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dc.contributor.author
Kladou, Xanthippi
en
dc.date.accessioned
2017-03-23T16:58:22Z
dc.date.available
2017-03-24T01:00:15Z
dc.date.issued
2017-03-23T16:58:22Z
dc.identifier.uri
https://repository.ihu.edu.gr//xmlui/handle/11544/15200
dc.rights
Default License
dc.subject
Family ownership
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dc.subject
Government ownership
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dc.subject
Foreign ownership
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dc.subject
Tax aggressiveness
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dc.subject
Tax measurement
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dc.title
Firm Level Ownership Structure and the Effect on Responses to Taxation in Greece
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heal.type
masterThesis
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heal.generalDescription
This study investigates how three types of ownership- family, government and foreign- affect a firm’s tax aggressiveness. The sample is consisted of Greek listed firms during 2012-2015. The measure of tax aggressiveness that it is used in this study is effective tax rate. My hypotheses are that family firms and government-controlled firms are less likely to enhance tax aggressive policies while on the other hand foreign firms are more likely to be related to tax avoidance.
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heal.keywordURI.LCSH
Taxation--Greece
heal.keywordURI.LCSH
Family-owned business enterprises--Greece
heal.keywordURI.LCSH
Family-owned business enterprises--Taxation--Greece
heal.keywordURI.LCSH
Family-owned business enterprises--Finance--Greece
heal.keywordURI.LCSH
Corporate governance--Greece
heal.keywordURI.LCSH
Business enterprises, Foreign--Greece
heal.language
en
el
heal.access
free
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heal.license
http://creativecommons.org/licenses/by-nc/4.0
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heal.references
1. Anderson, R.C. and Reeb, D.M. (2003) Founding - family ownership and firm performance: Evidence from the S&P 500, The Journal of Finance, 58, pp. 1301 - 1327. 2. Annuar, H.A., Salihu, I. A. and Obid, S.N.S. (2014) Corporate ownership, governance and tax avoidance: an interactive effect, Procedia - Social and Behavio ral Sciences, 164, pp. 150 - 160. 3. Michael G. Allingham and Agnar Sandmo (1972) Income tax evasion: A theoretical analysis, Journal of Public Economics 1 (1972) , pp. 323 - 338, North - Holland Publishing Company 4. Christopher S. Armstrong a, Jennifer L. Blouin a, David F. Larcker (2012) The incentives for tax planning, Journal of Acc ounting and Economics 53 (2012), pp. 391 – 411 5. Badertscher, B., Katz, S. and Rego, S. (2013) The separation of ownership and control and corporate tax avoidance, Journal of Accounting and Economics, 56, pp. 228 - 250. 6. Bradshaw, M., Liao, G. and Ma, M. (2016) Ownership structure and tax avoidance: evidence from agency costs of state ownership in china, Available at SSRN http://ssrn.com/abstract=2239837 7. Chan, K. H., Mo, P. L. L. and Zhou, A. Y. (2013) Government ownership, corporate governance and tax aggressiveness: evidence from China, Accounting and Finance, 53, pp. 1029 - 1051. 38 8. Chen, S., Chen, X., Cheng, Q. and Shevlin, T. (2010) Are family firms more t ax aggressive than non - family firms? Journal of Financial Economics, 95, pp. 41 – 61. 9. Christensen, J. and Murphy, R. (2004) The social irresponsibility of corporate tax avoidance: taking CSR to the bottom line, Society for International Development, 47, pp. 37 - 44. 10. Crocker, K. J. and Slemrod, J. (2005) Corporate tax evasion with agency costs, Journal of Public Economics, 89, pp. 1593 - 1610. 11. Demirguc - Kunt, A. and Huizinga, H. (2001) The taxation of domestic and foreign banking, Journal of Public Economics, 79, p p. 429 - 453. 12. Desai, M. and Dharmapala, D. (2006) Corporate tax avoidance and high - powered incentives, Journal of Financial Economics, 79, pp. 145 - 179. 13. Desai, M. and Dharmapala, D. (2009) Corporate tax avoidance and firm value, Review of Economics and Statis tics, 91, pp. 537 – 546. 14. Desai, M., Dyck, I. and Zingales, L. (2007) Theft and taxes, Journal of Financial Economics, 84, pp. 591 – 623. 15. Djankov, S. and Murrell, P. (2002) Enterprise restructuring in transition: a quantitative survey, Journal of Economic Liter ature, 40, pp. 739 - 792. 16. Dyreng, S., Hanlon, M. and Maydew, E. (2008) Long - run corporate tax avoidance, The Accounting Review, 83, pp. 61 – 82. 17. Egger, P., Eggert, W. and Winner, H. (2010) Saving taxes through foreign plant ownership, Journal of International Economics, 81, pp. 99 - 108. 18. Job Eshuis (2016) The effect of corporate ownership structures on tax avoidance, Faculty of Economics and Business, University of Amsterdam 19. Scott D. Dyreng, Michelle Hanlon, Edward L. Maydew (2010) The Effects of Executives on Co rporate Tax Avoidance , The Accounting Review Vol. 85, No. 4 2010 pp. 1163 - 1189 20. Fama, E., and Jensen, M. (1983) Separation of ownership and control, Journal of Law and Economics, 26, pp. 301 - 325. 21. Fama, E., and Jensen, M. (1983) Agency problems and residual claims, The Journal of Law & Economics, Vol. 26, No. 2, Corporations and Private (Jun., 1983), pp. 327 - 349 39 22. Mary Margaret Frank, Luann J. Lynch, Sonja Olhoft Rego (2009) Tax Reporting Aggressiveness and Its Relation to Aggressive Financial Reporting, The Accounting Review, Vol. 84, No. 2 (March 2009), pp. 467 - 496 23. Graham, J. and Tucker, A. (2006) Tax shelters and corporate debt policy, Journal of Financial Economics, 81, pp. 563 – 594. 24. Grubert, H., Goodspeed, T. and Swenson, D. (1993) Explaining the low taxab le income of foreign - controlled corporations in the United States, in: A. Giovannini, R. G. Hubbard and J. Slemrod (Eds) Studies in International Taxation, pp. 237 – 270 25. Hanlon, M. and Heitzman, S. (2010) A review of tax research, Journal of Accounting and Economics, 50, pp. 127 - 178. 26. Huizinga, H. and Nicodème, G. (2006) Foreign ownership and corporate income taxation: An empirical evaluation, European Economic Review, 50, pp. 1223 - 1244. 27. Jacob, M., Rohlfing - Bastian, A. and Sandner, K. (2014) Why do not all fi rms engage in tax avoidance? FAccT Center Working Paper, 19. 28. Khurana, I., and Moser, W. (2009). Institutional ownership and tax aggressiveness, Working Paper (University of Missouri) 29. Michael Kinney and Janice Lawrence (2000) An Analysis of the Relative U.S . Tax Burden of U.S. Corporations Having Substantial Foreign Ownership, National Tax Journal (March 2000) Vol. 53, No. 1, pp. 9 - 22 30. Langli, J.C. and Saudagaran, S.M. (2004) Taxable income differences between foreign and domestic controlled corporations in N orway, European Accounting Review, 13, pp. 713 - 741. 31. Lanis, R. and Richardson, G. (2011) The effect of board of director composition on corporate tax aggressiveness, Journal of Accounting and Public Policy, 30, pp. 50 - 70. 32. Mahenthiran, S. and Kasipillai, J. (2012) Influence of ownership structure and corporate governance on effective tax rates and tax planning: Malaysian evidence, Australian Tax Forum, 27, pp. 941 - 969. 33. Minnick, K. and Noga, T. (2010) Do corporate governance characteristics influence tax manag ement?, Journal of Corporate Finance, 16, pp. 703 - 718. 40 34. Sonja Olhoft Rego and Ryan Wilson (2011) Equity Risk Incentives and Corporate Tax Aggressiveness, Journal of Accounting Research Vol. 50 No. 3 June 2012, pp. 775 - 810 35. Salihu, I. A., Annuar, H. A. and Ob id, S. N. S. (2013) Measures of corporate tax avoidance: Empirical evidence from an emerging economy , International Journal of Business and Society, Vol. 14 No. 3, 2013, pp. 412 - 427 36. Scholes, M., Wolfson, M., Erickson, M., Maydew, E. and Shevlin, T. (2005) Taxes and business strategy: a planning approach, third ed. Pearson Prentice Hall, Upper Saddle River, New Jersey, pp. 638 - 641 37. Shackelford, D. and Shevlin, T. (2001) Empirical tax research in accounting, Journal of Accounting and Economics, 31, pp. 321 – 387. 38. Sun, Q. and Tong, W. H. (2003) China share issue privatization: the extent of its success, China Economic Review, 16, pp. 118 - 148. 39. Richard W. Tresch, (2002) Public Finance: A normative theory, San Diego: Academic Press, 2002, pp. 512 40. Weisbach, D. (2002) Ten truths about tax shelters, Tax Law Review, 55, pp. 215 - 253. 41. Wenfeng Wu, Oliver M. Rui and Chongfeng Wu (2013) Institutional environment, ownership and firm taxation, Evidence from China, Economics of Transition Volume 21(1) 2013, pp. 17 – 51 42. Tao Z eng (2011) Ownership Concentration, State Ownership, and Effective Tax Rates: Evidence from China’s Listed Firms, AP Vol. 9 No. 4 — PC vol. 9, no 4 (2011), pp. 271 - 289
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heal.recordProvider
School of Economics, Business Administration and Legal Studies, MSc in Banking and Finance
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heal.publicationDate
2017-01-23
heal.abstract
This study investigates how three types of ownership- family, government and foreign- affect a firm’s tax aggressiveness. The sample is consisted of Greek listed firms during 2012-2015. The measure of tax aggressiveness that it is used in this study is effective tax rate. My hypotheses are that family firms and government-controlled firms are less likely to enhance tax aggressive policies while on the other hand foreign firms are more likely to be related to tax avoidance. However, I conclude that the effective tax rate as tax measurement cannot function sufficiently in the context of the Greek market. Thus, my hypotheses cannot be tested.
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heal.tableOfContents
1 Introduction 1.1 Background 1.2 Research Question 1.3 Motivation and Contribution 2 Literature Review 2.1 Acceptations and definitions 2.1.1 Definition of tax avoidance 2.1.2 Measuring tax avoidance 2.1.3 Corporate ownership structures 3 Theory 3.1 Agency theory 3.2 Corporate governance 4 Hypotheses 5 Research methodology 5.1 Sample selection 5.2 Ownership distribution 5.3 Research design 5.3.1 Tax avoidance measurement 5.3.2 Model and variables 6 conclusion 7 Bibliography
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heal.advisorName
Sikalidis, Alexandros
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heal.committeeMemberName
Sikalidis, Alexandros
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heal.academicPublisher
IHU
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heal.academicPublisherID
ihu
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heal.numberOfPages
42
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heal.spatialCoverage
Greece
en


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