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1、CorporateTax-PlanningEffectiveness:TheRoleofCompensation-BasedIncentives(Ⅰ)JohnD.PhillipsUniversityofConnecticutABSTRACTThisstudyinvestigateswhethercompensatingchiefexecutiveofficersandbusiness-unitmanagersusingafter-taxaccounting-basedperformancemeasuresleads
2、tolowereffectivetaxrates,theempiricalsurrogateusedfortax-planningeffectiveness.Utilizingproprietarycompensationdataobtainedinasurveyofcorporateexecutives,therelationbetweeneffectivetaxratesandafter-taxperformancemeasuresismodeledandestimatedusingatwo-stepappro
3、achthatcorrectsfortheendogeneitybiasassociatedwithfirms'decisionstocompensatemanagersonapre-versusafter-taxbasis.Theresultsareconsistentwiththehypothesisthatcompensatingbusiness-unitmanagers,butnotchiefexecutiveofficers,onanafter-taxbasisleadstolowereffectivet
4、axrates.KEYWORDStaxplanning;performancemeasures;endogenoustreatmenteffects.I.INTRODUCTIONEffectivetaxplanning,definedbyScholesetal.(2002)astaxplanningthatmaximizesthefirm'sexpecteddiscountedafter-taxcashflows,requiresmanagerstoconsidertheirdecisions'after-taxc
5、onsequences.Inthispaper,Iinvestigatewhetherafter-taxaccounting-basedperformancemeasuresleadtolowereffectivetaxrates(ETR),myempiricalsurrogatefortaxplanningeffectiveness.1TheETR,anincome-statement-basedoutcomemeasurecalculatedastheratiooftotalincometaxexpenseto
6、pre-taxincome,generallymeasurestheeffectivenessoftaxreductionstrategiesthatleadtohigherafter-taxincome.AlowerETR,however,canonlyproxyfortaxsavingsanddoesnotalwaysimplythatafter-taxincomeand/orcashflowshavebeenmaximized.2Despitethislimitation,theETRhasbeenusedt
7、omeasuretheeffectivenessofspendingonthetaxfunction(Millsetal.1998)andcorporatetaxdepartmentperformance(Douglasetal.1996).Also,loweringtheETRisfrequentlycitedasawaytoincreaseearnings14(e.g.,Ziegler1997)andincreaseshareprice(e.g.,Mintz1999;Swenson1999).Accountin
8、gresearchhasaddressedtherelationbetweenaccounting-basedcompensationandmanagers'actions(e.g.,Larcker1983;Healy1985;Wallace1997).Thispaperisthefirsttoaddresswhetherafter-taxaccountin
