firm. The results show that higher CEO reputation associates with higher tax avoidance. The study then separates the press coverage into two groups according to the tone of the articles: positive and negative reports, and examines the effect of the two groups of press coverage on tax avoidance. The results show that negative reporting has a negative correlation with tax avoidance. It shows that a negative reputation makes the firm less active in tax avoidance behavior.
參考文獻 王昱凱、殷沛樺（2013）。高階管理團隊特質對策略聯盟形成之影響，第16屆科技整合管理研討會，1-16。
陳明進與蔡麗雯（2006）。財稅所得差異決定因素及課稅所得推估之研究，管理學報，23（6），739-763。
陳金慧（2019）。總經理知名度與企業租稅規避—以臺灣電子業為例，國立政治大學財政學系研究所碩士論文。
張玉洪（2010）。負面報導不是壞東西：中國新聞實踐中的真命題，秀威資訊科技股份有限公司。
張淑惠、馬原欣、吳雪勤（2021）。CEO聲譽與企業稅收激進程度─基於我國A股上市公司的經驗證據，珞珈管理評論，2021（2），38-59。
葉怡均（2018）。租稅規避與企業聲望，國立政治大學財政學系研究所碩士論文。
Ahluwalia, R., Burnkrant, R.E., & Unnava, H. R. (2000). Consumer response to negative publicity: The moderating role of commitment. Journal of Marketing Research. 37(2), 203-214.
Austin, C. R., & Wilson, R. J. (2017). An examination of reputational costs and tax avoidance: Evidence from firms with valuable consumer brands. Journal of the American Taxation Association, 39(1), 67-93.
Chang, Chee Fei. (2015). The impact of managerial opportunism on earnings reliability. International Journal of Economics and Finance. 7(10), DOI:10.5539/ijef.v7n10p222.
Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms? Journal of Financial Economics, 95(1), 41-61.
Crocker, K. J., & Slemrod, J. (2005). Corporate tax evasion with agency costs. Journal of Public Economics, 89(9-10), 1593-1610.
De Simone, L., Mills, L. F., & Stomberg, B. (2019). Using IRS data to identify income shifting to foreign affiliates. Review of Accounting Studies, 24(2), 694-730.
Dean, D. H. (2004). Consumer reaction to negative publicity: Effect of corporate reputation, response, and responsibility for a crisis event. International Journal of Business Communication. 41, 192-211.
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long-run corporate tax avoidance. The Accounting Review, 83(1), 61-82.
Dyreng, S.D., Hoopes, J. L., & Wilde, J. H. (2016). Public pressure and corporate tax behavior. Journal of Accounting Research. 54(1), 147-186.
Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of Political Economy. 88(2), 288-307.
Fich, E. M., & Shivdasani, A. (2007). Financial fraud, director reputation, and shareholder wealth. Journal of Financial Economics. 86(2), 306-336.
Francis, J., Huang, A. H., Rajgopal, S., & Zang, A. Y. (2008). CEO reputation and earnings quality. Contemporary Accounting Research, 25(1), 109-147.
Frank, M., L. Lynch, J., & Rego, S. O. (2009). Tax reporting aggressiveness and its relation to aggressive financial reporting. The Accounting Review, 84(2), 467-496.
Gaertner, F. B. (2013). CEO after-tax compensation incentives and corporate tax avoidance. Contemporary Accounting Research. 31(4), 1077-1102.
Gaines-Ross, L. (2003). CEO capital: A guide to building CEO reputation and company success. New York, NY: John Wiley & Sons, Inc.
Gallemore, J., Maydew, E. L., & Thornock, J. R. (2013). The reputational costs of tax avoidance. Contemporary Accounting Research, 31(4), 1103-1133.
Graham, J.R., & Mills, L. (2008). Using tax return data to simulate corporate marginal tax rates. Journal of Accounting and Economics. 46(2-3), 366-388.
Graham, J.R. & Tucker, A.L. (2006). Tax shelters and corporate debt policy. Journal of Financial Economics. 3, 563-594.
Ham, C., Seybert, N., & Wang, S. (2018). Narcissism is a bad sign: CEO signature size, investment, and performance. Review of Accounting Studies. 23, 234-264.
Hambrick, D. C., & Mason, Phyllis A. (1984). Upper Echelons: The organization as reflection of its top managers. Academy of Management Review. 9(2), 193-206.
Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics. 50, 127-178.
Hanlon, M., & Slemrod, J. (2009). What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement. Journal of Public Economics. 93(1-2), 126-141.
Holthausen, R.W. (1990). Accounting method choice: Opportunistic behavior, efficient contracting, and information perspectives. Journal of Accounting and Economics. 12(1-3), 207-218.
Jalbert, T., Rao, R., & Jalbert, M. (2002). Does school matter? An empirical analysis of CEO education, compensation, and firm performance. International Business and Economics Research Journal. 1(1), 83-98.
Jian, M. J., & Lee, K. W. (2011). Does CEO reputation matter for capital investments? Journal of Corporate Finance, 17 (4): 929-946. doi: 10.1016/j.jcorpfin.2011. 04.004
Jin, Chang-Hyun & Yeo, Hyun-Chul. (2011). Satisfaction, corporate credibility, CEO reputation and leadership effects on public relationships. Journal of Targeting, Measurement and Analysis for Marketing. 19(2), 127-140.
Koester, A., Shevlin, T., & Wangerin, D. (2016). The role of managerial ability in corporate tax avoidance. Management Science. 63(10), 3285–3319. doi:10.1287/mnsc.2016.2510
Lanis, R., Richardson, G., Liu, C., & McClure, R. (2019). The impact of corporate tax avoidance on board of directors and CEO reputation. Journal of Business Ethics. 160(2), 463-498.
Law, K. K. F., & Mills, L. F. (2017). Military experience and corporate tax avoidance. Review of Accounting Studies. 22(1), 141-184.
Lee, R. & Kao, H. (2020). The effect of CEO power on tax avoidance: evidence from Taiwan. Global Journal of Business Research. 14(1), 1-27.
Malmendier, U. & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics. 89(1), 20-43.
Milbourn, T. T. (2003). CEO reputation and stock-based compensation. Journal of Financial Economis. 68(2), 233-262.
Olsen, K. J., & Stekelberg, J. (2016). CEO narcissism and corporate tax sheltering. Journal of the American Taxation Association. 38 (1), 1-22.
Rego, S. O. (2010). Tax-avoidance activities of U.S. multinational corporations. Contemporary Accounting Research. 20(4), 805-833.
Richardson, G., & Lanis, R. (2007). Determinants of the variability in corporate effective tax rates and tax reform: Evidence from Australia. Journal of Accounting and Public Policy. 26(6), 689-704.
Watts, R. L., & Zimmerman, J. (1978). Towards a positive theory of the determination of accounting standards. The Accounting Review. 53(1), 112-134.
Weinberger, M. G., & Lepkowska-White, E. (2000). The influence of negative information on purchase behavior. Journal of Marketing Management. 16(5), 465-481.
Yeh, Yaying Mary Chou and Ping Shin Lin. (2018). Does CEO reputation matters to financial reporting quality? NTU Management Review, 201812_28(3), 1-46.
描述 碩士
國立政治大學
財政學系
105255013
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105255013
資料類型 thesis
dc.contributor.advisor 何怡澄zh_TW
dc.contributor.advisor Ho, Yi-Chengen_US
dc.contributor.author (Authors) 蔡依潔zh_TW
dc.contributor.author (Authors) Tsai, I-Chiehen_US
dc.creator (作者) 蔡依潔zh_TW
dc.creator (作者) Tsai, I-Chiehen_US
dc.date (日期) 2022en_US
dc.date.accessioned 2-Sep-2022 15:28:05 (UTC+8)-
dc.date.available 2-Sep-2022 15:28:05 (UTC+8)-
dc.date.issued (上傳時間) 2-Sep-2022 15:28:05 (UTC+8)-
dc.identifier (Other Identifiers) G0105255013en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141749-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財政學系zh_TW
dc.description (描述) 105255013zh_TW
dc.description.abstract (摘要) 身為公司最高階經理人，CEO的各項特性影響公司甚鉅。其聲譽對於公司在各方面受到的關注都扮演重要角色，CEO聲譽為公司最重要的無形資產之一（Gaines-Ross, 2003）。本文使用Francis等（2008）及周雅英與林品馨（2018）之方式，以平面媒體報導數量作為CEO聲譽之指標，以2009至2020年臺灣電子業上市公司為研究對象，探討CEO聲譽與租稅規避之關聯。研究結果顯示，CEO聲譽和租稅規避具有正向關係。本文進一步將報導細分為「正面至中立報導」及「負面報導」兩類，探討不同面向之聲譽對租稅規避之關係，發現負面報導和租稅規避呈負向關係，但結果不顯著。zh_TW
dc.description.abstract (摘要) As the highest positioned manager in a firm, a CEO’s personal traits affect the firm in many ways. A CEO’s reputation is one of the most important intangible assets of the firm(Gaines-Ross, 2003). Using the numbers of press coverage as a proxy of CEO reputation, and listed companies of electronic industries of Taiwan from 2009 to 2020 as samples, the purpose of this study is to examine the relation between CEO reputation and tax avoidance behavior of the firm. The results show that higher CEO reputation associates with higher tax avoidance. The study then separates the press coverage into two groups according to the tone of the articles: positive and negative reports, and examines the effect of the two groups of press coverage on tax avoidance. The results show that negative reporting has a negative correlation with tax avoidance. It shows that a negative reputation makes the firm less active in tax avoidance behavior.en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究架構 2
第二章 文獻探討與假說 4
第一節 CEO聲譽 5
第二節 租稅規避 6
第三節 租稅規避與企業聲譽 7
第四節 假說建立 9
第三章 研究方法 11
第一節 樣本篩選與資料來源 11
第二節 被解釋變數：租稅規避指標 12
第三節 解釋變數：CEO聲譽衡量指標（REPU） 13
第四節 控制變數 15
第五節 實證模型 18
第四章 實證結果 21
第一節 樣本敘述統計 21
第二節 實證結果 24
第三節 額外測試 28
第五章 結論 32
第一節 結論 32
第二節 研究限制 33
參考文獻 34		zh_TW
dc.format.extent 1262230 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105255013en_US
dc.subject (關鍵詞) 租稅規避zh_TW
dc.subject (關鍵詞) CEO聲譽zh_TW
dc.subject (關鍵詞) 負面報導zh_TW
dc.subject (關鍵詞) Tax avoidanceen_US
dc.subject (關鍵詞) CEO reputationen_US
dc.subject (關鍵詞) Negative reportingen_US
dc.title (題名) 執行長聲譽與租稅規避之關聯zh_TW
dc.title (題名) CEO Reputation and Tax Avoidanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 王昱凱、殷沛樺（2013）。高階管理團隊特質對策略聯盟形成之影響，第16屆科技整合管理研討會，1-16。
陳明進與蔡麗雯（2006）。財稅所得差異決定因素及課稅所得推估之研究，管理學報，23（6），739-763。
陳金慧（2019）。總經理知名度與企業租稅規避—以臺灣電子業為例，國立政治大學財政學系研究所碩士論文。
張玉洪（2010）。負面報導不是壞東西：中國新聞實踐中的真命題，秀威資訊科技股份有限公司。
張淑惠、馬原欣、吳雪勤（2021）。CEO聲譽與企業稅收激進程度─基於我國A股上市公司的經驗證據，珞珈管理評論，2021（2），38-59。
葉怡均（2018）。租稅規避與企業聲望，國立政治大學財政學系研究所碩士論文。
Ahluwalia, R., Burnkrant, R.E., & Unnava, H. R. (2000). Consumer response to negative publicity: The moderating role of commitment. Journal of Marketing Research. 37(2), 203-214.
Austin, C. R., & Wilson, R. J. (2017). An examination of reputational costs and tax avoidance: Evidence from firms with valuable consumer brands. Journal of the American Taxation Association, 39(1), 67-93.
Chang, Chee Fei. (2015). The impact of managerial opportunism on earnings reliability. International Journal of Economics and Finance. 7(10), DOI:10.5539/ijef.v7n10p222.
Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms? Journal of Financial Economics, 95(1), 41-61.
Crocker, K. J., & Slemrod, J. (2005). Corporate tax evasion with agency costs. Journal of Public Economics, 89(9-10), 1593-1610.
De Simone, L., Mills, L. F., & Stomberg, B. (2019). Using IRS data to identify income shifting to foreign affiliates. Review of Accounting Studies, 24(2), 694-730.
Dean, D. H. (2004). Consumer reaction to negative publicity: Effect of corporate reputation, response, and responsibility for a crisis event. International Journal of Business Communication. 41, 192-211.
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long-run corporate tax avoidance. The Accounting Review, 83(1), 61-82.
Dyreng, S.D., Hoopes, J. L., & Wilde, J. H. (2016). Public pressure and corporate tax behavior. Journal of Accounting Research. 54(1), 147-186.
Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of Political Economy. 88(2), 288-307.
Fich, E. M., & Shivdasani, A. (2007). Financial fraud, director reputation, and shareholder wealth. Journal of Financial Economics. 86(2), 306-336.
Francis, J., Huang, A. H., Rajgopal, S., & Zang, A. Y. (2008). CEO reputation and earnings quality. Contemporary Accounting Research, 25(1), 109-147.
Frank, M., L. Lynch, J., & Rego, S. O. (2009). Tax reporting aggressiveness and its relation to aggressive financial reporting. The Accounting Review, 84(2), 467-496.
Gaertner, F. B. (2013). CEO after-tax compensation incentives and corporate tax avoidance. Contemporary Accounting Research. 31(4), 1077-1102.
Gaines-Ross, L. (2003). CEO capital: A guide to building CEO reputation and company success. New York, NY: John Wiley & Sons, Inc.
Gallemore, J., Maydew, E. L., & Thornock, J. R. (2013). The reputational costs of tax avoidance. Contemporary Accounting Research, 31(4), 1103-1133.
Graham, J.R., & Mills, L. (2008). Using tax return data to simulate corporate marginal tax rates. Journal of Accounting and Economics. 46(2-3), 366-388.
Graham, J.R. & Tucker, A.L. (2006). Tax shelters and corporate debt policy. Journal of Financial Economics. 3, 563-594.
Ham, C., Seybert, N., & Wang, S. (2018). Narcissism is a bad sign: CEO signature size, investment, and performance. Review of Accounting Studies. 23, 234-264.
Hambrick, D. C., & Mason, Phyllis A. (1984). Upper Echelons: The organization as reflection of its top managers. Academy of Management Review. 9(2), 193-206.
Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics. 50, 127-178.
Hanlon, M., & Slemrod, J. (2009). What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement. Journal of Public Economics. 93(1-2), 126-141.
Holthausen, R.W. (1990). Accounting method choice: Opportunistic behavior, efficient contracting, and information perspectives. Journal of Accounting and Economics. 12(1-3), 207-218.
Jalbert, T., Rao, R., & Jalbert, M. (2002). Does school matter? An empirical analysis of CEO education, compensation, and firm performance. International Business and Economics Research Journal. 1(1), 83-98.
Jian, M. J., & Lee, K. W. (2011). Does CEO reputation matter for capital investments? Journal of Corporate Finance, 17 (4): 929-946. doi: 10.1016/j.jcorpfin.2011. 04.004
Jin, Chang-Hyun & Yeo, Hyun-Chul. (2011). Satisfaction, corporate credibility, CEO reputation and leadership effects on public relationships. Journal of Targeting, Measurement and Analysis for Marketing. 19(2), 127-140.
Koester, A., Shevlin, T., & Wangerin, D. (2016). The role of managerial ability in corporate tax avoidance. Management Science. 63(10), 3285–3319. doi:10.1287/mnsc.2016.2510
Lanis, R., Richardson, G., Liu, C., & McClure, R. (2019). The impact of corporate tax avoidance on board of directors and CEO reputation. Journal of Business Ethics. 160(2), 463-498.
Law, K. K. F., & Mills, L. F. (2017). Military experience and corporate tax avoidance. Review of Accounting Studies. 22(1), 141-184.
Lee, R. & Kao, H. (2020). The effect of CEO power on tax avoidance: evidence from Taiwan. Global Journal of Business Research. 14(1), 1-27.
Malmendier, U. & Tate, G. (2008). Who makes acquisitions? CEO overconfidence and the market’s reaction. Journal of Financial Economics. 89(1), 20-43.
Milbourn, T. T. (2003). CEO reputation and stock-based compensation. Journal of Financial Economis. 68(2), 233-262.
Olsen, K. J., & Stekelberg, J. (2016). CEO narcissism and corporate tax sheltering. Journal of the American Taxation Association. 38 (1), 1-22.
Rego, S. O. (2010). Tax-avoidance activities of U.S. multinational corporations. Contemporary Accounting Research. 20(4), 805-833.
Richardson, G., & Lanis, R. (2007). Determinants of the variability in corporate effective tax rates and tax reform: Evidence from Australia. Journal of Accounting and Public Policy. 26(6), 689-704.
Watts, R. L., & Zimmerman, J. (1978). Towards a positive theory of the determination of accounting standards. The Accounting Review. 53(1), 112-134.
Weinberger, M. G., & Lepkowska-White, E. (2000). The influence of negative information on purchase behavior. Journal of Marketing Management. 16(5), 465-481.
Yeh, Yaying Mary Chou and Ping Shin Lin. (2018). Does CEO reputation matters to financial reporting quality? NTU Management Review, 201812_28(3), 1-46.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202201246en_US