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題名 組織資本與租稅規避──經理人能力之調節效果
Organizational Capital and Tax Avoidance: The Moderating Effect of Managerial Ability
作者 林柏任
Lin, Po-Jen
貢獻者 何怡澄<br>郭振雄
Ho, Yi-Cheng<br>Kuo, Jenn-Shyong
林柏任
Lin, Po-Jen
關鍵詞 組織資本
經理人能力
租稅規避
Organizational capital
Managerial ability
Tax avoidance
日期 2022
上傳時間 1-Aug-2022 17:12:25 (UTC+8)
摘要 組織資本之存在使企業營運效率提升，營運效率提升亦牽動著租稅效率之追求，而經理人能力於此之間所扮演的角色，為本研究動機所在。本研究欲探究之議題為，組織資本既是企業優勢，經理人是否憑藉此優勢，輔以其管理能力，從事租稅規避行為。本研究以1994年至2020年間美國上市公司為研究對象。組織資本之衡量採用Lev, Radhakrishnan, and Zhang (2009) 所發展的產出基礎衡量方法；經理人能力採用Demerjian, Lev, and McVay (2012) 建構的指標。研究結果顯示，經理人能力對於企業組織資本與租稅規避之正向關係具有調節效果，且此調節效果為負向，代表組織資本與經理人能力具替代關係，當經理人能力較高時，較不傾向利用高組織資本之優勢，進行租稅規避行為。本研究另以額外測試觀察組織資本與經理人能力對於企業未來績效之影響。本研究發現，於高組織資本之企業，經理人傾向將其能力發揮於企業核心營運，租稅規避並非高能力經理人首要考量之決策要素。
The existence of organizational capital improves the operational efficiency of enterprises, and then affects the pursuit of tax efficiency. The role that managerial ability plays in the relation between organizational capital and tax avoidance is crucial in this study. This paper examines how managerial ability affects the positive relationship between organizational capital and tax avoidance by using the listed companies in U.S. from 1994 to 2020. We show that managerial ability has a negative moderating effect on the positive relationship between corporate organizational capital and tax avoidance, which means that organizational capital and managerial ability have a substitutional relationship. This result implies that managers with higher ability tend not to avoid tax in companies with higher organizational capital. In sensitivity analyses, we use four other tax avoidance proxies and adopt different measures of organizational capital and managerial ability to run regressions. Furthermore, we use instrumental variables method to alleviate endogeneity concerns. The results of sensitivity analyses are consistent with the primary results, proving the robustness of our research. In addition, we observe the impact of organizational capital and managerial ability on companies’ future performance. Overall, our evidences suggest that in companies with higher organizational capital, managers tend to exert their abilities in core operations, and tax avoidance is not the primary consideration in making decisions.
參考文獻 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。
Atkeson, A., and Kehoe, P. J. (2005). Modeling and Measuring Organization Capital. Journal of Political Economy, 113(5), 1026-1053.
Baum, C. F., Lewbel, A., Schaffer, M. E., & Talavera, O. (2012). Instrumental variables estimation using heteroskedasticity-based instruments [United Kingdom Stata Users’ Group Meetings 2012]. Stata Users Group.
Bertrand, M., and Schoar, A. (2003). Managing with style: The effect of managers on firm policies. Quarterly Journal of Economics, 118(4), 1169-1208.
Black, S., and Lynch, L. (2005). Measuring Organizational Capital in the New Economy. IZA Discussion Paper, No.1524.
Brown, J. L., Drake, K., and Wellman, L. (2014). The Benefits of a Relational Approach to Corporate Political Activity: Evidence from Political Contributions to Tax Policymakers. Journal of the American Taxation Association, 37(1), 69-102.
Cai, H., Liu, Q., (2009). Competition and Corporate Tax Avoidance: Evidence from Chinese Industrial Firms The Economic Journal, 119 (537), 764-795.
Carmona-Lavado, A., Gloria, C.-R., and Carmen, C.-M. (2010). Social and organizational capital: Building the context for innovation. Industrial Marketing Management,39, 681-690.
Cen, L., Maydew, E. L., Zhang, L., and Zuo, L. (2017). Customer-supplier relationships and corporate tax avoidance. Journal of Financial Economics, 123(2), 377-394.
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.

Cheng, C. S. A., Huang, H. H., Li, Y., and Stanfield, J. (2012). The Effect of Hedge Fund Activism on Corporate Tax Avoidance. The Accounting Review, 87(5), 1493-1526.
Dyreng, S. D., Hanlon, M., and Maydew, E. L. (2010). The Effects of Executives on Corporate Tax Avoidance. The Accounting Review, 85(4), 1163-1189.
Demerjian, P., Lev, B., and McVay, S. (2012). Quantifying Managerial Ability: A New Measure and Validity Tests. Management Science, 58(7), 1229-1248.
Desai, M. A., and Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145-179.
Dyreng, S. D., Hanlon, M., and Maydew, E. L. (2008). Long-run corporate tax avoidance. Accounting Review, 83(1), 61-82.
Dyreng, S. D., Lindsey, B. P., & Thornock, J. R. (2013). Exploring the role Delaware plays as a domestic tax haven. Journal of Financial Economics, 108(3), 751-772.
Eisfeldt, A. L., and Papanikolaou, D. (2013). Organization Capital and the Cross-Section of Expected Returns. Journal of Finance, 68(4), 1365-1406.
Ericson, R., and Pakes, A. (1995). Markov-Perfect Industry Dynamics: A Framework for Empirical Work. Review of Economic Studies, 62(1), 53-82.
Evenson, R. E., and Westphal, L. E. (1995). Technological change and technology strategy (pp. 2209-2299) Handbook of Development Economics (pp. 2209-2299). Elsevier.
Fama, E. F., and French, K. R. (1997). Industry costs of equity. Journal of Financial Economics, 43(2), 153-193.
Fee, C. E., and Hadlock, C. J. (2003). Raids, rewards, and reputations in the market for managerial talent. Review of Financial Studies, 16(4), 1315-1357.
Francis, J., Huang, A. H., Rajgopal, S., and Zang, A. Y. (2008). CEO reputation and earnings quality. Contemporary Accounting Research, 25(1), 109-147.
Frank, M. M., Lynch, L. J., and Rego, S. O. (2009). Tax Reporting Aggressiveness and Its Relation to Aggressive Financial Reporting. The Accounting Review, 84(2), 467-496.
Gallemore, J., and Labro, E. (2015). The importance of the internal information environment for tax avoidance. Journal of Accounting and Economics, 60(1), 149-167.
Graham, J. (2000). How Big are the Tax Benefits of Debt? The Journal of Finance, 55, 1901-1941.
Graham, J. R., Hanlon, M., Shevlin, T., and Shroff, N. (2014). Incentives for Tax Planning and Avoidance: Evidence from the Field. The Accounting Review, 89(3), 991-1023.
Gupta, S., and Newberry, K. (1997). Determinants of the Variability in Corporate Effective Tax Rate. Journal of Accounting and Public Policy, 16, 1-34.
Hanlon, M., and Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2-3), 127-178.
Hanlon, M., Maydew, E. L., & Saavedra, D. (2017). The taxman cometh: Does tax uncertainty affect corporate cash holdings? Review of Accounting Studies, 22(3), 1198-1228.
Hansen, M. T., Nohria, N., and Tierney, T. J. (1999). What’s Your Strategy for Managing Knowledge? Harvard Business Review.
Hasan, M. M., Lobo, G. J., and Qiu, B. (2021). Organizational capital, corporate tax avoidance, and firm value. Journal of Corporate Finance, 70, 102050.
Hoopes, J. L., Mescall, D., and Pittman, J. A. (2012). Do IRS Audits Deter Corporate Tax Avoidance? The Accounting Review, 87(5), 1603-1639.
Jovanovic, B., and Rousseau, P. L. (2001). Vintage organizational capital. NBER Working Paper , No. 8166.
Koester, A., Shevlin, T., and Wangerin, D. (2017). The Role of Managerial Ability in Corporate Tax Avoidance. Management Science, 63(10), 3285-3310.
Lev, B. (2001). Intangibles: Management, Measurement, and Reporting. Brookings Institution Press.
Lev, B., and Radhakrishnan, S. (2003). The Measurement of Firm-Specific Organization Capital. NBER Working Paper, No. 9581.
Lev, B., and Radhakrishnan, S. (2005). The Valuation of Organization Capital. In Measuring Capital in the New Economy, 73-110, University of Chicago Press.
Lev, B., Radhakrishnan, S., and Evans P. C. (2016). Organizational Capital A CEO’s Guide to Measuring and Managing Enterprise Intangibles. The Center for Global Enterprise.
Lev, B., Radhakrishnan, S., and Zhang, W. (2009). Organization Capital. Abacus-a Journal of Accounting Finance and Business Studies, 45(3), 275-298.
Lewbel, A. (2012). Using Heteroscedasticity to Identify and Estimate Mismeasured and Endogenous Regressor Models. Journal of Business and Economic Statistics, 30(1), 67-80.
Lynch D (2014). Investing in the corporate tax function: The effects of remediating material weaknesses in internal control on tax avoidance. [Doctoral dissertation, Michigan State University].
McGuire, S. T., Omer, T. C., & Wang, D. (2012). Tax Avoidance: Does Tax-Specific Industry Expertise Make a Difference? The Accounting Review, 87(3), 975-1003.
Mills L., Erickson M. M., and Maydew E. L. (1998). Investments in tax planning. Journal of the American Taxation Association. 20(1):1-20.
Mills, L. F. (1998). Book-Tax Differences and Internal Revenue Service Adjustments. Journal of Accounting Research, 36(2), 343-356.

Mills, L. F., & Newberry, K. J. (2001). The Influence of Tax and Nontax Costs on Book‐Tax Reporting Differences: Public and Private Firms. Journal of the American Taxation Association, 23(1), 1-19.
Peters, R. H., and Taylor, L. A. (2017). Intangible capital and the investment-q relation. Journal of Financial Economics, 123(2), 251-272.
Prescott, E. C., and Visscher, M. (1980). Organization Capital. Journal of Political Economy, 88(3), 446-461.
Rajgopal, S., Shevlin, T., and Zamora, V. (2006). CEOs’ outside employment opportunities and the lack of relative performance evaluation in compensation contracts. Journal of Finance, 61(4), 1813-1844.
Rego, S. O. (2003). Tax-Avoidance Activities of U.S. Multinational Corporations. Contemporary Accounting Research, 20(4), 805-833.
Tomer, J. F. (1998). Organizational capital and joining-up: Linking the individual to the organization and to society. Human Relations, 51(6), 825-846.
Wright, P. M., Dunford, B. B., and Snell, S. A. (2001). Human resources and the resource based view of the firm. Journal of Management, 27(6), 701-721.
Youndt, M. A., Subramaniam, M., and Snell, S. A. (2004). Intellectual Capital Profiles: An Examination of Investments and Returns. Journal of Management Studies, 41(2), 335-361.
Zimmerman, J. L. (1983). Taxes and Firm Size. Journal of Accounting and Economics, 5, 119-149.
描述 碩士
國立政治大學
會計學系
109353102
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353102
資料類型 thesis
dc.contributor.advisor 何怡澄<br>郭振雄zh_TW
dc.contributor.advisor Ho, Yi-Cheng<br>Kuo, Jenn-Shyongen_US
dc.contributor.author (Authors) 林柏任zh_TW
dc.contributor.author (Authors) Lin, Po-Jenen_US
dc.creator (作者) 林柏任zh_TW
dc.creator (作者) Lin, Po-Jenen_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Aug-2022 17:12:25 (UTC+8)-
dc.date.available 1-Aug-2022 17:12:25 (UTC+8)-
dc.date.issued (上傳時間) 1-Aug-2022 17:12:25 (UTC+8)-
dc.identifier (Other Identifiers) G0109353102en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140995-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 109353102zh_TW
dc.description.abstract (摘要) 組織資本之存在使企業營運效率提升，營運效率提升亦牽動著租稅效率之追求，而經理人能力於此之間所扮演的角色，為本研究動機所在。本研究欲探究之議題為，組織資本既是企業優勢，經理人是否憑藉此優勢，輔以其管理能力，從事租稅規避行為。本研究以1994年至2020年間美國上市公司為研究對象。組織資本之衡量採用Lev, Radhakrishnan, and Zhang (2009) 所發展的產出基礎衡量方法；經理人能力採用Demerjian, Lev, and McVay (2012) 建構的指標。研究結果顯示，經理人能力對於企業組織資本與租稅規避之正向關係具有調節效果，且此調節效果為負向，代表組織資本與經理人能力具替代關係，當經理人能力較高時，較不傾向利用高組織資本之優勢，進行租稅規避行為。本研究另以額外測試觀察組織資本與經理人能力對於企業未來績效之影響。本研究發現，於高組織資本之企業，經理人傾向將其能力發揮於企業核心營運，租稅規避並非高能力經理人首要考量之決策要素。zh_TW
dc.description.abstract (摘要) The existence of organizational capital improves the operational efficiency of enterprises, and then affects the pursuit of tax efficiency. The role that managerial ability plays in the relation between organizational capital and tax avoidance is crucial in this study. This paper examines how managerial ability affects the positive relationship between organizational capital and tax avoidance by using the listed companies in U.S. from 1994 to 2020. We show that managerial ability has a negative moderating effect on the positive relationship between corporate organizational capital and tax avoidance, which means that organizational capital and managerial ability have a substitutional relationship. This result implies that managers with higher ability tend not to avoid tax in companies with higher organizational capital. In sensitivity analyses, we use four other tax avoidance proxies and adopt different measures of organizational capital and managerial ability to run regressions. Furthermore, we use instrumental variables method to alleviate endogeneity concerns. The results of sensitivity analyses are consistent with the primary results, proving the robustness of our research. In addition, we observe the impact of organizational capital and managerial ability on companies’ future performance. Overall, our evidences suggest that in companies with higher organizational capital, managers tend to exert their abilities in core operations, and tax avoidance is not the primary consideration in making decisions.en_US
dc.description.tableofcontents 第壹章 緒論 1
第一節 研究議題與動機 1
第二節 研究流程 3
第貳章 文獻探討與假說 4
第一節 組織資本 5
第二節 經理人能力 11
第三節 假說建立 12
第參章 研究方法 17
第一節 資料來源與樣本篩選 18
第二節 組織資本之計算 19
第三節 經理人能力指標 25
第四節 租稅規避指標 28
第五節 控制變數及變數定義表 30
第六節 實證模型 36
第肆章 實證結果 38
第一節 樣本敘述統計 39
第二節 實證結果 47
第三節 敏感性測試 55
第四節 額外測試 70
第伍章 研究結論與限制 74
第一節 研究結論 74
第二節 研究限制 75
參考文獻 76		zh_TW
dc.format.extent 2222810 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353102en_US
dc.subject (關鍵詞) 組織資本zh_TW
dc.subject (關鍵詞) 經理人能力zh_TW
dc.subject (關鍵詞) 租稅規避zh_TW
dc.subject (關鍵詞) Organizational capitalen_US
dc.subject (關鍵詞) Managerial abilityen_US
dc.subject (關鍵詞) Tax avoidanceen_US
dc.title (題名) 組織資本與租稅規避──經理人能力之調節效果zh_TW
dc.title (題名) Organizational Capital and Tax Avoidance: The Moderating Effect of Managerial Abilityen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 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。
Atkeson, A., and Kehoe, P. J. (2005). Modeling and Measuring Organization Capital. Journal of Political Economy, 113(5), 1026-1053.
Baum, C. F., Lewbel, A., Schaffer, M. E., & Talavera, O. (2012). Instrumental variables estimation using heteroskedasticity-based instruments [United Kingdom Stata Users’ Group Meetings 2012]. Stata Users Group.
Bertrand, M., and Schoar, A. (2003). Managing with style: The effect of managers on firm policies. Quarterly Journal of Economics, 118(4), 1169-1208.
Black, S., and Lynch, L. (2005). Measuring Organizational Capital in the New Economy. IZA Discussion Paper, No.1524.
Brown, J. L., Drake, K., and Wellman, L. (2014). The Benefits of a Relational Approach to Corporate Political Activity: Evidence from Political Contributions to Tax Policymakers. Journal of the American Taxation Association, 37(1), 69-102.
Cai, H., Liu, Q., (2009). Competition and Corporate Tax Avoidance: Evidence from Chinese Industrial Firms The Economic Journal, 119 (537), 764-795.
Carmona-Lavado, A., Gloria, C.-R., and Carmen, C.-M. (2010). Social and organizational capital: Building the context for innovation. Industrial Marketing Management,39, 681-690.
Cen, L., Maydew, E. L., Zhang, L., and Zuo, L. (2017). Customer-supplier relationships and corporate tax avoidance. Journal of Financial Economics, 123(2), 377-394.
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.

Cheng, C. S. A., Huang, H. H., Li, Y., and Stanfield, J. (2012). The Effect of Hedge Fund Activism on Corporate Tax Avoidance. The Accounting Review, 87(5), 1493-1526.
Dyreng, S. D., Hanlon, M., and Maydew, E. L. (2010). The Effects of Executives on Corporate Tax Avoidance. The Accounting Review, 85(4), 1163-1189.
Demerjian, P., Lev, B., and McVay, S. (2012). Quantifying Managerial Ability: A New Measure and Validity Tests. Management Science, 58(7), 1229-1248.
Desai, M. A., and Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145-179.
Dyreng, S. D., Hanlon, M., and Maydew, E. L. (2008). Long-run corporate tax avoidance. Accounting Review, 83(1), 61-82.
Dyreng, S. D., Lindsey, B. P., & Thornock, J. R. (2013). Exploring the role Delaware plays as a domestic tax haven. Journal of Financial Economics, 108(3), 751-772.
Eisfeldt, A. L., and Papanikolaou, D. (2013). Organization Capital and the Cross-Section of Expected Returns. Journal of Finance, 68(4), 1365-1406.
Ericson, R., and Pakes, A. (1995). Markov-Perfect Industry Dynamics: A Framework for Empirical Work. Review of Economic Studies, 62(1), 53-82.
Evenson, R. E., and Westphal, L. E. (1995). Technological change and technology strategy (pp. 2209-2299) Handbook of Development Economics (pp. 2209-2299). Elsevier.
Fama, E. F., and French, K. R. (1997). Industry costs of equity. Journal of Financial Economics, 43(2), 153-193.
Fee, C. E., and Hadlock, C. J. (2003). Raids, rewards, and reputations in the market for managerial talent. Review of Financial Studies, 16(4), 1315-1357.
Francis, J., Huang, A. H., Rajgopal, S., and Zang, A. Y. (2008). CEO reputation and earnings quality. Contemporary Accounting Research, 25(1), 109-147.
Frank, M. M., Lynch, L. J., and Rego, S. O. (2009). Tax Reporting Aggressiveness and Its Relation to Aggressive Financial Reporting. The Accounting Review, 84(2), 467-496.
Gallemore, J., and Labro, E. (2015). The importance of the internal information environment for tax avoidance. Journal of Accounting and Economics, 60(1), 149-167.
Graham, J. (2000). How Big are the Tax Benefits of Debt? The Journal of Finance, 55, 1901-1941.
Graham, J. R., Hanlon, M., Shevlin, T., and Shroff, N. (2014). Incentives for Tax Planning and Avoidance: Evidence from the Field. The Accounting Review, 89(3), 991-1023.
Gupta, S., and Newberry, K. (1997). Determinants of the Variability in Corporate Effective Tax Rate. Journal of Accounting and Public Policy, 16, 1-34.
Hanlon, M., and Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2-3), 127-178.
Hanlon, M., Maydew, E. L., & Saavedra, D. (2017). The taxman cometh: Does tax uncertainty affect corporate cash holdings? Review of Accounting Studies, 22(3), 1198-1228.
Hansen, M. T., Nohria, N., and Tierney, T. J. (1999). What’s Your Strategy for Managing Knowledge? Harvard Business Review.
Hasan, M. M., Lobo, G. J., and Qiu, B. (2021). Organizational capital, corporate tax avoidance, and firm value. Journal of Corporate Finance, 70, 102050.
Hoopes, J. L., Mescall, D., and Pittman, J. A. (2012). Do IRS Audits Deter Corporate Tax Avoidance? The Accounting Review, 87(5), 1603-1639.
Jovanovic, B., and Rousseau, P. L. (2001). Vintage organizational capital. NBER Working Paper , No. 8166.
Koester, A., Shevlin, T., and Wangerin, D. (2017). The Role of Managerial Ability in Corporate Tax Avoidance. Management Science, 63(10), 3285-3310.
Lev, B. (2001). Intangibles: Management, Measurement, and Reporting. Brookings Institution Press.
Lev, B., and Radhakrishnan, S. (2003). The Measurement of Firm-Specific Organization Capital. NBER Working Paper, No. 9581.
Lev, B., and Radhakrishnan, S. (2005). The Valuation of Organization Capital. In Measuring Capital in the New Economy, 73-110, University of Chicago Press.
Lev, B., Radhakrishnan, S., and Evans P. C. (2016). Organizational Capital A CEO’s Guide to Measuring and Managing Enterprise Intangibles. The Center for Global Enterprise.
Lev, B., Radhakrishnan, S., and Zhang, W. (2009). Organization Capital. Abacus-a Journal of Accounting Finance and Business Studies, 45(3), 275-298.
Lewbel, A. (2012). Using Heteroscedasticity to Identify and Estimate Mismeasured and Endogenous Regressor Models. Journal of Business and Economic Statistics, 30(1), 67-80.
Lynch D (2014). Investing in the corporate tax function: The effects of remediating material weaknesses in internal control on tax avoidance. [Doctoral dissertation, Michigan State University].
McGuire, S. T., Omer, T. C., & Wang, D. (2012). Tax Avoidance: Does Tax-Specific Industry Expertise Make a Difference? The Accounting Review, 87(3), 975-1003.
Mills L., Erickson M. M., and Maydew E. L. (1998). Investments in tax planning. Journal of the American Taxation Association. 20(1):1-20.
Mills, L. F. (1998). Book-Tax Differences and Internal Revenue Service Adjustments. Journal of Accounting Research, 36(2), 343-356.

Mills, L. F., & Newberry, K. J. (2001). The Influence of Tax and Nontax Costs on Book‐Tax Reporting Differences: Public and Private Firms. Journal of the American Taxation Association, 23(1), 1-19.
Peters, R. H., and Taylor, L. A. (2017). Intangible capital and the investment-q relation. Journal of Financial Economics, 123(2), 251-272.
Prescott, E. C., and Visscher, M. (1980). Organization Capital. Journal of Political Economy, 88(3), 446-461.
Rajgopal, S., Shevlin, T., and Zamora, V. (2006). CEOs’ outside employment opportunities and the lack of relative performance evaluation in compensation contracts. Journal of Finance, 61(4), 1813-1844.
Rego, S. O. (2003). Tax-Avoidance Activities of U.S. Multinational Corporations. Contemporary Accounting Research, 20(4), 805-833.
Tomer, J. F. (1998). Organizational capital and joining-up: Linking the individual to the organization and to society. Human Relations, 51(6), 825-846.
Wright, P. M., Dunford, B. B., and Snell, S. A. (2001). Human resources and the resource based view of the firm. Journal of Management, 27(6), 701-721.
Youndt, M. A., Subramaniam, M., and Snell, S. A. (2004). Intellectual Capital Profiles: An Examination of Investments and Returns. Journal of Management Studies, 41(2), 335-361.
Zimmerman, J. L. (1983). Taxes and Firm Size. Journal of Accounting and Economics, 5, 119-149.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202200718en_US