Tax Avoidance and Firm Value in Japan

Research Project

Project/Area Number	25380628
Research Category	Grant-in-Aid for Scientific Research (C)
Allocation Type	Multi-year Fund
Section	一般
Research Field	Accounting
Research Institution	Osaka Gakuin Junior College (2016) Osaka Gakuin University (2013-2015)
Principal Investigator	Akinori Goto 大阪学院大学短期大学部, 経営実務科, 教授 (70331684)
Co-Investigator(Kenkyū-buntansha)	平井裕久高崎経済大学, 経済学部, 教授 (40399019) 山下裕企青山学院大学, 経営学部, 教授 (70256684)
Project Period (FY)	2013-04-01 – 2017-03-31
Project Status	Completed (Fiscal Year 2016)
Budget Amount *help	¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000) Fiscal Year 2016: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000) Fiscal Year 2015: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000) Fiscal Year 2014: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000) Fiscal Year 2013: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Keywords	会計学 / 企業価値 / 税負担削減行動 / 株式パフォーマンス / ガバナンス
Outline of Final Research Achievements	This study aims to investigate the relation between corporate tax avoidance and firm value in Japan. Using a tax avoidance measure based on long-run current effective tax rates, we find that tax avoidance is negatively correlated with stock returns. We also find that tax avoidance reduces the informativeness of taxable income and that consistent book-tax differences (BTDs) enhance its informativeness.