Do tax havens create firm value?
Type de document :
Compte-rendu et recension critique d'ouvrage
Titre :
Do tax havens create firm value?
Auteur(s) :
Choy, Siu Kai [Auteur]
Lai, Tat-Kei [Auteur]
Lille économie management - UMR 9221 [LEM]
Ng, Travis [Auteur]
Lai, Tat-Kei [Auteur]
Lille économie management - UMR 9221 [LEM]
Ng, Travis [Auteur]
Titre de la revue :
Journal of Corporate Finance
Pagination :
198--220
Éditeur :
Elsevier
Date de publication :
2017-02
ISSN :
0929-1199
Mot(s)-clé(s) en anglais :
Tax havens
Firm value
Corporate governance
Corporate tax
Event study
Firm value
Corporate governance
Corporate tax
Event study
Discipline(s) HAL :
Sciences de l'Homme et Société/Economies et finances
Résumé en anglais : [en]
On October 11, 2011, a non-governmental organization called ActionAid published a report condemning the FTSE 100 firms for holding an unusually large number of subsidiaries in tax havens. Urging the government to implement ...
Lire la suite >On October 11, 2011, a non-governmental organization called ActionAid published a report condemning the FTSE 100 firms for holding an unusually large number of subsidiaries in tax havens. Urging the government to implement appropriate actions, the report raised the firms' costs of holding tax haven subsidiaries. After this event, the stock prices of the nonfinancial firms experienced a 0.9% abnormal drop (corresponding to about £ 9 billion in market capitalization). Those better-governed firms and those with larger shares of subsidiaries in tax havens experienced larger drops. We find some evidence that government scrutiny, reputation, and investor sentiment were plausible channels of such a negative impact.Lire moins >
Lire la suite >On October 11, 2011, a non-governmental organization called ActionAid published a report condemning the FTSE 100 firms for holding an unusually large number of subsidiaries in tax havens. Urging the government to implement appropriate actions, the report raised the firms' costs of holding tax haven subsidiaries. After this event, the stock prices of the nonfinancial firms experienced a 0.9% abnormal drop (corresponding to about £ 9 billion in market capitalization). Those better-governed firms and those with larger shares of subsidiaries in tax havens experienced larger drops. We find some evidence that government scrutiny, reputation, and investor sentiment were plausible channels of such a negative impact.Lire moins >
Langue :
Anglais
Vulgarisation :
Non
Collections :
Source :
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