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題名 營運不彈性、租稅規避與企業價值之關聯性
The Effect of Operational Inflexibility and Tax Avoidance on Firm Value
作者 周宜蓁
Chou, Yi-Chen
貢獻者 何怡澄<br>郭振雄
Ho, Yi-Cheng<br>Kuo, Jenn-Shyong
周宜蓁
Chou, Yi-Chen
關鍵詞 營運不彈性
租稅規避
企業價值
Operational inflexibility
Tax avoidance
Firm value
日期 2025
上傳時間 1-Sep-2025 16:32:22 (UTC+8)
摘要 本研究探討營運不彈性與租稅規避對企業價值的影響。以1988年至2023年北美上市公司為樣本，並進一步分析二者之交乘效果。採用Gu et al.(2017)所提出之營運不彈性指標與現金有效稅率衡量租稅規避，並透過公司固定效果模型進行實證分析，搭配敏感性分析、工具變數法(Lewbel)、橫斷面與額外測試，以提升結果穩健性與因果推論力。 實證結果顯示營運不彈性與租稅規避均與企業價值呈顯著正向關係，且交乘項亦為顯著正向，顯示企業在營運結構受限情境下，透過避稅行為可補償其調整能力不足，進而提升市場評價，該策略組合效果在財務限制較高與董事會規模較大的企業中更為顯著，最後，營運不彈性與租稅規避呈現倒U型非線性關係，反映出企業在中度不彈性狀態下最具避稅誘因與執行力。本研究強調策略互補，結構不彈性透過財務補償轉化為價值來源之觀點，對企業經營與財務策略具實務意涵。
This study investigates the effects of operational inflexibility and tax avoidance on firm value, using a sample of North American publicly listed firms from 1988 to 2023. We further examine the interaction effect between the two factors. Operational inflexibility is measured using the index developed by Gu et al. (2017), while tax avoidance is proxied by the cash effective tax rate. The empirical analysis is conducted using firm fixed effects models, supplemented with robustness checks including sensitivity analyses, the Lewbel (2012) instrumental variable approach, cross-sectional analyses, and additional tests to strengthen the reliability and causal inference of the findings. The results indicate that both operational inflexibility and tax avoidance are positively and significantly associated with firm value. Moreover, their interaction term also exhibits a significantly positive effect, suggesting that firms constrained by rigid operational structures may enhance their market valuation through tax avoidance strategies that compensate for limited adjustment capabilities. This complementary effect is more pronounced among financially constrained firms and those with larger board sizes. Additionally, the relationship between operational inflexibility, tax avoidance, and firm value demonstrates an inverted U-shaped pattern, implying that firms with moderate levels of inflexibility have the strongest incentives and capacity to engage in tax avoidance. This study highlights the perspective of strategic complementarity and proposes that structural inflexibility can be transformed into sources of firm value through financial compensation, offering practical implications for corporate management and financial strategy.
參考文獻 葉銀華、邱顯比. (1996年8月). 資本結構、股權結構與公司價值關聯性之實證研究：代理成本理論. 台大管理論叢 7(2), 頁 57-90. Anderson, M. C., Banker, R. D., & Janakiraman, S. N. (2003). Are selling, general, and administrative costs “Sticky”? Journal of Accounting Research, 41(1), 47–63. Arcelus, F., Mitra, D., & Srinivasan, G. (2005). On the incidence of deferred taxes, intangibles and non-linearities in the relationship between Tobin’s Q and ROI. Journal of Economics and Business, 57(2), 165–185. Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277. Armstrong, C. S., Blouin, J. L., & Larcker, D. F. (2011). The incentives for tax planning. Journal of Accounting and Economics, 53(1–2), 391–411. Balakrishnan, K., Blouin, J. L., & Guay, W. R. (2018). Tax aggressiveness and corporate transparency. The Accounting Review, 94(1), 45–69. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. Baum, C. F., & Lewbel, A. (2019). Advice on using heteroskedasticity-based identification. The Stata Journal Promoting Communications on Statistics and Stata, 19(4), 757–767. Bryant-Kutcher, L. A., Guenther, D. A., & Jackson, M. (2012). How do Cross-Country differences in corporate tax rates affect firm value? Journal of the American Taxation Association, 34(2), 1–17. Cassiman, B., Ricart, J. E., & Valentini, G. (2022). Commitment and competitive advantage in a digital world. Strategy Science, 7(2), 130–137. Chen, N. X., & Lehmer, T. (2020). Aggressive tax avoiders: U.S. multinationals shifting domestic earnings to zero. The Accounting Review, 96(5), 181–206. Chod, J., & Zhou, J. (2013). Resource flexibility and capital structure. Management Science, 60(3), 708–729. Coles, J., Daniel, N., & Naveen, L. (2007). Boards: Does one size fit all☆. Journal of Financial Economics, 87(2), 329–356. Cook, D. O., Kieschnick, R., & Moussawi, R. (2018). Operating leases, operating leverage, operational inflexibility and sticky costs. Finance Research Letters, 31. Dang, C., Li, Z., & Yang, C. (2017). Measuring firm size in empirical corporate finance. Journal of Banking & Finance, 86, 159–176. Deng, W., Huseynov, F., Sardarli, S., & Zhou, C. (2024). Firm inflexibility and corporate tax avoidance. SSRN Electronic Journal. Desai, M. A., & Dharmapala, D. (2005). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145–179. Desai, M. A., & Dharmapala, D. (2009). Corporate tax avoidance and firm value. The Review of Economics and Statistics, 91(3), 537–546. Drake, K. D., Lusch, S. J., & Stekelberg, J. (2017). Does tax risk affect investor valuation of tax avoidance? Journal of Accounting Auditing & Finance, 34(1), 151–176. 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. (2015). Public pressure and corporate tax behavior. Journal of Accounting Research, 54(1), 147–186. Eberhart, A. C., Maxwell, W. F., & Siddique, A. R. (2004). An Examination of Long‐Term Abnormal Stock Returns and Operating Performance Following R&D Increases. The Journal of Finance, 59(2), 623–650. Edwards, A., Schwab, C., & Shevlin, T. (2015). Financial constraints and cash tax savings. The Accounting Review, 91(3), 859–881. Ennen, E., & Richter, A. (2009). The whole is more than the sum of its parts— or is it? A review of the empirical literature on complementarities in organizations. Journal of Management, 36(1), 207–233. Fama, E. F., & French, K. R. (1992). The Cross‐Section of expected stock returns. The Journal of Finance, 47(2), 427–465. Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988). Financing constraints and corporate investment. Brookings Papers on Economic Activity, 1988(1), 141. Frank, M. M., Lynch, L. J., & Rego, S. O. (2009). Tax reporting aggressiveness and its relation to aggressive financial reporting. The Accounting Review, 84(2), 467–496. Frischmann, P. J., Shevlin, T., & Wilson, R. (2008). Economic consequences of increasing the conformity in accounting for uncertain tax benefits. Journal of Accounting and Economics, 46(2–3), 261–278. Gamba, A., & Triantis, A. (2008). The value of financial flexibility. The Journal of Finance, 63(5), 2263–2296. Ge, J., Li, D., Ni, Y., & Yang, S. (2022). Inflexibility and corporate innovation: Cross-country evidence. Journal of Multinational Financial Management, 64, 100736. Ghoul, S. E., Fu, Z., Guedhami, O., & Saadi, S. (2022). Firm inflexibility and the implied cost of equity. Finance Research Letters, 52, 103539. Ghoul, S. E., Guedhami, O., Saadi, S., & Sassi, S. (2024). The brown side of firm flexibility. European Financial Management. Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107–156. Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2013). Incentives for Tax Planning and Avoidance: Evidence from the Field. The Accounting Review, 89(3), 991–1023. Gu, L., Hackbarth, D., & Johnson, T. (2017). Inflexibility and stock returns. Review of Financial Studies, 31(1), 278–321. Guest, P. M. (2008). The impact of board size on firm performance: evidence from the UK. European Journal of Finance, 15(4), 385–404. Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2–3), 127–178. Hanlon, M., & Slemrod, J. (2008). 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. Hasan, M. M., Lobo, G. J., & Qiu, B. (2021). Organizational capital, corporate tax avoidance, and firm value. Journal of Corporate Finance, 70, 102050. Iancu, D. A., Trichakis, N., & Tsoukalas, G. (2016). Is operating flexibility harmful under debt? Management Science, 63(6), 1730–1761. Kaplan, S., & Henderson, R. (2005). Inertia and Incentives: bridging Organizational Economics and organizational Theory. Organization Science, 16(5), 509–521. Kaplan, S. N., & Zingales, L. (1997). Do Investment-Cash flow sensitivities provide useful measures of financing constraints? The Quarterly Journal of Economics, 112(1), 169–215. Kim, H., & Kung, H. (2016). The Asset Redeployability Channel: How uncertainty affects corporate investment. Review of Financial Studies, 30(1), 245–280. Lamont, O., Polk, C., & Saaá-Requejo, J. (2001). Financial constraints and stock returns. Review of Financial Studies, 14(2), 529–554. Lewbel, A. (2012). Using heteroscedasticity to identify and estimate mismeasured and endogenous regressor models. Journal of Business and Economic Statistics, 30(1), 67–80. Liu, H., Yi, X., & Yin, L. (2020). The impact of operating flexibility on firms’ performance during the COVID-19 outbreak: Evidence from China. Finance Research Letters, 38, 101808. Martínez-Sola, C., García-Teruel, P. J., & Martínez-Solano, P. (2011). Corporate cash holding and firm value. Applied Economics, 45(2), 161–170. Milgrom, P., & Roberts, J. (1995). Complementarities and fit strategy, structure, and organizational change in manufacturing. Journal of Accounting and Economics, 19(2–3), 179–208. Myers, S. C. (2001). Capital structure. The Journal of Economic Perspectives, 15(2), 81–102. Novy-Marx, R. (2010). Operating leverage*. European Finance Review, 15(1), 103–134. Pacheco-De-Almeida, G., Henderson, J. E., & Cool, K. O. (2008). Resolving the commitment versus flexibility Trade-Off: The role of resource accumulation lags. Academy of Management Journal, 51(3), 517–536. Rajan, R. G., & Zingales, L. (1995). What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance, 50(5), 1421–1460. Rego, S. O. (2003). Tax‐Avoidance activities of U.S. multinational corporations*. Contemporary Accounting Research, 20(4), 805–833. Rego, S. O., & Wilson, R. (2012). Equity risk incentives and corporate tax aggressiveness. Journal of Accounting Research, 50(3), 775–810. Shi, X., Prajogo, D., Fan, D., & Oke, A. (2025). Is operational flexibility a viable strategy during major supply chain disruptions? Evidence from the COVID-19 pandemic. Transportation Research Part E Logistics and Transportation Review, 195, 103952. Talavera, O., Yin, S., & Zhang, M. (2017). Age diversity, directors’ personal values, and bank performance. International Review of Financial Analysis, 55, 60–79. Wilson, R. J. (2009). An examination of corporate tax shelter participants. The Accounting Review, 84(3), 969–999. Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185–211.
描述 碩士
國立政治大學
財政學系
112255009
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112255009
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) 周宜蓁zh_TW
dc.contributor.author (Authors) Chou, Yi-Chenen_US
dc.creator (作者) 周宜蓁zh_TW
dc.creator (作者) Chou, Yi-Chenen_US
dc.date (日期) 2025en_US
dc.date.accessioned 1-Sep-2025 16:32:22 (UTC+8)-
dc.date.available 1-Sep-2025 16:32:22 (UTC+8)-
dc.date.issued (上傳時間) 1-Sep-2025 16:32:22 (UTC+8)-
dc.identifier (Other Identifiers) G0112255009en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/159325-
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) 112255009zh_TW
dc.description.abstract (摘要) 本研究探討營運不彈性與租稅規避對企業價值的影響。以1988年至2023年北美上市公司為樣本，並進一步分析二者之交乘效果。採用Gu et al.(2017)所提出之營運不彈性指標與現金有效稅率衡量租稅規避，並透過公司固定效果模型進行實證分析，搭配敏感性分析、工具變數法(Lewbel)、橫斷面與額外測試，以提升結果穩健性與因果推論力。 實證結果顯示營運不彈性與租稅規避均與企業價值呈顯著正向關係，且交乘項亦為顯著正向，顯示企業在營運結構受限情境下，透過避稅行為可補償其調整能力不足，進而提升市場評價，該策略組合效果在財務限制較高與董事會規模較大的企業中更為顯著，最後，營運不彈性與租稅規避呈現倒U型非線性關係，反映出企業在中度不彈性狀態下最具避稅誘因與執行力。本研究強調策略互補，結構不彈性透過財務補償轉化為價值來源之觀點，對企業經營與財務策略具實務意涵。zh_TW
dc.description.abstract (摘要) This study investigates the effects of operational inflexibility and tax avoidance on firm value, using a sample of North American publicly listed firms from 1988 to 2023. We further examine the interaction effect between the two factors. Operational inflexibility is measured using the index developed by Gu et al. (2017), while tax avoidance is proxied by the cash effective tax rate. The empirical analysis is conducted using firm fixed effects models, supplemented with robustness checks including sensitivity analyses, the Lewbel (2012) instrumental variable approach, cross-sectional analyses, and additional tests to strengthen the reliability and causal inference of the findings. The results indicate that both operational inflexibility and tax avoidance are positively and significantly associated with firm value. Moreover, their interaction term also exhibits a significantly positive effect, suggesting that firms constrained by rigid operational structures may enhance their market valuation through tax avoidance strategies that compensate for limited adjustment capabilities. This complementary effect is more pronounced among financially constrained firms and those with larger board sizes. Additionally, the relationship between operational inflexibility, tax avoidance, and firm value demonstrates an inverted U-shaped pattern, implying that firms with moderate levels of inflexibility have the strongest incentives and capacity to engage in tax avoidance. This study highlights the perspective of strategic complementarity and proposes that structural inflexibility can be transformed into sources of firm value through financial compensation, offering practical implications for corporate management and financial strategy.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 租稅規避與公司價值 6 第二節 營運不彈性 7 第三節 假說建立 11 第參章 研究方法 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 實證模型 20 第肆章 實證結果 22 第一節 樣本敘述統計 22 第二節 實證結果 28 第三節 敏感性分析 30 第四節 內生性處理 38 第五節 橫斷面分析 44 第六節 機制分析 49 第七節 額外測試 51 第伍章 研究結論與限制 56 第一節 研究結論 56 第二節 研究限制 57 參考文獻 58 附錄 64zh_TW
dc.format.extent 2274962 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112255009en_US
dc.subject (關鍵詞) 營運不彈性zh_TW
dc.subject (關鍵詞) 租稅規避zh_TW
dc.subject (關鍵詞) 企業價值zh_TW
dc.subject (關鍵詞) Operational inflexibilityen_US
dc.subject (關鍵詞) Tax avoidanceen_US
dc.subject (關鍵詞) Firm valueen_US
dc.title (題名) 營運不彈性、租稅規避與企業價值之關聯性zh_TW
dc.title (題名) The Effect of Operational Inflexibility and Tax Avoidance on Firm Valueen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 葉銀華、邱顯比. (1996年8月). 資本結構、股權結構與公司價值關聯性之實證研究：代理成本理論. 台大管理論叢 7(2), 頁 57-90. Anderson, M. C., Banker, R. D., & Janakiraman, S. N. (2003). Are selling, general, and administrative costs “Sticky”? Journal of Accounting Research, 41(1), 47–63. Arcelus, F., Mitra, D., & Srinivasan, G. (2005). On the incidence of deferred taxes, intangibles and non-linearities in the relationship between Tobin’s Q and ROI. Journal of Economics and Business, 57(2), 165–185. Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277. Armstrong, C. S., Blouin, J. L., & Larcker, D. F. (2011). The incentives for tax planning. Journal of Accounting and Economics, 53(1–2), 391–411. Balakrishnan, K., Blouin, J. L., & Guay, W. R. (2018). Tax aggressiveness and corporate transparency. The Accounting Review, 94(1), 45–69. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. Baum, C. F., & Lewbel, A. (2019). Advice on using heteroskedasticity-based identification. The Stata Journal Promoting Communications on Statistics and Stata, 19(4), 757–767. Bryant-Kutcher, L. A., Guenther, D. A., & Jackson, M. (2012). How do Cross-Country differences in corporate tax rates affect firm value? Journal of the American Taxation Association, 34(2), 1–17. Cassiman, B., Ricart, J. E., & Valentini, G. (2022). Commitment and competitive advantage in a digital world. Strategy Science, 7(2), 130–137. Chen, N. X., & Lehmer, T. (2020). Aggressive tax avoiders: U.S. multinationals shifting domestic earnings to zero. The Accounting Review, 96(5), 181–206. Chod, J., & Zhou, J. (2013). Resource flexibility and capital structure. Management Science, 60(3), 708–729. Coles, J., Daniel, N., & Naveen, L. (2007). Boards: Does one size fit all☆. Journal of Financial Economics, 87(2), 329–356. Cook, D. O., Kieschnick, R., & Moussawi, R. (2018). Operating leases, operating leverage, operational inflexibility and sticky costs. Finance Research Letters, 31. Dang, C., Li, Z., & Yang, C. (2017). Measuring firm size in empirical corporate finance. Journal of Banking & Finance, 86, 159–176. Deng, W., Huseynov, F., Sardarli, S., & Zhou, C. (2024). Firm inflexibility and corporate tax avoidance. SSRN Electronic Journal. Desai, M. A., & Dharmapala, D. (2005). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145–179. Desai, M. A., & Dharmapala, D. (2009). Corporate tax avoidance and firm value. The Review of Economics and Statistics, 91(3), 537–546. Drake, K. D., Lusch, S. J., & Stekelberg, J. (2017). Does tax risk affect investor valuation of tax avoidance? Journal of Accounting Auditing & Finance, 34(1), 151–176. 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. (2015). Public pressure and corporate tax behavior. Journal of Accounting Research, 54(1), 147–186. Eberhart, A. C., Maxwell, W. F., & Siddique, A. R. (2004). An Examination of Long‐Term Abnormal Stock Returns and Operating Performance Following R&D Increases. The Journal of Finance, 59(2), 623–650. Edwards, A., Schwab, C., & Shevlin, T. (2015). Financial constraints and cash tax savings. The Accounting Review, 91(3), 859–881. Ennen, E., & Richter, A. (2009). The whole is more than the sum of its parts— or is it? A review of the empirical literature on complementarities in organizations. Journal of Management, 36(1), 207–233. Fama, E. F., & French, K. R. (1992). The Cross‐Section of expected stock returns. The Journal of Finance, 47(2), 427–465. Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988). Financing constraints and corporate investment. Brookings Papers on Economic Activity, 1988(1), 141. Frank, M. M., Lynch, L. J., & Rego, S. O. (2009). Tax reporting aggressiveness and its relation to aggressive financial reporting. The Accounting Review, 84(2), 467–496. Frischmann, P. J., Shevlin, T., & Wilson, R. (2008). Economic consequences of increasing the conformity in accounting for uncertain tax benefits. Journal of Accounting and Economics, 46(2–3), 261–278. Gamba, A., & Triantis, A. (2008). The value of financial flexibility. The Journal of Finance, 63(5), 2263–2296. Ge, J., Li, D., Ni, Y., & Yang, S. (2022). Inflexibility and corporate innovation: Cross-country evidence. Journal of Multinational Financial Management, 64, 100736. Ghoul, S. E., Fu, Z., Guedhami, O., & Saadi, S. (2022). Firm inflexibility and the implied cost of equity. Finance Research Letters, 52, 103539. Ghoul, S. E., Guedhami, O., Saadi, S., & Sassi, S. (2024). The brown side of firm flexibility. European Financial Management. Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107–156. Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2013). Incentives for Tax Planning and Avoidance: Evidence from the Field. The Accounting Review, 89(3), 991–1023. Gu, L., Hackbarth, D., & Johnson, T. (2017). Inflexibility and stock returns. Review of Financial Studies, 31(1), 278–321. Guest, P. M. (2008). The impact of board size on firm performance: evidence from the UK. European Journal of Finance, 15(4), 385–404. Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2–3), 127–178. Hanlon, M., & Slemrod, J. (2008). 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. Hasan, M. M., Lobo, G. J., & Qiu, B. (2021). Organizational capital, corporate tax avoidance, and firm value. Journal of Corporate Finance, 70, 102050. Iancu, D. A., Trichakis, N., & Tsoukalas, G. (2016). Is operating flexibility harmful under debt? Management Science, 63(6), 1730–1761. Kaplan, S., & Henderson, R. (2005). Inertia and Incentives: bridging Organizational Economics and organizational Theory. Organization Science, 16(5), 509–521. Kaplan, S. N., & Zingales, L. (1997). Do Investment-Cash flow sensitivities provide useful measures of financing constraints? The Quarterly Journal of Economics, 112(1), 169–215. Kim, H., & Kung, H. (2016). The Asset Redeployability Channel: How uncertainty affects corporate investment. Review of Financial Studies, 30(1), 245–280. Lamont, O., Polk, C., & Saaá-Requejo, J. (2001). Financial constraints and stock returns. Review of Financial Studies, 14(2), 529–554. Lewbel, A. (2012). Using heteroscedasticity to identify and estimate mismeasured and endogenous regressor models. Journal of Business and Economic Statistics, 30(1), 67–80. Liu, H., Yi, X., & Yin, L. (2020). 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