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題名 碳排放與租稅規避之關聯性
The Relationship between Carbon Emissions and Tax Avoidance作者 吳靜惠
Wu, Ching-Hui貢獻者 何怡澄<br>郭振雄
吳靜惠
Wu, Ching-Hui關鍵詞 碳排放
租稅規避
企業社會責任
ESG
Carbon emissions
Tax avoidance
CSR
ESG日期 2024 上傳時間 5-Aug-2024 12:57:23 (UTC+8) 摘要 本研究探討碳排放與租稅規避的關聯性。有別於過去企業經營著重極大化企 業價值為經營目標，近年投資人越來越重視企業社會責任(Corporate Social Responsibility, CSR)，開始著重回饋社會、環境永續發展達成平衡所有利害關係人的利益。雖然碳排放減量與租稅透明度分別屬於ESG(Environmental, Social, and Governance)的環境與治理層面，但兩者具有關聯性。本論文透過檢視企業碳排放與租稅規避，企業權衡不同面向目標的策略。本文以2016年至2022年間臺灣上市上櫃公司為研究對象，運用追蹤資料的公司固定效果模型進行迴歸分析。研究結果發現企業的碳排放量與租稅規避具有正向關係，顯示企業的碳排放減量與承擔租稅負擔兩項目標，採用一致策略。在敏感性分析，採用不同租稅規避指標及碳排放量衡量指標。內生性方面使用工具變數法，均獲得穩健性的結果。在額外測試發現家族企業特性舒緩碳排放量與租稅規避的正向關係。
This study examines the relationship between carbon emissions and tax avoidance. Unlike in the past, when enterprises focused on maximizing corporate value as their primary objective, in recent years, investors have increasingly emphasized Corporate Social Responsibility (CSR), shifting towards giving back to society and promoting environmental sustainability to balance the interests of all stakeholders. While carbon emissions reduction and tax transparency fall under the environmental and governance dimensions of ESG (Environmental, Social, and Governance), respectively, the two are interconnected. This paper examines how enterprises weigh different strategic objectives regarding carbon emissions and tax avoidance. Using listed firms in Taiwan from 2016 to 2022 and adopting panel data regression with firm fixed effects model, the empirical results suggest a positive association between a company's carbon emissions and tax avoidance, indicating a consistent strategy between reducing carbon emissions and managing tax burdens. In sensitivity analysis, different proxies of tax avoidance and carbon emission were used. Regarding endogeneity, the instrumental variables method is utilized, yielding robust results. Lastly, additional analyses reveal that family firm characteristics mitigate the positive relationship between carbon emissions and tax avoidance.參考文獻 邱士宗、張崇倫、郭振雄、何怡澄 (2020)。 總經理過度自信、家族企業與租稅規避。中華會計學刊，第16卷第1期，頁87-134。 郭振雄、何怡澄、徐書凡、彭火樹(2017)。企業策略、企業社會責任報告與租稅規避之關聯性。中華會計學刊。第12卷(特刊)，頁367-421。 許詠晴(2023)。碳風險對企業投資決策影響之研究。淡江大學財務金融學系未出版碩士論文。 羅能清、周麗芳(2023)。上市櫃公司永續報告書應揭露稅務透明度之研析。財稅研究，第52卷第3期，頁32-55。 Ambec, S., & Ehlers, L. (2016). Regulation via the Polluter‐pays Principle. The Economic Journal, 126(593), 884-906. Angrist, J. D., & Krueger, A. B. (2001). Instrumental variables and the search for identification: From supply and demand to natural experiments. Journal of Economics perspectives, 15(4), 69-85. Atwood, T. J., Drake, M. S., Myers, J. N., & Myers, L. A. (2012). Home country tax system characteristics and corporate tax avoidance: International evidence. The Accounting Review, 87(6), 1831-1860. Aus Dem Moore, N., Großkurth, P., & Themann, M. (2019). Multinational corporations and the EU Emissions Trading System: The specter of asset erosion and creeping deindustrialization. Journal of Environmental Economics and Management, 94, 1-26 Brown, J. R., Martinsson, G., & Thomann, C. (2022). Can environmental policy encourage technical change? Emissions taxes and R&D investment in polluting firms. The Review of financial studies, 35(10), 4518-4560. Cai, H., and Liu, Q. (2009). Competition and corporate tax avoidance: Evidence from Chinese industrial firms. The Economic Journal, 119(537), 764-795. Cai, Y., Jo, H., & Pan, C. (2011). Vice or virtue? The impact of corporate social responsibility on executive compensation. Journal of Business Ethics, 104, 159-173. Capasso, G., Gianfrate, G., & Spinelli, M. (2020). Climate change and credit risk. Journal of Cleaner Production, 266, 121634. 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, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic management journal, 35(1), 1-23. Chow, T., Fan, Z., Huang, L., Li, O. Z., & Li, S. (2023). Reciprocity in Corporate Tax Compliance—Evidence from Ozone Pollution. Journal of Accounting Research, 61(5), 1425-1477. Chua, J. H., Chrisman, J. J., & Sharma, P. (1999). Defining the family business by behavior. Entrepreneurship theory and practice, 23(4), 19-39. Chyz, J. A., Gaertner, F. B., Kausar, A., & Watson, L. (2019). Overconfidence and corporate tax policy. Review of Accounting Studies, 24, 1114-1145. Commission of the European Communities (CEC). (2001). Green paper: Promoting a European framework for corporate social responsibility. Commission of the European Communities. Compagnie, V., Struyfs, K., & Torsin, W. (2023). Tax avoidance as an unintended consequence of environmental regulation: Evidence from the EU ETS. Journal of Corporate Finance, 82, 102463. Dalby, S., Marlier, F., Weaver, B., & Whipp, M. (2021). ESG Tax Transparency: You Might Want to Check out BRT's Statement Signed by 181 CEOs. Tax Executive, 73, 16. Desai, M. A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of financial Economics, 79(1), 145-179. Desai, M. A., & Dharmapala, D. (2009). Earnings management, corporate tax shelters, and book-tax alignment. National Tax Journal, 62(1), 169-186. Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long‐run corporate tax avoidance. The Accounting Review, 83(1), 61-82. Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2010). The effects of executives on corporate tax avoidance. The accounting review, 85(4), 1163-1189. Fisman, R., Heal, G., & Nair, V. B. (2007). A model of corporate philanthropy. Working Paper. Columbia University. Frank, M. M., L. J. Lynch, and S. O. Rego. (2009). Tax reporting aggressiveness and its relation to aggressive financial reporting. The Accounting Review, 84(2), 467-496. Grantham Research Institute on Climate Change and the Environment and Vivid Economics (2020). Carbon pricing options for Taiwan. London: Grantham Research Institute on Climate Change and the Environment, London School of Economics and Political Science, and Vivid Economics. Griffin, P. A., Lont, D. H., & Sun, E. Y. (2017). The relevance to investors of greenhouse gas emission disclosures. Contemporary Accounting Research, 34(2), 1265-1297. Han, Y. G., Huang, H. W., Liu, W. P., & Hsu, Y. L. (2023). Firm-value effects of carbon emissions and carbon disclosures: evidence from Taiwan. Accounting Horizons, 37(3), 171-191. Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of accounting and Economics, 50(2-3), 127-178. Hapsoro, D., & Falih, Z. N. (2020). The effect of firm size, profitability, and liquidity on the firm value moderated by carbon emission disclosure. Journal of Accounting and Investment, 21(2), 240-257. Hardiyansah, M., Agustin, A. T., & Purnamawati, I. (2021). The effect of carbon emission disclosure on firm value: environmental performance and industrial type. The Journal of Asian Finance, Economics and Business, 8(1), 123-133. Hoi, C. K., Q. Wu, and H. Zhang. (2013). Is corporate social responsibility (CSR) associated with tax avoidance? Evidence from irresponsible CSR activities. The Accounting Review, 88(6), 2025-2059. Hsu, P. H., Li, K., & Tsou, C. Y. (2023). The pollution premium. The Journal of Finance, 78(3), 1343-1392. Hu, J., Crijns-Graus, W., Lam, L., & Gilbert, A. (2015). Ex-ante evaluation of EU ETS during 2013–2030: EU-internal abatement. Energy Policy, 77, 152-163. Ioannou, I., & Serafeim, G. (2012). What drives corporate social performance? The role of nation-level institutions. Journal of international business studies, 43, 834-864. Jacob, M., & Zerwer, K. L. (2024). Emission taxes and capital investments: The role of tax incidence. The Accounting Review, 1-32. Jung, J., Herbohn, K., & Clarkson, P. (2018). Carbon risk, carbon risk awareness and the cost of debt financing. Journal of business ethics, 150, 1151-1171. Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1), 163-197. Kreps, D. M. (1990). Corporate culture and economic theory. Perspectives on positive political economy, 90(109-110), 8. Lai, S.-M., Liu, C.-L. (2023). Management Quality and Carbon Emission Disclosures. Taiwan Accounting Review, 19(2) ,139-180. Lanis, R., & Richardson, G. (2012). Corporate social responsibility and tax aggressiveness: An empirical analysis. Journal of Accounting and Public policy, 31(1), 86-108. Lanis, R., & Richardson, G. (2013). Corporate social responsibility and tax aggressiveness: a test of legitimacy theory. Accounting, Auditing & Accountability Journal, 26(1), 75-100. Lanis, R., & Richardson, G. (2015). Is corporate social responsibility performance associated with tax avoidance? Journal of Business Ethics, 127, 439-457. Levitt, S. D. (1996). The effect of prison population size on crime rates: Evidence from prison overcrowding litigation. The quarterly journal of economics, 111(2), 319-351. McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of management review, 26(1), 117-127. Phan, D. H. B., Tran, V. T., Ming, T. C., & Le, A. (2022). Carbon risk and corporate investment: A cross-country evidence. Finance Research Letters, 46, 102376. Rego, S. O. (2003). Tax‐avoidance activities of US multinational corporations. Contemporary Accounting Research, 20(4), 805-833. Rezai, A., Foley, D. K., & Taylor, L. (2012). Global warming and economic externalities. Economic theory, 49, 329-351. Sikka, P. (2010). Smoke and mirrors: Corporate social responsibility and tax avoidance. Accounting Forum, 34 (3-4): 153-168. Sun, Z. Y., Wang, S. N., & Li, D. (2022). The impacts of carbon emissions and voluntary carbon disclosure on firm value. Environmental Science and Pollution Research, 29(40), 60189-60197. Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic management journal, 18(4), 303-319. Weisbach, D. A. (2002). An economic analysis of anti‐tax‐avoidance doctrines. American Law and Economics Review, 4(1), 88-115. 描述 碩士
國立政治大學
行政管理碩士學程
111921055資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111921055 資料類型 thesis dc.contributor.advisor 何怡澄<br>郭振雄 zh_TW dc.contributor.author (Authors) 吳靜惠 zh_TW dc.contributor.author (Authors) Wu, Ching-Hui en_US dc.creator (作者) 吳靜惠 zh_TW dc.creator (作者) Wu, Ching-Hui en_US dc.date (日期) 2024 en_US dc.date.accessioned 5-Aug-2024 12:57:23 (UTC+8) - dc.date.available 5-Aug-2024 12:57:23 (UTC+8) - dc.date.issued (上傳時間) 5-Aug-2024 12:57:23 (UTC+8) - dc.identifier (Other Identifiers) G0111921055 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152613 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 行政管理碩士學程 zh_TW dc.description (描述) 111921055 zh_TW dc.description.abstract (摘要) 本研究探討碳排放與租稅規避的關聯性。有別於過去企業經營著重極大化企 業價值為經營目標，近年投資人越來越重視企業社會責任(Corporate Social Responsibility, CSR)，開始著重回饋社會、環境永續發展達成平衡所有利害關係人的利益。雖然碳排放減量與租稅透明度分別屬於ESG(Environmental, Social, and Governance)的環境與治理層面，但兩者具有關聯性。本論文透過檢視企業碳排放與租稅規避，企業權衡不同面向目標的策略。本文以2016年至2022年間臺灣上市上櫃公司為研究對象，運用追蹤資料的公司固定效果模型進行迴歸分析。研究結果發現企業的碳排放量與租稅規避具有正向關係，顯示企業的碳排放減量與承擔租稅負擔兩項目標，採用一致策略。在敏感性分析，採用不同租稅規避指標及碳排放量衡量指標。內生性方面使用工具變數法，均獲得穩健性的結果。在額外測試發現家族企業特性舒緩碳排放量與租稅規避的正向關係。 zh_TW dc.description.abstract (摘要) This study examines the relationship between carbon emissions and tax avoidance. Unlike in the past, when enterprises focused on maximizing corporate value as their primary objective, in recent years, investors have increasingly emphasized Corporate Social Responsibility (CSR), shifting towards giving back to society and promoting environmental sustainability to balance the interests of all stakeholders. While carbon emissions reduction and tax transparency fall under the environmental and governance dimensions of ESG (Environmental, Social, and Governance), respectively, the two are interconnected. This paper examines how enterprises weigh different strategic objectives regarding carbon emissions and tax avoidance. Using listed firms in Taiwan from 2016 to 2022 and adopting panel data regression with firm fixed effects model, the empirical results suggest a positive association between a company's carbon emissions and tax avoidance, indicating a consistent strategy between reducing carbon emissions and managing tax burdens. In sensitivity analysis, different proxies of tax avoidance and carbon emission were used. Regarding endogeneity, the instrumental variables method is utilized, yielding robust results. Lastly, additional analyses reveal that family firm characteristics mitigate the positive relationship between carbon emissions and tax avoidance. 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 4 第貳章 文獻探討與假說 5 第一節 碳排放 6 第二節 租稅規避 10 第三節 碳排放與租稅規避 11 第四節 假說建立 14 第參章 研究方法 16 第一節 資料來源與樣本篩選 16 第二節 變數定義 17 第三節 實證模型 24 第肆章 實證結果 25 第一節 樣本敘述統計 25 第二節 實證結果 30 第三節 敏感性分析 32 第四節 額外測試 42 第伍章 研究結論與限制 44 第一節 研究結論 44 第二節 研究限制 45 參考文獻 46 zh_TW dc.format.extent 2322744 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111921055 en_US dc.subject (關鍵詞) 碳排放 zh_TW dc.subject (關鍵詞) 租稅規避 zh_TW dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) ESG zh_TW dc.subject (關鍵詞) Carbon emissions en_US dc.subject (關鍵詞) Tax avoidance en_US dc.subject (關鍵詞) CSR en_US dc.subject (關鍵詞) ESG en_US dc.title (題名) 碳排放與租稅規避之關聯性 zh_TW dc.title (題名) The Relationship between Carbon Emissions and Tax Avoidance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 邱士宗、張崇倫、郭振雄、何怡澄 (2020)。 總經理過度自信、家族企業與租稅規避。中華會計學刊，第16卷第1期，頁87-134。 郭振雄、何怡澄、徐書凡、彭火樹(2017)。企業策略、企業社會責任報告與租稅規避之關聯性。中華會計學刊。第12卷(特刊)，頁367-421。 許詠晴(2023)。碳風險對企業投資決策影響之研究。淡江大學財務金融學系未出版碩士論文。 羅能清、周麗芳(2023)。上市櫃公司永續報告書應揭露稅務透明度之研析。財稅研究，第52卷第3期，頁32-55。 Ambec, S., & Ehlers, L. (2016). Regulation via the Polluter‐pays Principle. The Economic Journal, 126(593), 884-906. Angrist, J. D., & Krueger, A. B. (2001). Instrumental variables and the search for identification: From supply and demand to natural experiments. Journal of Economics perspectives, 15(4), 69-85. Atwood, T. J., Drake, M. S., Myers, J. N., & Myers, L. A. (2012). Home country tax system characteristics and corporate tax avoidance: International evidence. The Accounting Review, 87(6), 1831-1860. Aus Dem Moore, N., Großkurth, P., & Themann, M. (2019). Multinational corporations and the EU Emissions Trading System: The specter of asset erosion and creeping deindustrialization. Journal of Environmental Economics and Management, 94, 1-26 Brown, J. R., Martinsson, G., & Thomann, C. (2022). Can environmental policy encourage technical change? Emissions taxes and R&D investment in polluting firms. The Review of financial studies, 35(10), 4518-4560. Cai, H., and Liu, Q. (2009). Competition and corporate tax avoidance: Evidence from Chinese industrial firms. The Economic Journal, 119(537), 764-795. Cai, Y., Jo, H., & Pan, C. (2011). Vice or virtue? The impact of corporate social responsibility on executive compensation. Journal of Business Ethics, 104, 159-173. Capasso, G., Gianfrate, G., & Spinelli, M. (2020). Climate change and credit risk. Journal of Cleaner Production, 266, 121634. 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, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic management journal, 35(1), 1-23. Chow, T., Fan, Z., Huang, L., Li, O. Z., & Li, S. (2023). Reciprocity in Corporate Tax Compliance—Evidence from Ozone Pollution. Journal of Accounting Research, 61(5), 1425-1477. Chua, J. H., Chrisman, J. J., & Sharma, P. (1999). Defining the family business by behavior. Entrepreneurship theory and practice, 23(4), 19-39. Chyz, J. A., Gaertner, F. B., Kausar, A., & Watson, L. (2019). Overconfidence and corporate tax policy. Review of Accounting Studies, 24, 1114-1145. Commission of the European Communities (CEC). (2001). Green paper: Promoting a European framework for corporate social responsibility. Commission of the European Communities. Compagnie, V., Struyfs, K., & Torsin, W. (2023). Tax avoidance as an unintended consequence of environmental regulation: Evidence from the EU ETS. Journal of Corporate Finance, 82, 102463. Dalby, S., Marlier, F., Weaver, B., & Whipp, M. (2021). ESG Tax Transparency: You Might Want to Check out BRT's Statement Signed by 181 CEOs. Tax Executive, 73, 16. Desai, M. A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of financial Economics, 79(1), 145-179. Desai, M. A., & Dharmapala, D. (2009). Earnings management, corporate tax shelters, and book-tax alignment. National Tax Journal, 62(1), 169-186. Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long‐run corporate tax avoidance. The Accounting Review, 83(1), 61-82. Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2010). The effects of executives on corporate tax avoidance. The accounting review, 85(4), 1163-1189. Fisman, R., Heal, G., & Nair, V. B. (2007). A model of corporate philanthropy. Working Paper. Columbia University. Frank, M. M., L. J. Lynch, and S. O. Rego. (2009). Tax reporting aggressiveness and its relation to aggressive financial reporting. The Accounting Review, 84(2), 467-496. Grantham Research Institute on Climate Change and the Environment and Vivid Economics (2020). Carbon pricing options for Taiwan. London: Grantham Research Institute on Climate Change and the Environment, London School of Economics and Political Science, and Vivid Economics. Griffin, P. A., Lont, D. H., & Sun, E. Y. (2017). The relevance to investors of greenhouse gas emission disclosures. Contemporary Accounting Research, 34(2), 1265-1297. Han, Y. G., Huang, H. W., Liu, W. P., & Hsu, Y. L. (2023). Firm-value effects of carbon emissions and carbon disclosures: evidence from Taiwan. Accounting Horizons, 37(3), 171-191. Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of accounting and Economics, 50(2-3), 127-178. Hapsoro, D., & Falih, Z. N. (2020). The effect of firm size, profitability, and liquidity on the firm value moderated by carbon emission disclosure. Journal of Accounting and Investment, 21(2), 240-257. Hardiyansah, M., Agustin, A. T., & Purnamawati, I. (2021). The effect of carbon emission disclosure on firm value: environmental performance and industrial type. The Journal of Asian Finance, Economics and Business, 8(1), 123-133. Hoi, C. K., Q. Wu, and H. Zhang. (2013). Is corporate social responsibility (CSR) associated with tax avoidance? Evidence from irresponsible CSR activities. The Accounting Review, 88(6), 2025-2059. Hsu, P. H., Li, K., & Tsou, C. Y. (2023). The pollution premium. The Journal of Finance, 78(3), 1343-1392. Hu, J., Crijns-Graus, W., Lam, L., & Gilbert, A. (2015). Ex-ante evaluation of EU ETS during 2013–2030: EU-internal abatement. Energy Policy, 77, 152-163. Ioannou, I., & Serafeim, G. (2012). What drives corporate social performance? The role of nation-level institutions. Journal of international business studies, 43, 834-864. Jacob, M., & Zerwer, K. L. (2024). Emission taxes and capital investments: The role of tax incidence. The Accounting Review, 1-32. Jung, J., Herbohn, K., & Clarkson, P. (2018). Carbon risk, carbon risk awareness and the cost of debt financing. Journal of business ethics, 150, 1151-1171. Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1), 163-197. Kreps, D. M. (1990). Corporate culture and economic theory. Perspectives on positive political economy, 90(109-110), 8. Lai, S.-M., Liu, C.-L. (2023). Management Quality and Carbon Emission Disclosures. Taiwan Accounting Review, 19(2) ,139-180. Lanis, R., & Richardson, G. (2012). Corporate social responsibility and tax aggressiveness: An empirical analysis. Journal of Accounting and Public policy, 31(1), 86-108. Lanis, R., & Richardson, G. (2013). Corporate social responsibility and tax aggressiveness: a test of legitimacy theory. Accounting, Auditing & Accountability Journal, 26(1), 75-100. Lanis, R., & Richardson, G. (2015). Is corporate social responsibility performance associated with tax avoidance? Journal of Business Ethics, 127, 439-457. Levitt, S. D. (1996). The effect of prison population size on crime rates: Evidence from prison overcrowding litigation. The quarterly journal of economics, 111(2), 319-351. McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of management review, 26(1), 117-127. Phan, D. H. B., Tran, V. T., Ming, T. C., & Le, A. (2022). Carbon risk and corporate investment: A cross-country evidence. Finance Research Letters, 46, 102376. Rego, S. O. (2003). Tax‐avoidance activities of US multinational corporations. Contemporary Accounting Research, 20(4), 805-833. Rezai, A., Foley, D. K., & Taylor, L. (2012). Global warming and economic externalities. Economic theory, 49, 329-351. Sikka, P. (2010). Smoke and mirrors: Corporate social responsibility and tax avoidance. Accounting Forum, 34 (3-4): 153-168. Sun, Z. Y., Wang, S. N., & Li, D. (2022). The impacts of carbon emissions and voluntary carbon disclosure on firm value. Environmental Science and Pollution Research, 29(40), 60189-60197. Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic management journal, 18(4), 303-319. Weisbach, D. A. (2002). An economic analysis of anti‐tax‐avoidance doctrines. American Law and Economics Review, 4(1), 88-115. zh_TW
