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Taxation and Corporate Risk-Taking

Langenmayr, Dominika ; Lester, Rebecca

The Accounting review, 2018-05, Vol.93 (3), p.237-266 [Periódico revisado por pares]

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Título:
Taxation and Corporate Risk-Taking
Autor: Langenmayr, Dominika ; Lester, Rebecca
Assuntos: Corporate income tax ; Corporate taxes ; Incentives ; Investments ; Net operating losses ; Risk behavior ; Risk exposure ; Risk taking ; Studies ; Tax rates ; Taxation
É parte de: The Accounting review, 2018-05, Vol.93 (3), p.237-266
Descrição: We study whether the corporate tax system provides incentives for risky firm investment. We analytically and empirically show two main findings: first, risk-taking is positively related to the length of tax loss periods because the loss rules shift some risk to the government; and second, the tax rate has a positive effect on risk-taking for firms that expect to use losses, and a weak negative effect for those that cannot. Thus, the sign of the tax effect on risky investment hinges on firm-specific expectations of future loss recovery.
Editor: Sarasota: American Accounting Association
Idioma: Inglês

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