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題名 Innovation and Corporate Tax Planning: The Distinct Effects of Patents and R&D
作者 翁嘉祥
Weng, Chia‐Hsiang
Cheng, C. S. Agnes
Guo, Peng
Wu, Qiang
貢獻者 會計系
日期 2020-04
上傳時間 26-五月-2021 10:31:15 (UTC+8)
摘要 Using a large US sample, we find a significant and positive relation between patents and corporate tax planning, and the effect is incremental to the effect of R&D on tax planning. We employ a quasi‐natural experiment based on staggered industry‐level innovation shocks to identify the positive causal effect of patents on corporate tax planning. We also find that patents are not associated with tax planning for domestic firms, but their association with tax planning is concentrated in multinational firms, which have the ability to shift domestic income to low‐tax countries. Moreover, we find that the identified effect mainly exists in the post–check‐the‐box (CTB) rule period when shifting income among affiliates becomes more flexible and convenient. Finally, we use two income‐shifting models and find that patents, rather than R&D, facilitate tax planning through an income‐shifting channel. Overall, our results suggest that R&D and patents facilitate firms` tax planning in distinct ways: R&D facilitates tax planning as intended through tax credits and deductions, whereas patents are used by taxpayers to avoid taxes aggressively through income shifting.
關聯 Contemporary Accounting Research, 38:1, 621-653
資料類型 article
DOI https://doi.org/10.1111/1911-3846.12613
dc.contributor 會計系
dc.creator (作者) 翁嘉祥
dc.creator (作者) Weng, Chia‐Hsiang
dc.creator (作者) Cheng, C. S. Agnes
dc.creator (作者) Guo, Peng
dc.creator (作者) Wu, Qiang
dc.date (日期) 2020-04
dc.date.accessioned 26-五月-2021 10:31:15 (UTC+8)-
dc.date.available 26-五月-2021 10:31:15 (UTC+8)-
dc.date.issued (上傳時間) 26-五月-2021 10:31:15 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/135140-
dc.description.abstract (摘要) Using a large US sample, we find a significant and positive relation between patents and corporate tax planning, and the effect is incremental to the effect of R&D on tax planning. We employ a quasi‐natural experiment based on staggered industry‐level innovation shocks to identify the positive causal effect of patents on corporate tax planning. We also find that patents are not associated with tax planning for domestic firms, but their association with tax planning is concentrated in multinational firms, which have the ability to shift domestic income to low‐tax countries. Moreover, we find that the identified effect mainly exists in the post–check‐the‐box (CTB) rule period when shifting income among affiliates becomes more flexible and convenient. Finally, we use two income‐shifting models and find that patents, rather than R&D, facilitate tax planning through an income‐shifting channel. Overall, our results suggest that R&D and patents facilitate firms` tax planning in distinct ways: R&D facilitates tax planning as intended through tax credits and deductions, whereas patents are used by taxpayers to avoid taxes aggressively through income shifting.
dc.format.extent 343591 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) Contemporary Accounting Research, 38:1, 621-653
dc.title (題名) Innovation and Corporate Tax Planning: The Distinct Effects of Patents and R&D
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1111/1911-3846.12613
dc.doi.uri (DOI) https://doi.org/10.1111/1911-3846.12613