About the influence that the international taxation factor in the multinational enterprise gives in the capital market

2014 Fiscal Year Final Research Report

• Project/Area Number: 23530562
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Accounting
• Research Institution: Hokkaido University
• Principal Investigator: SAKURADA Yuzuru 北海道大学, 経済学研究科(研究院), 准教授 (10335763)
• Co-Investigator(Kenkyū-buntansha): OHSAWA Hiroyuki 新潟経営大学, 経営情報学部, 准教授 (30468962) ; OHNUMA Hiroshi 東京理科大学, 経営学部経営学科, 准教授 (00292079) ; KATOH Keikichi 弘前大学, 人文学部, 教授 (70353240) ; NAKASHIMA Shigeyuki 北海商科大学, 商学部, 教授 (80438390)
• Project Period (FY): 2011-04-28 – 2015-03-31
• Keywords: 移転価格税制 / 無形資産 / コーポレートガバナンス / タックスマネジメント / 連結納税制度 / 資本剰余金配当 / イベントスタディ

Outline of Final Research Achievements

The 1st academic contribution is following:
The Transfer Pricing Taxation (i.e.TPT) is introduced to suppress the outflow of the profits and the tax. Because the attention of society is high, Japanese capital market showed a statistically significant negative reaction. We conduct the event study analysis to clarify the reason why market responded to the report of TPT application. We consider this result as the strong evaluation to the corporate activity. We conduct the multiple regression analysis where this result of the market reaction comes from. And the 2nd is following:
Another objective of this research is to observe the payment of capital surplus dividends and examine how it is evaluated by investors after they obtain information on capital surplus dividend payments. The research considers the reasons behind such payment. Consequently, this study concludes that there appears to be some companies listed in emerging markets who should not be paying capital surplus dividends.

Free Research Field

税務会計