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Corporate tax avoidance and cost of equity capital: international evidence

机译：企业避税和股本资本成本：国际证据

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This study examines the association between firm's tax avoidance activities and cost of equity capital across 17 countries. Consistent with the prior study based on the U.S. evidence, within strong investor protection countries, the extent of firm's tax avoidance is negatively associated with its cost of equity capital. This result indicates that strong investor protection induces investors to perceive firm's tax avoidance activities as the results of efficient tax planning to reduce tax liabilities. To the contrary, we find that the extent of firm's tax avoidance is positively associated with its cost of equity capital within weak investor protection countries. This result suggests that investors impose equity risk premium on firm's tax avoidance activities in weak investor protection countries, where agency conflicts prevail more on firm's tax avoidance activities. As the first international study on the association between firm's tax avoidance activities and its cost of equity capital, this study contributes to the literature by suggesting that such an association may vary across countries depending on the strength of investor protection within each country of domicile.
机译：本研究介绍了17个国家的公司避税活动与股权成本之间的协会。与基于美国的先前的研究一致，在强大的投资者保护国内，公司避税的程度与其股本资本成本负相关。这一结果表明，强大的投资者保护诱使投资者认为公司的避税活动是有效的税收筹划结果，以减少税收负债。相反，我们发现公司避税的程度与弱势投资者保护国内的股本资本成本正相关。这一结果表明，投资者对企业在弱势投资者保护国家的避税活动上施加股票危险溢价，该机构冲突在公司的避税活动中普遍存在。作为公司税收避税活动与其股本资本成本的第一次国际研究，这项研究通过暗示这种协会可能因各国国家/地区的投资者保护而有所不同而有所不同。

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