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  1. How do investors value the publication of tax information?
    evidence from the European public country-by-country reporting
    Autor*in: Müller, Raphael; Spengel, Christoph; Weck, Stefan
    Erschienen: [2021]
    Verlag:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    We examine the capital market reaction to the announcement of the European Union (EU) to introduce a public tax country-by-country reporting (CbCR) regime. By employing an event study methodology, we find a significant cumulative average abnormal... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 15
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Mannheim
    Fernleihe:
    keine Fernleihe

     

    We examine the capital market reaction to the announcement of the European Union (EU) to introduce a public tax country-by-country reporting (CbCR) regime. By employing an event study methodology, we find a significant cumulative average abnormal return (CAAR) of -0.699%, which translates into a monetary value drop of approximately EUR 65 billion. We conclude that investors evaluate reputational risks arising from public scrutiny and competitive disadvantages to outweigh potential benefits of an extended information environment or more sustainable corporate tax strategies. In cross-sectional tests, we find that the average investor reaction is more pronounced for firms with low effective book tax rates, indicating that reputational concerns play a significant role in the marginal investor's investment behavior. Furthermore, our cross-sectional results indicate that the market reaction is stronger for firms operating in industries with high growth in market participants, providing an initial indication for the role of the competitive environment as an additional channel. Our inferences are of particular importance in light of the current ongoing debates on similar disclosure rules (particularly in the United States; cf. "Disclosure of Tax Havens and Offshoring Act") as well as for sustainability standard setters.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/244406
    Auflage/Ausgabe: This version: October 2021
    Schriftenreihe: Discussion paper / ZEW ; no. 21, 077 (10/2021)
    Schlagworte: tax transparency; tax disclosure; tax avoidance; event study; country-by-country reporting
    Umfang: 1 Online-Ressource (44 Seiten), Illustrationen
  2. Leveling the playing field?
    a qualitative and quantitative examination of the EU directive on public country-by-country reporting
    Autor*in: Gundert, Hannah; Spengel, Christoph; Weck, Stefan
    Erschienen: [2024]
    Verlag:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    The recent enactment of Directive 2021/2101 by the EU introduces a public Country-by-Country Reporting (CbCR) regime, with the aim of promoting a level playing field for businesses operating within the EU Single Market. The directive seeks to bolster... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 15
    Fernleihe:
    keine Fernleihe

     

    The recent enactment of Directive 2021/2101 by the EU introduces a public Country-by-Country Reporting (CbCR) regime, with the aim of promoting a level playing field for businesses operating within the EU Single Market. The directive seeks to bolster tax transparency requirements for multinational enterprises (MNEs), with the objective of reducing disparities in international tax planning potential when compared to smaller, domestic firms. However, the efficacy of public CbCR in achieving this objective hinges on equitable treatment of MNEs, irrespective of their geographical location. In this study, we examine whether the public CbCR Directive introduces unintended disparities between (1) MNEs domiciled in different EU member states and (2) MNEs domiciled within and outside of the EU. Employing an expert survey, we assess the national implementation of the directive across member states, revealing significant variations, particularly concerning the deferment of sensitive information disclosure and permitted data sources. Subsequently, conducting a descriptive analysis of firm-level financial and ownership data, we analyze the differential impact on MNEs domiciled within versus outside the EU. Our findings indicate that the directive predominantly affects MNEs headquartered in the EU, with these entities disclosing, on average, a significantly higher proportion of their global operations on a disaggregated, country-by-country basis. We conclude that the current form and implementation of the directive likely introduces unintended disparities, contrary to the intended goal of establishing a level playing field, and suggest stronger guidance and fewer transposition options.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/289453
    Auflage/Ausgabe: This version: March 2024
    Schriftenreihe: Discussion paper / ZEW ; no. 24, 019 (03/2024)
    Schlagworte: tax transparency; tax disclosure; country-by-country reporting; European Union
    Umfang: 1 Online-Ressource (circa 45 Seiten), Illustrationen