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1、JournalofAccountingandEconomics60(2015)1–17ContentslistsavailableatScienceDirectJournalofAccountingandEconomicsjournalhomepage:www.elsevier.com/locate/jae$Corporategovernance,incentives,andtaxavoidanceaa,nbChristopherS.Armstrong,JenniferL.Blouin,AlanD.Jagolinz
2、er,cDavidF.LarckeraTheWhartonSchool,UniversityofPennsylvania,USAbLeedsSchoolofBusiness,UniversityofColorado,USAcGraduateSchoolofBusiness,RockCenterforCorporateGovernance,StanfordUniversity,USAarticleinfoabstractArticlehistory:Weexaminethelinkbetweencorporatego
3、vernance,managerialincentives,andcorporateReceived17April2013taxavoidance.SimilartootherinvestmentopportunitiesthatinvolveriskyexpectedcashReceivedinrevisedformflows,unresolvedagencyproblemsmayleadmanagerstoengageinmoreorless25February2015corporatetaxavoidance
4、thanshareholderswouldotherwiseprefer.ConsistentwiththeAccepted25February2015mixedresultsreportedinpriorstudies,wefindnorelationbetweenvariouscorporateAvailableonline14March2015governancemechanismsandtaxavoidanceattheconditionalmeanandmedianofthetaxJELclassific
5、ation:avoidancedistribution.However,usingquantileregression,wefindapositiverelationG34betweenboardindependenceandfinancialsophisticationforlowlevelsoftaxavoidance,H25butanegativerelationforhighlevelsoftaxavoidance.TheseresultsindicatethattheseH26governanceattr
6、ibuteshaveastrongerrelationwithmoreextremelevelsoftaxavoidance,K34whicharemorelikelytobesymptomaticofover-andunder-investmentbymanagers.M41&2015ElsevierB.V.Allrightsreserved.Keywords:TaxaggressivenessFIN48TaxavoidanceCEOincentivesCorporategovernance1.Introduct
7、ionWeexaminetheroleofgovernanceintaxplanningdecisionstohelpresolvethedebateinthegovernanceandtaxliteraturesaboutwhetheralinkexistsbetweenfirms'corporategovernancestructures,includingmanagers'incentive-compensationcontracts,andcorporatetaxavoidance.Thedebateexi
8、sts,inpart,becausepriorresearchreliesonDesaiandDharmapala's(2006)theorythatprovidescounterintuitivepredictionsaboutthelinkbetweengovernanceandtaxavoidancedecisions.Inparticular,Des
