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1、Long-RunCorporateTaxAvoidanceScottDyrengUniversityofNorthCarolinaMichelleHanlonUniversityofMichiganEdwardL.MaydewUniversityofNorthCarolinaOctober7,2005Preliminary.Pleasedonotquote.AbstractHowprevalentislong-runcorporatetaxavoidance?Surprisingly,therea
2、ppearstobenopublishedacademicworkaddressingthisbasicquestion.Wedefinetaxavoidancebasedontheabilitytosustainacasheffectivetaxrate(theratioofcashtaxespaidtopretaxincome)belowthestatutorytaxrate.Itisimportanttonotethatavoidingtaxesdoesnotimplythatafirmha
3、sdoneanythingimproper.Therearenumerousprovisionsinthetaxcodethatalloworencouragefirmstoreducetheirtaxes.Weinvestigatetheextenttowhichfirmsareabletoengageincorporatetaxavoidanceoverperiodsaslongastenyears.Wefindthat437firms,comprising22percentofoursamp
4、le,wereabletosustainacasheffectivetaxrateoflessthan20percentoveratenyearperiod.Aninitialexaminationofthecharacteristicsofsuccessfullong-runtaxavoidersshowsthattheyarespreadacrossindustriesbutclustersomewhatincertainindustriessuchasoilandgasextraction,
5、insurance,andrealestate.Othercharacteristicsassociatedwithlong-runtaxavoidanceincludehavinglargefirmsize,beingincorporatedinataxhaven,havinghighratiosofproperty,plantandequipmenttoassets,beingintangibleintensive,andbeinghighlylevered.Long-RunCorporate
6、TaxAvoidance1.IntroductionArefirmsabletoavoidcorporateincometaxessuccessfullyoverlongperiodsoftime?Ifso,howprevalentislong-runtaxavoidance?Whatarethecharacteristicsoffirmsthatsuccessfullyavoidincometaxesoverlongperiods?Surprisingly,weareawareofnopubli
7、shedacademicresearchthatdirectlyaddressesthesebasicquestions.Priortaxresearchhasmadegreatstridesinunderstandinghowtaxesaffectspecificdecisionsthatfirmsmake(e.g.,howmuchleveragetouse,Graham,2000).Muchlessisknownaboutfirms’overalltaxavoidance1overshortp
8、eriods,letalonetheirabilitytoavoidtaxesoverlongperiodsoftime.Corporatetaxavoidancehasreceivedmuchattentionthroughoutthelasttwenty-fiveyears.Forexample,evidenceofcorporatetaxavoidanceledtotheTaxReformActof1986,thelargestoverhauloftheU.S.taxcode
