Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/86156 
Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
arqus Discussion Paper No. 149
Verlag: 
Arbeitskreis Quantitative Steuerlehre (arqus), Berlin
Zusammenfassung: 
The paper studies the effect of uncertainty in tax avoidance on firm value. We first show in a clean surplus valuation model that expected tax rates interact with expectations about future profitability. This paper builds and tests a valuation framework that incorporates two outcome dimensions of corporate tax avoidance strategies: the stability and the level of expected tax rates. We develop a tax planning score that captures these two dimensions. The measure improves the prediction of future tax avoidance. We finally show that the tax planning score strengthens the effect of pre-tax earnings on firm value. Firms with effective and persistent tax planning have a stronger effect of pre-tax earnings on firm value while firms with poor tax planning or volatile effective tax rates receive a discount on their earnings.
Schlagwörter: 
firm valuation
tax avoidance
tax uncertainty
JEL: 
M41
G12
H25
Dokumentart: 
Working Paper

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