A Study on the Relationship between Corporate Social Responsibility, Tax Avoidance and Firm Value

• Main Authors: Chia-Chun Lee, 李佳駿
• Other Authors: Jui-Chih Wang
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/55356417552035304966

碩士 === 國立臺北商業大學 === 會計財稅研究所 === 104 === In recent years, there are many corporate scandals in the world, such as the US subprime mortgage crisis, Taiwan’s food safety scandals etc. These events caused great panic for the society. Therefore, society had paid more attention to the role of enterprise, current literature rarely discusses the relationship among corporate social responsibility (CSR), firm value and the tax avoidance. However, the results on the relevance of corporate social responsibility, tax avoidance and corporate value are not the same. Therefore, in this study we investigate the impact of CSR to firm value and tax avoidance and also investigate the relationship between tax avoidance and firm value. This study used the listed (OTC) corporations by Taiwan Economic Journal (TEJ) database from 2007 to 2014, and reference previously of literature, established 5-scope classificationK and 9-item performance index to evaluate CSR performance, looks forward to get more sound CSR indexes, and this will be the contribution to the study. First of all, CSR and the tax avoidance empirical results show that corporate social responsibility and effective tax rates show significant positive relations, in other words, the enterprise with more CSR, the higher the tax burden paid as a part of corporate social responsibility, the behavior of tax avoidance is less. In the control variables, companies with more independent director and effective tax rate is positive significantly, tax avoidance activities are less; companies with higher long-term liabilities, more R&D spending, and higher return on assets, are negative significantly with the effective tax rates. This study found enterprise with higher of borrowing financing, higher of R&D spending, and better of profit capacity will has more engaged in tax avoidance incentives and behavior; larger of enterprise and effective tax rate are negative related, big size enterprises will be more supervision by the government and public, they will not engage more tax avoidance activities. In addition, CSR and firm value showed significant positive correlation, in other words, enterprises to fulfill CSR to enhance the company's competitive advantages, to build a positive image, and help to enhance the firm value. In control variable aspects, enterprise size and enterprise value is significantly of negative related, firm size may exists with complex of management problem, if management poor may led to enterprise operation of effectiveness reduced, that reduced enterprise of value; liabilities ratio also is negative significantly with firm value, when the liabilities ratio is higher, the operating risk is also higher, thus reduced firm value; R&D spending and enterprise value rendering significantly of are positive related; higher capital intensive degrees with lower firm value. Finally, this study found companies with more effective tax rates and a significant negative correlation with firm value, represents the company's effective tax rate lower, the firm value is higher, its spending on tax savings enable the enterprise to have more funds, but also created greater firm value; most of control variables are the similar results as CSR and corporate value. As a whole can be found, pay more attention to CSR of the enterprises generally will not tax avoidance, and good performance of social responsibility, higher the firm value, but if companies engaged more in tax avoidance, may also have more funding available, and hence higher enterprise value.