Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/157955 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
arqus Discussion Paper No. 218
Verlag: 
Arbeitskreis Quantitative Steuerlehre (arqus), Berlin
Zusammenfassung: 
This paper analyses the relationship between corporate governance and tax avoidance. We use a regression discontinuity design (RDD) in a two-stage instrumental variable and take advantage of the exogenous variation in the index membership around the DAX and MDAX threshold. We suppose the differences in corporate governance result from the valueweighted composition of the market capitalization-based indexes. We find a significant discontinuity in the level of the corporate governance characteristics at the cutoff. The largest MDAX firms show stronger corporate governance characteristics compared to the smallest DAX firms. Our analysis shows that strong corporate governance characteristics drive down the effective tax rate for the DAX firms. This paper contributes to existing research by establishing a causal relationship between governance and taxes. This research aims to highlight the wide-ranging effects of institutional investors, which channel in corporate policy, in our case tax management.
Schlagwörter: 
Tax Avoidance
Corporate Governance
RDD
Regression Discontinuity Design
JEL: 
H20
H25
H26
M41
M48
Dokumentart: 
Working Paper

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