The DOI matches its Crossref record; 45 of the 45 references it cites were found in a registry or an index.
Corporate Tax Avoidance and Firm Value
Abstract
Do corporate tax avoidance activities advance shareholder interests? This paper tests alternative theories of corporate tax avoidance using unexplained differences between income reported to capital markets and to tax authorities. OLS estimates indicate that the effect of tax avoidance on firm value is a function of firm governance, as predicted by an agency perspective on corporate tax avoidance. Instrumental variables estimates based on exogenous changes in tax regulations yield larger overall effects and reinforce the basic result, as do several robustness checks. The results suggest that the simple view of corporate tax avoidance as a transfer of resources from the state to shareholders is incomplete given the agency problems characterizing shareholder-manager relations.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
White, H. (1980) · Econometrica · doi:10.2307/1912934 · Cited by 25,861
Earnings Management During Import Relief Investigations
Jones, J. J. (1991) · Journal of Accounting Research · doi:10.2307/2491047 · Cited by 8,353
Management ownership and market valuation
Morck, R., Shleifer, A., & Vishny, R. W. (1988) · Journal of Financial Economics · doi:10.1016/0304-405x(88)90048-7 · Cited by 6,895
Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?
Kaplan, S. N., & Zingales, L. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555163 · Cited by 6,770
The Structure of Corporate Ownership: Causes and Consequences
Demsetz, H., & Lehn, K. (1985) · Journal of Political Economy · doi:10.1086/261354 · Cited by 6,236
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
Earnings management and investor protection: an international comparison
Leuz, C., Nanda, D., & Wysocki, P. D. (2003) · Journal of Financial Economics · doi:10.1016/s0304-405x(03)00121-1 · Cited by 5,381
(2012) · Asian Financial Statement Analysis · doi:10.1002/9781119204763.ch4 · Cited by 3,821
The effect of bonus schemes on accounting decisions
Healy, P. M. (1985) · Journal of Accounting and Economics · doi:10.1016/0165-4101(85)90029-1 · Cited by 3,283
The effects of bonus schemes on accounting decisions
Healy, P. M. (2011) · DSpace@MIT (Massachusetts Institute of Technology) · Cited by 2,579
Cited by
Does governance travel around the world? Evidence from institutional investors
Aggarwal, R., Erel, I., Ferreira, M., & Matos, P. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2010.10.018 · Cited by 1,631
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
Customer–supplier relationships and corporate tax avoidance
Cen, L., Maydew, E. L., Zhang, L., & Zuo, L. (2017) · Journal of Financial Economics · doi:10.1016/j.jfineco.2016.09.009 · Cited by 438
Metadata
- Authors
- Desai, M. A., & Dharmapala, D.
- Venue
- Review of Economics and Statistics
- Publisher
- MIT Press - Journals
- Published
- 2009-08
- Volume
- 91
- Issue
- 3
- Pages
- 537-546
- ISSN
- 0034-6535 (ISSN-L)
- 1530-9142
- OpenAlex
- W3124871150
- Cited by
- 1,118
- References
- 45
- FWCI
- 90.93
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Corporate Tax Avoidance and Firm Value. https://app.cochat.ai/papers/10.1162/rest.91.3.537
- The paper
- Desai, M. A., & Dharmapala, D. (2009). Corporate Tax Avoidance and Firm Value. Review of Economics and Statistics. https://doi.org/10.1162/rest.91.3.537
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
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.
