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題名 路徑依賴、產品市場力量與租稅規避
Path Dependence, Product Market Power, and Tax Avoidance作者 李欣蓓
Lee, Hsin-Pei貢獻者 何怡澄<br>郭振雄
Ho, Yi-Cheng<br>Kuo, Jenn-Shyong
李欣蓓
Lee, Hsin-Pei關鍵詞 路徑依賴
產品市場力量
租稅規避
Path dependence
Product market power
Tax avoidance日期 2023 上傳時間 1-Sep-2023 14:41:52 (UTC+8) 摘要 本研究探討路徑依賴現象與公司租稅規避之關聯性，以及公司之產品市場力量對於上述關聯性之影響。路徑依賴理論闡述組織受過去的行為束縛，在決策與行動上變得僵化、失去靈活性。本研究主要以現金有效稅率作為避稅指標，並參考van der Geest, Jacob, and Peters(2021)探討路徑依賴對公司避稅之影響，依據路徑依賴理論，市場上的現存者(incumbent)受路徑依賴影響，而新進入者(new entrants)則不受路徑依賴影響；產品市場力量遵循Datta, Iskandar-Datta, and Singh(2013)，以調整後之Lerner指數作為衡量基礎，並以1987年至2016年北美上市公司為研究對象。實證結果顯示，具有路徑依賴現象的公司，其租稅規避程度較低；進一步以產品市場力量強度區分新進入者時，發現當新進入者的產品市場力量愈強，路徑依賴對租稅規避的影響愈大。本研究進行三項敏感性分析：第一，採用額外避稅指標與路徑依賴變數進行迴歸分析；第二，將樣本期間延長至2021年，以涵蓋2018年稅法改革之影響，前二者皆與主要結果一致；第三，採用現金租稅節省(DELTA-MVA)衡量租稅規避，以納入稅前淨利為負之觀察值，此部分進一步發現，產品市場力量低之新進入者，由於在剛進入市場時，稅前淨利大多為負，租稅規避反而低於現存者；而產品市場力量強之新進入者則能克服此影響，顯示產品市場力量之強度對於路徑依賴與租稅規避之關係有重大影響。
This study investigates the relationship between path dependence and corporate tax avoidance, as well as the impact of product market power on this relationship. Path dependence theory suggests that organizations are bound by past behaviors, resulting in rigidity and a loss of flexibility in decision-making and actions. This study primarily uses the cash effective tax rate as a tax avoidance indicator and refers to van der Geest, Jacob, and Peters (2021) to explore the impact of path dependence on corporate tax avoidance. According to path dependence theory, incumbents in the market are influenced by path dependence, while new entrants are not. Product market power follows Datta, Iskandar-Datta, and Singh (2013), using the adjusted Lerner index as a measure, and the study focuses on North American listed companies from 1987 to 2016. The empirical results show that companies with path dependence exhibit lower levels of tax avoidance. Furthermore, when differentiating new entrants based on the intensity of their product market power, it is found that the influence of path dependence on tax avoidance is greater when new entrants have stronger product market power. The study conducts three sensitivity analyses: first, regression analysis using an alternative tax avoidance indicator and path dependence variable; second, extending the sample period until 2021 to cover the impact of the 2018 tax reform, both of which are consistent with the main results; third, using cash tax savings (DELTA-MVA) to measure tax avoidance, incorporating observations with negative pre-tax profits. In this analysis, it is further found that new entrants with low product market power have lower tax avoidance compared to incumbents, as their pre-tax profits are mostly negative when they enter the market. However, new entrants with strong product market power can overcome this effect, indicating that the intensity of product market power significantly influences the relationship between path dependence and tax avoidance.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。 陳清秀，(2019)，稅法總論 / 陳清秀著 (11版 ed.)，元照出版公司。 葛克昌，(1977)，租稅規避之研究，臺大法學論叢，6(2)，167-187。 Armstrong, C. S., Blouin, J. L., Jagolinzer, A. D., and Larcker, D. F. (2015). Corporate governance, incentives, and tax avoidance. Journal of Accounting and Economics, 60(1), 1-17. Bartelsman, E. J., and Beetsma, R. M. W. J. (2003). Why pay more? Corporate tax avoidance through transfer pricing in OECD countries. Journal of Public economics, 87(9), 2225-2252. Bankman, J. 2004. An academic`s view of the tax shelter battle. In The Crisis in Tax Administration, edite by H. J. Aaron, and Slemrod, J. 9-37. Washington, DC: Brookings Bebchuk, L. A., and Roe, M. J. (1999). A theory of path dependence in corporate ownership and governance. Stan. L. Rev., 52, 127. Bruttel, L., and Friehe, T. (2014). On the path dependence of tax compliance. European Economic Review, 65, 90-107. Cai, H., and Liu, Q. (2009). Competition and corporate tax avoidance: Evidence from Chinese industrial firms. The Economic Journal, 119(537), 764-795. Chen, S., Chen, X., Cheng, Q., and Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms? Journal of financial economics, 95(1), 41-61. Chyz, J. A., Gaertner, F. B., Kausar, A., and Watson, L. (2019). Overconfidence and corporate tax policy. Review of Accounting Studies, 24, 1114-1145. Corts, K. S. (1999). Conduct parameters and the measurement of market power. Journal of Econometrics, 88(2), 227-250. Datta, S., Iskandar-Datta, M., and Singh, V. (2013). Product market power, industry structure, and corporate earnings management. Journal of Banking and Finance, 37(8), 3273-3285. David, P. A. (1985). Clio and the Economics of QWERTY. The American economic review, 75(2), 332-337. Desai, M. A., and Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of financial economics, 79(1), 145-179. Dobridge, C., Lester, R., and Whitten, A. (2022). IPOs and corporate tax planning. Dobusch, L., and Schüßler, E. (2013). Theorizing path dependence: a review of positive feedback mechanisms in technology markets, regional clusters, and organizations. Industrial and Corporate Change, 22(3), 617-647. Drobetz, W., Halling, M., & Schröder, H. (2015). Corporate life-cycle dynamics of cash holdings. Swedish House of Finance Research Paper, 15-07. Durand, J.-P. V. a. R. (2010). The Missing Link Between the Theory and Empirics of Path Dependence: Conceptual Clarification, Testability Issue, and Methodological Implicationsjoms. Journal of Management Studies, 47(4), 736-759. Dyreng, S. D., Hanlon, M., and Maydew, E. L. (2008). Long‐run corporate tax avoidance. The Accounting Review, 83(1), 61-82. 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. Dyreng, S. D., Hanlon, M., and Maydew, E. L. (2019). When does tax avoidance result in tax uncertainty? The Accounting Review, 94(2), 179-203. Dyreng, S. D., Hanlon, M., Maydew, E. L., and Thornock, J. R. (2017). Changes in corporate effective tax rates over the past 25 years. Journal of financial economics, 124(3), 441-463. Dyreng, S. D., Lindsey, B. P., and Thornock, J. R. (2013). Exploring the role Delaware plays as a domestic tax haven. Journal of financial economics, 108(3), 751-772. Elsa, K., and Barrie, H. (2017). Developing young athletes: the role of private sport schools in the Norwegian sport system. Engel, E., Erickson, M., and Maydew, E. (1999). Debt-equity hybrid securities. Journal of Accounting Research, 37(2), 249-274. Erickson, M., Goolsbee, A., and Maydew, E. (2003). 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Journal of accounting and economics, 5, 119-149. 描述 碩士
國立政治大學
會計學系
110353109資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353109 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-Shyong en_US dc.contributor.author (Authors) 李欣蓓 zh_TW dc.contributor.author (Authors) Lee, Hsin-Pei en_US dc.creator (作者) 李欣蓓 zh_TW dc.creator (作者) Lee, Hsin-Pei en_US dc.date (日期) 2023 en_US dc.date.accessioned 1-Sep-2023 14:41:52 (UTC+8) - dc.date.available 1-Sep-2023 14:41:52 (UTC+8) - dc.date.issued (上傳時間) 1-Sep-2023 14:41:52 (UTC+8) - dc.identifier (Other Identifiers) G0110353109 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146832 - 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) 110353109 zh_TW dc.description.abstract (摘要) 本研究探討路徑依賴現象與公司租稅規避之關聯性，以及公司之產品市場力量對於上述關聯性之影響。路徑依賴理論闡述組織受過去的行為束縛，在決策與行動上變得僵化、失去靈活性。本研究主要以現金有效稅率作為避稅指標，並參考van der Geest, Jacob, and Peters(2021)探討路徑依賴對公司避稅之影響，依據路徑依賴理論，市場上的現存者(incumbent)受路徑依賴影響，而新進入者(new entrants)則不受路徑依賴影響；產品市場力量遵循Datta, Iskandar-Datta, and Singh(2013)，以調整後之Lerner指數作為衡量基礎，並以1987年至2016年北美上市公司為研究對象。實證結果顯示，具有路徑依賴現象的公司，其租稅規避程度較低；進一步以產品市場力量強度區分新進入者時，發現當新進入者的產品市場力量愈強，路徑依賴對租稅規避的影響愈大。本研究進行三項敏感性分析：第一，採用額外避稅指標與路徑依賴變數進行迴歸分析；第二，將樣本期間延長至2021年，以涵蓋2018年稅法改革之影響，前二者皆與主要結果一致；第三，採用現金租稅節省(DELTA-MVA)衡量租稅規避，以納入稅前淨利為負之觀察值，此部分進一步發現，產品市場力量低之新進入者，由於在剛進入市場時，稅前淨利大多為負，租稅規避反而低於現存者；而產品市場力量強之新進入者則能克服此影響，顯示產品市場力量之強度對於路徑依賴與租稅規避之關係有重大影響。 zh_TW dc.description.abstract (摘要) This study investigates the relationship between path dependence and corporate tax avoidance, as well as the impact of product market power on this relationship. Path dependence theory suggests that organizations are bound by past behaviors, resulting in rigidity and a loss of flexibility in decision-making and actions. This study primarily uses the cash effective tax rate as a tax avoidance indicator and refers to van der Geest, Jacob, and Peters (2021) to explore the impact of path dependence on corporate tax avoidance. According to path dependence theory, incumbents in the market are influenced by path dependence, while new entrants are not. Product market power follows Datta, Iskandar-Datta, and Singh (2013), using the adjusted Lerner index as a measure, and the study focuses on North American listed companies from 1987 to 2016. The empirical results show that companies with path dependence exhibit lower levels of tax avoidance. Furthermore, when differentiating new entrants based on the intensity of their product market power, it is found that the influence of path dependence on tax avoidance is greater when new entrants have stronger product market power. The study conducts three sensitivity analyses: first, regression analysis using an alternative tax avoidance indicator and path dependence variable; second, extending the sample period until 2021 to cover the impact of the 2018 tax reform, both of which are consistent with the main results; third, using cash tax savings (DELTA-MVA) to measure tax avoidance, incorporating observations with negative pre-tax profits. In this analysis, it is further found that new entrants with low product market power have lower tax avoidance compared to incumbents, as their pre-tax profits are mostly negative when they enter the market. However, new entrants with strong product market power can overcome this effect, indicating that the intensity of product market power significantly influences the relationship between path dependence and tax avoidance. en_US dc.description.tableofcontents 第壹章 緒論 1第一節 研究背景與動機 1第二節 研究流程 4第貳章 文獻回顧與假說建立 5第一節 租稅規避 6第二節 路徑依賴 7第三節 產品市場力量 9第四節 假說建立 11第參章 研究方法與設計 15第一節 資料來源與樣本篩選 15第二節 變數定義 16第三節 實證設計 24第肆章 實證結果 27第一節 敘述統計 27第二節 實證結果分析 32第三節 敏感性分析 37第伍章 研究結論與限制 47第一節 研究結論 47第二節 研究限制與建議 48參考文獻 50附錄 57 zh_TW dc.format.extent 2678493 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353109 en_US dc.subject (關鍵詞) 路徑依賴 zh_TW dc.subject (關鍵詞) 產品市場力量 zh_TW dc.subject (關鍵詞) 租稅規避 zh_TW dc.subject (關鍵詞) Path dependence en_US dc.subject (關鍵詞) Product market power en_US dc.subject (關鍵詞) Tax avoidance en_US dc.title (題名) 路徑依賴、產品市場力量與租稅規避 zh_TW dc.title (題名) Path Dependence, Product Market Power, and Tax Avoidance en_US dc.type (資料類型) thesis en_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。 陳清秀，(2019)，稅法總論 / 陳清秀著 (11版 ed.)，元照出版公司。 葛克昌，(1977)，租稅規避之研究，臺大法學論叢，6(2)，167-187。 Armstrong, C. S., Blouin, J. L., Jagolinzer, A. D., and Larcker, D. F. (2015). Corporate governance, incentives, and tax avoidance. Journal of Accounting and Economics, 60(1), 1-17. Bartelsman, E. J., and Beetsma, R. M. W. J. (2003). Why pay more? Corporate tax avoidance through transfer pricing in OECD countries. Journal of Public economics, 87(9), 2225-2252. Bankman, J. 2004. An academic`s view of the tax shelter battle. In The Crisis in Tax Administration, edite by H. J. Aaron, and Slemrod, J. 9-37. Washington, DC: Brookings Bebchuk, L. A., and Roe, M. J. (1999). A theory of path dependence in corporate ownership and governance. Stan. L. Rev., 52, 127. Bruttel, L., and Friehe, T. (2014). On the path dependence of tax compliance. European Economic Review, 65, 90-107. Cai, H., and Liu, Q. (2009). Competition and corporate tax avoidance: Evidence from Chinese industrial firms. The Economic Journal, 119(537), 764-795. Chen, S., Chen, X., Cheng, Q., and Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms? Journal of financial economics, 95(1), 41-61. Chyz, J. A., Gaertner, F. B., Kausar, A., and Watson, L. (2019). Overconfidence and corporate tax policy. Review of Accounting Studies, 24, 1114-1145. Corts, K. S. (1999). Conduct parameters and the measurement of market power. Journal of Econometrics, 88(2), 227-250. Datta, S., Iskandar-Datta, M., and Singh, V. (2013). Product market power, industry structure, and corporate earnings management. Journal of Banking and Finance, 37(8), 3273-3285. David, P. A. (1985). Clio and the Economics of QWERTY. The American economic review, 75(2), 332-337. Desai, M. A., and Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of financial economics, 79(1), 145-179. Dobridge, C., Lester, R., and Whitten, A. (2022). IPOs and corporate tax planning. Dobusch, L., and Schüßler, E. (2013). 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