公司税收规避、税率持续性与股票收益波动率

从税率平稳性角度看,避税活动是否会增加税率波动性进而给企业带来高风险是一个值得探讨的重要问题。从动态视角研究发现,避税是一种策略性行为,低实际税率的企业相比高实际税率的企业,其税率在长时期内能够保持平稳。此外,避税活动并不一定会带来未来税率和股票收益的波动性。这说明公司通常采用持续、稳定的税收策略,不会带来公司风险的激增。进一步研究发现：节税率的波动性与公司未来股票收益波动存在着显著正相关,即当避税引起税率波动较大时,会带来公司股票收益风险的增加。     

Stereotypical or just typical: how do US practitioners view the role and function of gender stereotypes in advertisements?

There is a long and diverse literature on gender stereotypes in advertising; however, US practitioners’ perspectives on the role and function of stereotypes in advertising remain unknown. Understanding professionals’ views on whether and how stereotypes communicate is important for anyone who believes it beneficial to reduce future stereotypical representations. Using qualitative interviews with 42 practitioners, this study detailed seven themes concerning professionals’ perceptions of the role and function of stereotypes in advertising, including beliefs that stereotypes are based in truth, are attractive to audiences, communicate quickly, simplify processing, prevent distraction, prevent thinking, and are the obvious solution. Practitioners felt stereotypes were used most appropriately when they were subverted or challenged in advertising messages. Stereotypes were most inappropriate when they reinforced negative perceptions. Four factors believed to drive the use of stereotypes in advertising are discussed.     

The influence of gender on the effectiveness of probability markers in advertising

The results of two studies reveal that gender plays a moderating role on the effects that the use of probability markers (hedges – e.g., possibly, could help; and pledges – e.g., definitely, without a doubt) in advertising copy has on consumers' attitudes towards the brand advertised and purchase intentions. Women, as comprehensive processors, are not particularly sensitive to probability markers, which function as heuristic cues. Men, on the other hand, display higher levels of sensitivity towards probability marker usage; more precisely, their responses show preference towards the use of hedges over both pledges and no probability markers in advertising copy. Interactions with product category involvement, buying motivation (hedonic or utilitarian), and familiarity with the brand advertised are also explored.     

Cross‐cultural tourist behaviour: a replication and extension involving Hofstede's uncertainty avoidance dimension

Hofstede's five cross‐cultural dimensions have been broadly applied in the literature. Money and Crotts recently applied the dimension of uncertainty avoidance to a matched sample comprised of low uncertainty avoidance German and high uncertainty avoidance Japanese tourists, finding their behaviours consistent with those behaviours predicted by Hofstede. This study both replicates and extends their research across a representative sample of first time leisure visitors to the USA representing 58 nations. It was found that visitors from high uncertainty avoidance cultures exhibited behaviours consistent with those of the Japanese in the Money and Crotts research, whereas visitors from low‐uncertainty avoidance cultures behaved similarly to their German subjects. Such findings, across a broad sample population, validate the original research through a more rigorous test of its propositions, provide increased confidence regarding their generalisability, and further contribute to our understanding of the influence of national culture on tourist behaviour. Copyright © 2004 John Wiley &Sons, Ltd.     

Modelling the hidden economy and the tax-gap in New Zealand

This paper develops and estimates a structural, latent variable, model for the hidden economy in New Zealand, and a separate currency-demand model. The estimated latent variable model is used to generate an historical time-series index of hidden economic activity, which is calibrated via the information from the currency-demand model. Special attention is paid to data non-stationarity, and to diagnostic testing. Over the period 1968 to 1994, the size of the hidden economy is found to vary between 6.8% and 11.3% of measured GDP. This, in turn, implies that the total tax-gap is of the order of 6.4% to 10.2% of total tax liability in that country. Of course, not all of this foregone revenue would be recoverable, as not all of the activity in the underground economy is responsive to changes in taxation or other policies. First version received: August 1997/Final version received: March 1999     

中国视角:收入来源国与跨国公司的税收博弈

跨国公司经济实力强大、现代企业制度完备、经营结构合理、享有垄断与内部化优势.跨国公司全球范围内追求集团利益最大化,内部管理的高效率、信息沟通的高科技,以及对税收筹划的高度重视,都对收入来源国提出了严峻挑战.跨国公司在中国发展迅速,也存在大量的避税问题.中国已经开展了20年的反避税工作,但在制度建设以及针对跨国公司避税特点采取强力度措施方面进展不够.新的两税合一的<企业所得税法>及其<实施条例>,以及预约定价制度是重大进步,但要很好地贯彻执行还需做出多方面的努力.     

广告收入上限的规制涵义--基于电视产业的分析

文章在电视产业规制实践的基础上,把节目编排作为衡量电视传播企业的主要产出,在理论上证明了当观众的总需求固定时,三类电视频道都存在基于DEA的广告收入上限,其规制涵义在于,当把广告收入看作规制者给予电视传播企业的一种转移支付的形式时,基于DEA的广告收入上限给出了促进三种经营方式竞争的规制框架,因此,国家对广告收入上限的规制有着合理的理论基础。     

Gay men's holiday destination choice: a case of risk and avoidance

Gay men are subject to discrimination and social disapproval in many parts of the world. This paper examines the possible impact of this on choice of holiday destination, drawing on the concepts of risk and destination avoidance. A number of interviews were held with gay men and it was concluded that risk of adverse reactions and of the need to modify behaviour were significant issues in destination avoidance and choice. It is possible, as a consequence, to classify holiday‐taking by gay men into a typology including gay‐centric and gay‐related. In addition, it is appropriate to modify existing models of risk‐avoidance through the addition of the risks that are more applicable to gay men than to other tourists. Copyright © 2002 John Wiley & Sons, Ltd.     

COVID-19 and corporate tax avoidance: International evidence

Governments across the globe initiated various tax reforms in the post- Global Financial Crisis period to rein in aggressive corporate tax avoidance for managing budget deficits. These developments created new realities in the international business environment by altering the costs and benefits of corporate tax management. Yet, we have a limited understanding of the effectiveness of tax reforms in controlling corporate tax avoidance at the global level. COVID-19 offers a litmus test for how corporates manage their taxes during the pandemic in light of past tax reforms. We use financial constraints and reputational costs as two contradicting theoretical perspectives to explain corporate tax avoidance during the crisis. Consistent with the financial constraints hypothesis, we find that firms avoid taxes amid COVID-19 to prevent liquidity crunches. Our study also highlights the role of country-level information and governance quality in curbing tax avoidance during extreme events like COVID-19. Our findings call for an immediate tax policy intervention to limit corporate tax avoidance during the ongoing pandemic phases.     

ADVERTISING SUNK COSTS AND CREDIBLE SPATIAL PREEMPTION

Large sunk investments in advertising allow managers to credibly preempt potential entrants by introducing new products prior to anticipated increases in market growth. Previous investment in advertising can lower a firm's cost to introduce new products allowing it to credibly preempt potential entrants. Entrants may not have enough residual share to find it profitable to enter later, and incumbents find it profitable to keep new products in the market even if entrants choose to enter. I present empirical evidence from the RTE cereal industry.