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Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 3/2014
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
We find that firms with greater tax avoidance incur higher spreads when obtaining bank loans. This finding is robust in a battery of sensitivity analyses and in two quasi-experimental settings including the implementation of Financial Accounting Standards Board Interpretation No. 48 and the revelation of past tax sheltering activity. Firms with greater tax avoidance also incur more stringent non-price loan terms, incur higher at-issue bond spreads, and prefer bank loans over public bonds when obtaining debt financing. Overall, these findings indicate that banks perceive tax avoidance as engendering significant risks.
Schlagwörter: 
Tax avoidance
Cost of bank loans
Information risk
Agency risk
Audit risk
FIN 48
JEL: 
G21
H26
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-6699-65-3
Dokumentart: 
Working Paper

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