主持人：肖 懿 助理教授
主 题：The Reputational Costs in Corporate Tax Avoidance: Evidence from Well-Known Trademarks in China
In this study, we examine the reputational costs of corporate tax avoidance, based on the recognition of well-known trademarks in China. The recognition of well-known trademarks marks a sudden and significant increase in the popularity of a firm’s products and, hence, provides an ideal setting to test whether firms bear reputational costs in tax avoidance. Using a variety of identification strategies aiming to address endogeneity concerns, we find that firms with well-known trademarks exhibit a lower level of tax avoidance, and this effect is concentrated in firms that are more sensitive to reputational damages, firms located in regions that show high levels of social trust, firms subject to stricter tax enforcement, and firms that are not owned by the government. These findings support the notion that firms recognize ex ante reputational costs in tax avoidance. In terms of ex post reputational costs, we find that tax avoidance is associated with negative media tones referring to the firms that possess well-known trademarks. We also find similar evidence on governmental sales. Overall, our study contributes to the tax literature by documenting evidence on the reputational costs of tax avoidance from a tax jurisdiction featuring distinct institutional and cultural factors.
吴楷纾，加拿大滑铁卢大学会计与金融学院助理教授，美国俄勒冈大学会计学博士。主要研究方向包括企业纳税筹划、税务财务报告以及企业税务政策。研究成果发表在The Accounting Review等国外期刊。