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1、CorporateTax-PlanningEffectiveness:TheRoleofCompensation-BasedIncentives(Ⅰ)JohnD.PhillipsUniversityofConnecticutABSTRACTThisstudyinvestigateswhethercompensatingchiefexecutiveofficersandbusiness-unitmanagersusingafter-taxaccounting-basedperformancemeasuresleadstolowereffectiv
2、etaxrates,theempiricalsurrogateusedfortax-planningeffectiveness.Utilizingproprietarycompensationdataobtainedinasurveyofcorporateexecutives,therelationbetweeneffectivetaxratesandafter-taxperformancemeasuresismodeledandestimatedusingatwo-stepapproachthatcorrectsfortheendogenei
3、tybiasassociatedwithfirms'decisionstocompensatemanagersonapre-versusafter-taxbasis.Theresultsareconsistentwiththehypothesisthatcompensatingbusiness-unitmanagers,butnotchiefexecutiveofficers,onanafter-taxbasisleadstolowereffectivetaxrates.KEYWORDStaxplanning;performancemeasur
4、es;endogenoustreatmenteffects.I.INTRODUCTIONEffectivetaxplanning,definedbyScholesetal.(2002)astaxplanningthatmaximizesthefirm'sexpecteddiscountedafter-taxcashflows,requiresmanagerstoconsidertheirdecisions'after-taxconsequences.Inthispaper,Iinvestigatewhetherafter-taxaccounti
5、ng-basedperformancemeasuresleadtolowereffectivetaxrates(ETR),myempiricalsurrogatefortaxplanningeffectiveness.1TheETR,anincome-statement-basedoutcomemeasurecalculatedastheratiooftotalincometaxexpensetopre-taxincome,generallymeasurestheeffectivenessoftaxreductionstrategiesthat
6、leadtohigherafter-taxincome.AlowerETR,however,canonlyproxyfortaxsavingsanddoesnotalwaysimplythatafter-taxincomeand/orcashflowshavebeenmaximized.2Despitethislimitation,theETRhasbeenusedtomeasuretheeffectivenessofspendingonthetaxfunction(Millsetal.1998)andcorporatetaxdepartmen
7、tperformance(Douglasetal.1996).Also,loweringtheETRisfrequentlycitedasawaytoincreaseearnings17(e.g.,Ziegler1997)andincreaseshareprice(e.g.,Mintz1999;Swenson1999).Accountingresearchhasaddressedtherelationbetweenaccounting-basedcompensationandmanagers'actions(e.g.,Larcker1983;H
8、ealy1985;Wallace1997).Thispaperisthefirsttoaddresswhetherafter-taxaccountin
