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Yıl 2020, Proceedings of The Third Economics, Business And Organization Research (EBOR) Conference, 393 - 408, 31.12.2020

Öz

Kaynakça

  • AccountancyAge. (2016). The Top 40 Networks & Associations 2016: The Survey, Available at https://www.accountancyage.com/aa/analysis/1776670/top-35- networks-2013-the-survey, Accessed 19.10.207
  • Admati, A. (1985). "A Noisy Rational Expectations Equilibrium for Multi-Asset Securities Markets" Econometrica. May, 629-657.
  • Admati, A. & Pfleiderer, P. (1988). “A Theory of Intraday Pattern: volume and price variability” Review of Financial Studies. 1 (1), 3-40.
  • Almutairi, A. et al. (2009). “Auditor tenure, auditor specialization, and information asymmetry” Managerial Auditing Journal. 24 (7), 600-623.
  • Ayers, B. C.; J. Jiang, & S. K. Laplante (2009). “Taxable Income as a Performance Measure: The Effects of Tax Planning and Earnings Quality.” Contemporary Accounting Research, 26, 15–54.
  • Akerlof, G. (1970). “The Market for Lemons: Quality uncertainty and the market mechanism” The Quarterly Journal of Economics. 84 (3), 488-500.
  • Attig, N. et al. (2006). “Effects of large shareholding on information asymmetry and stock liquidity” Journal of Banking and Finance. 30, 2875–2892.
  • Anouar, D & Houria Z. (2017). The determinants of tax avoidance within corporate groups: Evidence from Moroccan Groups, International Journal of Economics, Finance and Management Sciences, Vol. 5 No 1, pp.57-65.
  • Baiman, S. & Verrecchia, R. (1996). “The Relation among Capital Markets, Financial Disclosure, Production Efficiency, and Insider Trading” Journal of Accounting Research. 34, 1-22.
  • Balakrishnan, K., J. L. Blouin, & W. R. Guay (2012). “Does Tax Aggressiveness Reduce Corporate Transparency?” Working Paper, London Business School.
  • Barth, M. et al. (2001). “Analyst coverage and intangible assets” Journal of Accounting Research. 39 (1), 1–34.
  • Barry, B. & Brown, S. (1985). “Differential information and security market equilibrium” The Journal of Financial and Quantitative Analysis. 20 (4), 407-422.
  • Bergh, D. D., Ketchen Jr, D. J., Orlandi, I., Heugens, P. P., & Boyd, B. K. (2019). Information asymmetry in management research: Past accomplishments and future opportunities. Journal of management, 45(1), 122-158.
  • Bhattacharya, U. & Spiegel, M. (1991). “Insiders, outsiders and markets breakdowns” The Review of Financial Studies. 4(2), 255-282.
  • Blaufus, Kay; Braune, Matthias, Hundsdoerfer, Jochen & Jacob, Martin (2016). “Does legality matter? The case of tax avoidance and evasion” Journal of Economic Behavior & Organization 127 (2016) 182–206.
  • Botosan, C. & Plumlee, M. (2002). “A re-examination of disclosure level and expected cost of equity capital” Journal of Accounting Research. 40 (1), 2-40.
  • Brown, S. & Hillegeist, S. (2007). “How disclosure quality affects the level of information asymmetry” Review of Accounting Studies. 12, 443-477.
  • Bushee, B. & Noe, C. (2000). “Corporate Disclosure Practices, Institutional Investors and Stock Return Volatility” Journal of Accounting Research. 38, 71-202.
  • Chau, G. & Gray, S. (2002). “Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore” The International Journal of Accounting. 37(2), 247- 265.
  • Chen & Lin (2017). “Does Information Asymmetry Affect Corporate Tax Aggressiveness?” Journal of Financial and Quantitative Analysis Vol. 52, No. 5, pp. 2053_2081.
  • COM (2017). 547 final, (2017), A Fair and Efficient Tax System in the European Union for the Digital Single Market.
  • Comprix, J., R. C. Graham, & J. A. Moore (2011). “Empirical Evidence on the Impact of Book-Tax Differences on Divergence of Opinion among Investors.” Journal of the American Taxation Association, 33, 51–78.
  • Diamond, D. (1985). “Optimal release of information by firms” Journal of Finance. 40 (4), 1071-1094.
  • Demsetz, H. (1968). “The cost of transacting” Quarterly Journal of Economics. 82, 33-53. Diamond, D. (1985). “Optimal release of information by firms” Journal of Finance. 40 (4), 1071-1094.
  • Desai, M. A., & D. Dharmapala (2006). “Corporate Tax Avoidance and High-Powered Incentives.” Journal of Financial Economics, 79, 145–179.
  • Diamond, D. & Verrecchia, R. (1991). “Disclosure, liquidity and the cost of capital” Journal of Finance. 46, 1325-1359.
  • Dow, J., & Gorton, G. (1995). “Profitable Informed Trading in a Simple General Equilibrium Model of Asset Pricing” Journal of Economic Theory. 67, 327-369.
  • Easley, D. et al. (1996). “Liquidity, information, and infrequently traded stocks” Journal of Finance. 51, 1405–1436.
  • Easley, D. & O'Hara, M. (2004). “Information and the Cost of Capital” Journal of Finance. 59, 1553-1583.
  • Eng, L. & Mak, Y. (2003). “Corporate Governance and voluntary disclosure” Journal of Accounting and Public Policy. 22 (4), 325-345.
  • Cheyney & Levine (2020). “Public Disclosures and Information Asymmetry: A Theory of the Mosaic” The Accounting Review, 95 (1): 79–99.
  • Cooper, Maggie & Nguyen, Quyen T.K. (2020). “Multinational enterprises and corporate tax planning: A review of literature and suggestions for a future research agenda” International Business Review. June 2020 29(3)
  • Fishman, M. & Hagerty, K. (1989). “Disclosure Decisions by Firms and the Competition for Price Efficiency” Journal of Finance. 44, 633-646.
  • Flesch, M.C. (1968). “Tax avoidance: the attitude of the courts and the legislature”, Current Legal Problems, Vol. 21, pp. 215–38.
  • Frankel, R. & Li, X. (2004). “The Characteristics of a Firm’s Information Environment” Journal of Accounting and Economics. 37, 229–259.
  • Gelb, D. & Zarowin, P. (2002). “Corporate disclosure policy and the informativeness of stock prices” Review of Accounting Studies. 7(1), 33–52.
  • Graham, J. R., M. Hanlon, T. Shevlin; & N. Shroff (2014). “Incentives for Tax Planning and Avoidance: Evidence from the Field.” Accounting Review, 89, 991–1023.
  • Grossman, S. & Stiglitz, J. (1980). “On the Impossibility of Informationally Efficient Markets” American Economic Review. 70, 393-408.
  • Hanlon, M., & J. Slemrod (2009). “What Does Tax Aggressiveness Signal? Evidence from Stock Price Reactions to News about Tax Shelter Involvement.” Journal of Public Economics, 93, 126–141.
  • Hanlon, M. (2005). “The Persistence and Pricing of Earnings, Accruals, and Cash Flows When Firms Have Large Book-Tax Differences.” Accounting Review, 80, 137–166.
  • Hanlon, M., & S. Heitzman. (2010). “A Review of Tax Research.” Journal of Accounting and Economics, 50, 127–178.
  • Ho, S. & Wong, K. (2001). “A study of the relationship between corporate governance structure and the extent of voluntary disclosure” Journal of International Accounting, Auditing and Taxation. 10 (1), 139-156.
  • Holden, C. & Subrahmanyam, A. (1992). “Long-Lived Private Information and Imperfect Competition” Journal of Finance. 47, 247-270.
  • Jensen, M. & Meckling, W. (1976). “Theory of the firm: managerial behaviour, agency costs and ownership structure” Journal of Financial Economics. 3 (4), 305-360. Electronic version available at http://ssrn.com/abstract=94043, 1-77.
  • Johnson, T. & So, E. (2018). “A Simple Multimarket Measure of Information Asymmetry”, Management Science, Articles in Advance, pp. 1–26
  • Lambert, R. et al. (2007). “Accounting Information, Disclosure, and the Cost of Capital” Journal of Accounting Research. 45, 385-420.
  • Lang, M. & Lundholm, R. (1993). “Cross-sectional determinants of analyst ratings of corporate disclosures” Journal of Accounting Research. 31 (2), 246-271.
  • Leuz, C. & Verrecchia, R. (2000). “The economic consequences of increased disclosure” Journal of Accounting Research. 38, 91-124.
  • Kanagaretnam, K. et al. (2007). “Does good corporate governance reduce information asymmetry around quarterly earnings announcements?” Journal of Accounting and Public Policy. 26(4), 497-522.
  • Kerr, J. (2012). “The Real Effects of Asymmetry: Evidence from Tax Avoidance.” Working Paper, Columbia Business School.
  • Kim, O. & Verrecchia, R. (1994). “Market liquidity and volume around earnings announcements” Journal of Accounting and Economics. 17, 41-68.
  • Kyle, A. (1985). "Continuous Auctions and Insider Trading" Econometrica. 53, 1315-1335. Kirchler, E. (1999). “Reactance to taxation: Employers´ attitudes towards taxes”, Journal of Social-Economics, Vol. 28, pp. 131-138.
  • Lev, B. (1988). “Toward a Theory of Equitable and Efficient Accounting Policy” The Accounting Review. 63 (1), 1-22.
  • Leuz, C. & Verrecchia, R. (2000). “The economic consequences of increased disclosure” Journal of Accounting Research. 38, 91-124.
  • Lundholm, R. & Myers, L. (2002). “Bringing the future forward: The effect of disclosure on the return-earnings Relation” Journal of Accounting Research. 40(3), 809–839.
  • McBarnet, D. (1992). “The Construction of Compliance and the Challenge of Control: The Limits of Noncompliance Research”, In J. Slemrod (ed). Why People Pay Taxes: Tax Compliance and Enforcement, University of Michigan Press, Ann Arbor, pp.333-45.
  • Merton, R. (1987). “A Simple Model of Capital Market Equilibrium with Incomplete Information” Journal of Finance. 42 (3), 483-510.
  • Minnick, K. & Noga, T. (2010). “Do corporate governance characteristics influence tax management?”, Journal of Corporate Finance, Vol. 16 No. 5, pp. 703-718.
  • Myers, S. & Majluf, N. (1984). “Corporate financing and investment decisions when firms have information that investors do not have” Journal of Financial Economics. 13(2), 187-221.
  • Oats L. (2005). “Distinguishing closely held companies for taxation purposes: the Australian experience 1930–1972”, Accounting, Business and Financial History, Vol. 15 No 1, pp. 335–61.
  • Petersen C. & Plenborg, T. (2006). “Voluntary disclosure and information asymmetry in Denmark” Journal of international Accounting, Auditing and Taxation. 15, 127- 149.
  • PWCa), (2017). Digital Tax Index 2017: Location tax attractiveness for digital business models http://www.pwc.de/digitalisierungsindex2017.
  • PWCb), (2017). Global Top 100 Companies by market capitalisation. Scholes, M.S.; Wolfson, M.A.; Erickson, M.; Maydew, E.L.; Shevlin, T. (2005), Taxes and Business Strategy: A Planning Approach, third ed. Prentice-Hall, Upper Saddle River, NJ
  • Ranaldo, A. (2002). “Transaction costs on the Swiss stock” Financial Markets and Portfolio Managemnet. 16, 53-63.
  • Rozeff, M. & Zaman, M. (1988). “Market efficiency and insider trading: New evidence” Journal of Business. 61, 25-44.
  • Sikka, P., & Haslam, C. (2007). “Transfer pricing and its role in tax avoidance and flight of capital: some theory and evidence”, In Centre for global accountability, seminar series University of Essex, UK.
  • Slemrod, J. (2004). The economics of corporate tax selfishness. National Tax Journal,57(4), 877-899.
  • Seyhun, H. (1986). “Insiders' profits, costs of trading, and market efficiency” Journal of Financial Economics. 16, 189-212. Seyhun, H. (1992) “The Effectiveness of the Insider Trading Sanctions” Journal of Law and Economics. 35,149–182.
  • Sikka, P., & Haslam, C. (2007). “Transfer pricing and its role in tax avoidance and flight of capital: some theory and evidence”, In Centre for global accountability, seminar series University of Essex, UK.
  • Stoll, H. (2000). “Friction” Journal of Finance. 55, 1479-1514.
  • Taylor, G. & Richardson, G. (2012). “International corporate tax avoidance practices: evidence from Australian firms”, International Journal Accounting, Vol.47, pp. 469–496.
  • Trabelsi, S. et al. (2004). “The management of financial disclosure on corporate websites: A conceptual model” Canadian Accounting Perspectives, 3 (2), 235-259.
  • Trabelsi, S. et al. (2008). "Incremental Voluntary Disclosure on Corporate Websites, Determinants and Consequences" Journal of Contemporary Accounting and Economics. 4 (2), 120-155.
  • Verrecchia, R. (1982). “Information acquisition in a noisy rational expectations economy” Econometrica. November, 1415-1430.
  • Walker, D.M. (2006). Challenges to Corporate Tax Enforcement and Options to Improve Securities Basis Reporting. Statement to United States Government Accountability Office. Wang, J. (1993). “A Model of Intertemporal Asset Prices Under Asymmetric Information” Review and Economic Studies. 60, 249-282.
  • Watts, R. & Zimmerman, J. (1986). Positive Accounting Theory. Englewood Cliffs, NJ: Prentice-Hall.
  • Welker, M. (1995). “Disclosure policy, information asymmetry and liquidity in equity markets” Contemporary Accounting Research. 11(2), 801-827. Wu, W. (2019). Information asymmetry and insider trading. Fama-Miller Working Paper, 13-67.

THE RELATION BETWEEN INFORMATION ASYMMETRY, DISCLOSURE POLICY AND CORPORATE TAX PLANNING

Yıl 2020, Proceedings of The Third Economics, Business And Organization Research (EBOR) Conference, 393 - 408, 31.12.2020

Öz

The call for greater transparency from companies it's seen as a way to help reduce tax avoidance. Although some studies have linked tax planning to various factors, few studies have examined the relation between information asymmetry, disclosure policy and tax planning. Managers visibly face conflicts between financial disclosure quality and tax planning. Academic research points financial analysts as a way to reduce the information asymmetry and reduce corporate tax avoidance. The main purpose of this paper is to discuss the relation between information asymmetry, disclosure policy and corporate tax planning, by revisiting the main empirical literature. Firstly, we discuss concept of information asymmetry and its measures. After, we analyse the concept of tax planning. Finally, we examine the relation between information asymmetry, disclosure policy and tax planning. Academic research point financial analysts as a way to reduce the information asymmetry between firms and investors, and as a consequence, they reduce corporate tax avoidance. Some authors argue that if shareholders want to monitor firms’ tax related decision, disclosure policies and tax regulatory bodies should consider requiring increased tax related disclosures by firms. However, other authors argue that with increased tax related disclosure, managers are discouraged from pursuing “legitimate” tax planning activities. The added value of this work relies on the analysis of empirical literature results about information asymmetry, disclosure policy and tax planning, providing a more extensive overview of this relation. This study provides insights that tax authorities and politicians can use to better focus their strategies and actions in order to increase compliance and reduce tax evasion.

Kaynakça

  • AccountancyAge. (2016). The Top 40 Networks & Associations 2016: The Survey, Available at https://www.accountancyage.com/aa/analysis/1776670/top-35- networks-2013-the-survey, Accessed 19.10.207
  • Admati, A. (1985). "A Noisy Rational Expectations Equilibrium for Multi-Asset Securities Markets" Econometrica. May, 629-657.
  • Admati, A. & Pfleiderer, P. (1988). “A Theory of Intraday Pattern: volume and price variability” Review of Financial Studies. 1 (1), 3-40.
  • Almutairi, A. et al. (2009). “Auditor tenure, auditor specialization, and information asymmetry” Managerial Auditing Journal. 24 (7), 600-623.
  • Ayers, B. C.; J. Jiang, & S. K. Laplante (2009). “Taxable Income as a Performance Measure: The Effects of Tax Planning and Earnings Quality.” Contemporary Accounting Research, 26, 15–54.
  • Akerlof, G. (1970). “The Market for Lemons: Quality uncertainty and the market mechanism” The Quarterly Journal of Economics. 84 (3), 488-500.
  • Attig, N. et al. (2006). “Effects of large shareholding on information asymmetry and stock liquidity” Journal of Banking and Finance. 30, 2875–2892.
  • Anouar, D & Houria Z. (2017). The determinants of tax avoidance within corporate groups: Evidence from Moroccan Groups, International Journal of Economics, Finance and Management Sciences, Vol. 5 No 1, pp.57-65.
  • Baiman, S. & Verrecchia, R. (1996). “The Relation among Capital Markets, Financial Disclosure, Production Efficiency, and Insider Trading” Journal of Accounting Research. 34, 1-22.
  • Balakrishnan, K., J. L. Blouin, & W. R. Guay (2012). “Does Tax Aggressiveness Reduce Corporate Transparency?” Working Paper, London Business School.
  • Barth, M. et al. (2001). “Analyst coverage and intangible assets” Journal of Accounting Research. 39 (1), 1–34.
  • Barry, B. & Brown, S. (1985). “Differential information and security market equilibrium” The Journal of Financial and Quantitative Analysis. 20 (4), 407-422.
  • Bergh, D. D., Ketchen Jr, D. J., Orlandi, I., Heugens, P. P., & Boyd, B. K. (2019). Information asymmetry in management research: Past accomplishments and future opportunities. Journal of management, 45(1), 122-158.
  • Bhattacharya, U. & Spiegel, M. (1991). “Insiders, outsiders and markets breakdowns” The Review of Financial Studies. 4(2), 255-282.
  • Blaufus, Kay; Braune, Matthias, Hundsdoerfer, Jochen & Jacob, Martin (2016). “Does legality matter? The case of tax avoidance and evasion” Journal of Economic Behavior & Organization 127 (2016) 182–206.
  • Botosan, C. & Plumlee, M. (2002). “A re-examination of disclosure level and expected cost of equity capital” Journal of Accounting Research. 40 (1), 2-40.
  • Brown, S. & Hillegeist, S. (2007). “How disclosure quality affects the level of information asymmetry” Review of Accounting Studies. 12, 443-477.
  • Bushee, B. & Noe, C. (2000). “Corporate Disclosure Practices, Institutional Investors and Stock Return Volatility” Journal of Accounting Research. 38, 71-202.
  • Chau, G. & Gray, S. (2002). “Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore” The International Journal of Accounting. 37(2), 247- 265.
  • Chen & Lin (2017). “Does Information Asymmetry Affect Corporate Tax Aggressiveness?” Journal of Financial and Quantitative Analysis Vol. 52, No. 5, pp. 2053_2081.
  • COM (2017). 547 final, (2017), A Fair and Efficient Tax System in the European Union for the Digital Single Market.
  • Comprix, J., R. C. Graham, & J. A. Moore (2011). “Empirical Evidence on the Impact of Book-Tax Differences on Divergence of Opinion among Investors.” Journal of the American Taxation Association, 33, 51–78.
  • Diamond, D. (1985). “Optimal release of information by firms” Journal of Finance. 40 (4), 1071-1094.
  • Demsetz, H. (1968). “The cost of transacting” Quarterly Journal of Economics. 82, 33-53. Diamond, D. (1985). “Optimal release of information by firms” Journal of Finance. 40 (4), 1071-1094.
  • Desai, M. A., & D. Dharmapala (2006). “Corporate Tax Avoidance and High-Powered Incentives.” Journal of Financial Economics, 79, 145–179.
  • Diamond, D. & Verrecchia, R. (1991). “Disclosure, liquidity and the cost of capital” Journal of Finance. 46, 1325-1359.
  • Dow, J., & Gorton, G. (1995). “Profitable Informed Trading in a Simple General Equilibrium Model of Asset Pricing” Journal of Economic Theory. 67, 327-369.
  • Easley, D. et al. (1996). “Liquidity, information, and infrequently traded stocks” Journal of Finance. 51, 1405–1436.
  • Easley, D. & O'Hara, M. (2004). “Information and the Cost of Capital” Journal of Finance. 59, 1553-1583.
  • Eng, L. & Mak, Y. (2003). “Corporate Governance and voluntary disclosure” Journal of Accounting and Public Policy. 22 (4), 325-345.
  • Cheyney & Levine (2020). “Public Disclosures and Information Asymmetry: A Theory of the Mosaic” The Accounting Review, 95 (1): 79–99.
  • Cooper, Maggie & Nguyen, Quyen T.K. (2020). “Multinational enterprises and corporate tax planning: A review of literature and suggestions for a future research agenda” International Business Review. June 2020 29(3)
  • Fishman, M. & Hagerty, K. (1989). “Disclosure Decisions by Firms and the Competition for Price Efficiency” Journal of Finance. 44, 633-646.
  • Flesch, M.C. (1968). “Tax avoidance: the attitude of the courts and the legislature”, Current Legal Problems, Vol. 21, pp. 215–38.
  • Frankel, R. & Li, X. (2004). “The Characteristics of a Firm’s Information Environment” Journal of Accounting and Economics. 37, 229–259.
  • Gelb, D. & Zarowin, P. (2002). “Corporate disclosure policy and the informativeness of stock prices” Review of Accounting Studies. 7(1), 33–52.
  • Graham, J. R., M. Hanlon, T. Shevlin; & N. Shroff (2014). “Incentives for Tax Planning and Avoidance: Evidence from the Field.” Accounting Review, 89, 991–1023.
  • Grossman, S. & Stiglitz, J. (1980). “On the Impossibility of Informationally Efficient Markets” American Economic Review. 70, 393-408.
  • Hanlon, M., & J. Slemrod (2009). “What Does Tax Aggressiveness Signal? Evidence from Stock Price Reactions to News about Tax Shelter Involvement.” Journal of Public Economics, 93, 126–141.
  • Hanlon, M. (2005). “The Persistence and Pricing of Earnings, Accruals, and Cash Flows When Firms Have Large Book-Tax Differences.” Accounting Review, 80, 137–166.
  • Hanlon, M., & S. Heitzman. (2010). “A Review of Tax Research.” Journal of Accounting and Economics, 50, 127–178.
  • Ho, S. & Wong, K. (2001). “A study of the relationship between corporate governance structure and the extent of voluntary disclosure” Journal of International Accounting, Auditing and Taxation. 10 (1), 139-156.
  • Holden, C. & Subrahmanyam, A. (1992). “Long-Lived Private Information and Imperfect Competition” Journal of Finance. 47, 247-270.
  • Jensen, M. & Meckling, W. (1976). “Theory of the firm: managerial behaviour, agency costs and ownership structure” Journal of Financial Economics. 3 (4), 305-360. Electronic version available at http://ssrn.com/abstract=94043, 1-77.
  • Johnson, T. & So, E. (2018). “A Simple Multimarket Measure of Information Asymmetry”, Management Science, Articles in Advance, pp. 1–26
  • Lambert, R. et al. (2007). “Accounting Information, Disclosure, and the Cost of Capital” Journal of Accounting Research. 45, 385-420.
  • Lang, M. & Lundholm, R. (1993). “Cross-sectional determinants of analyst ratings of corporate disclosures” Journal of Accounting Research. 31 (2), 246-271.
  • Leuz, C. & Verrecchia, R. (2000). “The economic consequences of increased disclosure” Journal of Accounting Research. 38, 91-124.
  • Kanagaretnam, K. et al. (2007). “Does good corporate governance reduce information asymmetry around quarterly earnings announcements?” Journal of Accounting and Public Policy. 26(4), 497-522.
  • Kerr, J. (2012). “The Real Effects of Asymmetry: Evidence from Tax Avoidance.” Working Paper, Columbia Business School.
  • Kim, O. & Verrecchia, R. (1994). “Market liquidity and volume around earnings announcements” Journal of Accounting and Economics. 17, 41-68.
  • Kyle, A. (1985). "Continuous Auctions and Insider Trading" Econometrica. 53, 1315-1335. Kirchler, E. (1999). “Reactance to taxation: Employers´ attitudes towards taxes”, Journal of Social-Economics, Vol. 28, pp. 131-138.
  • Lev, B. (1988). “Toward a Theory of Equitable and Efficient Accounting Policy” The Accounting Review. 63 (1), 1-22.
  • Leuz, C. & Verrecchia, R. (2000). “The economic consequences of increased disclosure” Journal of Accounting Research. 38, 91-124.
  • Lundholm, R. & Myers, L. (2002). “Bringing the future forward: The effect of disclosure on the return-earnings Relation” Journal of Accounting Research. 40(3), 809–839.
  • McBarnet, D. (1992). “The Construction of Compliance and the Challenge of Control: The Limits of Noncompliance Research”, In J. Slemrod (ed). Why People Pay Taxes: Tax Compliance and Enforcement, University of Michigan Press, Ann Arbor, pp.333-45.
  • Merton, R. (1987). “A Simple Model of Capital Market Equilibrium with Incomplete Information” Journal of Finance. 42 (3), 483-510.
  • Minnick, K. & Noga, T. (2010). “Do corporate governance characteristics influence tax management?”, Journal of Corporate Finance, Vol. 16 No. 5, pp. 703-718.
  • Myers, S. & Majluf, N. (1984). “Corporate financing and investment decisions when firms have information that investors do not have” Journal of Financial Economics. 13(2), 187-221.
  • Oats L. (2005). “Distinguishing closely held companies for taxation purposes: the Australian experience 1930–1972”, Accounting, Business and Financial History, Vol. 15 No 1, pp. 335–61.
  • Petersen C. & Plenborg, T. (2006). “Voluntary disclosure and information asymmetry in Denmark” Journal of international Accounting, Auditing and Taxation. 15, 127- 149.
  • PWCa), (2017). Digital Tax Index 2017: Location tax attractiveness for digital business models http://www.pwc.de/digitalisierungsindex2017.
  • PWCb), (2017). Global Top 100 Companies by market capitalisation. Scholes, M.S.; Wolfson, M.A.; Erickson, M.; Maydew, E.L.; Shevlin, T. (2005), Taxes and Business Strategy: A Planning Approach, third ed. Prentice-Hall, Upper Saddle River, NJ
  • Ranaldo, A. (2002). “Transaction costs on the Swiss stock” Financial Markets and Portfolio Managemnet. 16, 53-63.
  • Rozeff, M. & Zaman, M. (1988). “Market efficiency and insider trading: New evidence” Journal of Business. 61, 25-44.
  • Sikka, P., & Haslam, C. (2007). “Transfer pricing and its role in tax avoidance and flight of capital: some theory and evidence”, In Centre for global accountability, seminar series University of Essex, UK.
  • Slemrod, J. (2004). The economics of corporate tax selfishness. National Tax Journal,57(4), 877-899.
  • Seyhun, H. (1986). “Insiders' profits, costs of trading, and market efficiency” Journal of Financial Economics. 16, 189-212. Seyhun, H. (1992) “The Effectiveness of the Insider Trading Sanctions” Journal of Law and Economics. 35,149–182.
  • Sikka, P., & Haslam, C. (2007). “Transfer pricing and its role in tax avoidance and flight of capital: some theory and evidence”, In Centre for global accountability, seminar series University of Essex, UK.
  • Stoll, H. (2000). “Friction” Journal of Finance. 55, 1479-1514.
  • Taylor, G. & Richardson, G. (2012). “International corporate tax avoidance practices: evidence from Australian firms”, International Journal Accounting, Vol.47, pp. 469–496.
  • Trabelsi, S. et al. (2004). “The management of financial disclosure on corporate websites: A conceptual model” Canadian Accounting Perspectives, 3 (2), 235-259.
  • Trabelsi, S. et al. (2008). "Incremental Voluntary Disclosure on Corporate Websites, Determinants and Consequences" Journal of Contemporary Accounting and Economics. 4 (2), 120-155.
  • Verrecchia, R. (1982). “Information acquisition in a noisy rational expectations economy” Econometrica. November, 1415-1430.
  • Walker, D.M. (2006). Challenges to Corporate Tax Enforcement and Options to Improve Securities Basis Reporting. Statement to United States Government Accountability Office. Wang, J. (1993). “A Model of Intertemporal Asset Prices Under Asymmetric Information” Review and Economic Studies. 60, 249-282.
  • Watts, R. & Zimmerman, J. (1986). Positive Accounting Theory. Englewood Cliffs, NJ: Prentice-Hall.
  • Welker, M. (1995). “Disclosure policy, information asymmetry and liquidity in equity markets” Contemporary Accounting Research. 11(2), 801-827. Wu, W. (2019). Information asymmetry and insider trading. Fama-Miller Working Paper, 13-67.
Toplam 77 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finans
Bölüm Konferans Tam Metin Bildirileri
Yazarlar

Cristina Sá Bu kişi benim

Helena Alves Bu kişi benim

Yayımlanma Tarihi 31 Aralık 2020
Yayımlandığı Sayı Yıl 2020 Proceedings of The Third Economics, Business And Organization Research (EBOR) Conference

Kaynak Göster

APA Sá, C., & Alves, H. (2020). THE RELATION BETWEEN INFORMATION ASYMMETRY, DISCLOSURE POLICY AND CORPORATE TAX PLANNING. Economics Business and Organization Research393-408.