The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Corporate tax avoidance and stock price crash risk: Firm-level analysis
Open accessAbstract
Using a large sample of U.S. firms for the period 1995-2008, we provide strong and robust evidence that corporate tax avoidance is positively associated with firm-specific stock price crash risk. This finding is consistent with the following view: Tax avoidance facilitates managerial rent extraction and bad news hoarding activities for extended periods by providing tools, masks, and justifications for these opportunistic behaviors. The hoarding and accumulation of bad news for extended periods lead to stock price crashes when the accumulated hidden bad news crosses a tipping point, and thus comes out all at once. Moreover, we show that the positive relation between tax avoidance and crash risk is attenuated when firms have strong external monitoring mechanisms such as high institutional ownership, high analyst coverage, and greater takeover threat from corporate control markets.
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Citations
Cites
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
Robust Inference With Multiway Clustering
Cameron, A. C., Gelbach, J. B., & Miller, D. L. (2011) · Journal of Business & Economic Statistics · doi:10.1198/jbes.2010.07136 · Cited by 3,203
Cited by
Institutional investor stability and crash risk: Monitoring versus short-termism?
Callen, J. L., & Fang, X. (2013) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2013.02.018 · Cited by 734
The importance of the internal information environment for tax avoidance
Gallemore, J., & Labro, E. (2015) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2014.09.005 · Cited by 575
Financial Reporting Opacity and Expected Crash Risk: Evidence from Implied Volatility Smirks
Kim, J., & Zhang, L. (2014) · Contemporary Accounting Research · doi:10.1111/1911-3846.12048 · Cited by 486
Self-citationStock Liquidity and Stock Price Crash Risk
Chang, X., Chen, Y., & Zolotoy, L. (2017) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109017000473 · Cited by 486
Metadata
- Authors
- Kim, J.-B., Li, Y., & Zhang, L.
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 2011-06
- Volume
- 100
- Issue
- 3
- Pages
- 639-662
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W2130052362
- Cited by
- 2,139
- References
- 2
- FWCI
- 105.25
- Type
- journal article
- Language
- en
- Open access
- green
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- Kim, J.-B., Li, Y., & Zhang, L. (2011). Corporate tax avoidance and stock price crash risk: Firm-level analysis. Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2010.07.007
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
