How Does Tax Avoidance Affect a Firm's Investment Inefficiency in Taiwan's Semiconductor Industry?

被引：0
|
作者：
Huang, Jr-Tsung [1 ]
Kuo, Po-Sheng [2 ]
机构：
[1] Natl Chengchi Univ, Dept Publ Finance, Taipei, Taiwan
[2] Cent Bank Republ China Taiwan, Dept Econ Res, Taipei, Taiwan
来源：
REVIEW OF DEVELOPMENT ECONOMICS | 2024年
关键词：
dynamic spatial autoregressive model; generalized method of moments; investment efficiency; spillover effect; tax avoidance; FREE CASH FLOW; PANEL-DATA; DYNAMIC-MODELS; CORPORATE; EARNINGS; LEVERAGE; QUALITY; TESTS;
D O I：
10.1111/rode.13170
中图分类号：
F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];
学科分类号：
0201 ; 020105 ; 03 ; 0303 ;
摘要：
This study examines an important issue regarding how tax avoidance affects a firm's investment inefficiency in Taiwan's semiconductor industry. In addition, the dynamic effect of a firm's investment inefficiency and spillover effect of investment inefficiency from competitors are also explored. This study adopts 44 listed firms from 2013 to 2021 and constructs the "competitor-dependence matrix" to replace the "spatial-dependence matrix" in the dynamic spatial autoregressive model. According to the difference generalized method of moments estimation, the primary finding of this study is that the tax avoidance has a statistically and significantly positive effect on a firm's investment inefficiency while it is overinvestment, but a negative effect while it is underinvestment. Moreover, the dynamic effect is statistically insignificant, but the spillover effect is statistically and significantly negative.
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页数：11
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