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公司避稅與金字塔結構
18
To test H2, we employ Model (2):
AVOID
it
=
β
0
+
β
1
LAYER
it
+
β
2
TAXH
it
+
β
3
LAYER
it
×
TAXH
it
+
β
4
SIZE
it
+
β
5
MB
it
+
β
6
LEV
it
+
β
7
ROA
it
+
β
8
NOL
it
+
β
9
Δ
NOI
it
+
β
10
STD_ROA
it
+
β
11
Δ
SALES
it
(2)
+
β
12
CASH
it
+
β
13
INTAN
it
+
β
14
RD
it
+
β
15
PPE
it
+
β
16
ADV
it
+
β
17
SGA
it
+
β
18
ln
(
NUM_INVESTEE
)
it
+
YEARdummy
+
INDUSTRYdummy
+
ε
it
In Model (2), we add
TAXH
, which is defined as the number of investees in tax
havens divided by the total number of investees. Because there is no consensus on which
countries are considered tax havens, we employ two lists of tax havens to identify whether
a country is a tax haven.
7
We identify tax havens based on the list of tax havens as in
Durnev, Li, and Magnan (2017) to construct a variable, denoted as
TAXH1
. The list of
offshore financial centers (Tax Havens) comes from the International Monetary Fund
(IMF) and Financial Stability Forum (2000). We also employ the list of tax havens
following Dyreng and Lindsey (2009) to construct another variable,
TAXH2
.
8
The two lists
of tax havens are slightly different. We then interact L
AYER
with
TAXH1 (TAXH2)
as our
experimental variables.
9
Based on H2, we expect that the coefficient on the interaction
term,
LAYER×TAXH1 (TAXH2)
is significantly negative. We winsorize all used variables
at the 1 percent and 99 percent level.
7 While there is not an official definition of a tax haven, the Organization for Economic Cooperation and
Development (OECD) defined a tax haven in 1998 as a jurisdiction which has (1) no or only nominal
taxes, (2) a lack of transparency, (3) laws or administrative practices which prevent the effective
exchange of relevant information with other governments on taxpayers benefiting from the low or no
tax jurisdiction and (4) the absence of a requirement that the activity be substantial.
8 Following Dyreng and Lindsey (2009), tax haven countries are identified as countries that are on at
least three of the four commonly used tax haven lists. See
http://www.globalpolicy.orgon March 4,
2008. The four commonly used tax haven lists come from (1) the Organization for Economic
Co-Operation and Development (OECD), (2) the International Monetary Fund (IMF), (3) the Stop Tax
Haven Abuse Act adopted in the U.S. that targets a large number of tax haven countries, and (4) the
Tax Research Organizations.
9 We also use
NUM_TAX_HAVEN
, the number of investees in tax havens in year t to capture the extent
of the firm operating in tax haven countries, and the results are robust.