Corporate Tax Integrity and the Cost of Debt: Evidence from China

被引：12

作者：

Wang, Pin ^{[1
]}

Zhou, Ali ^{[1
]}

Wang, Yi ^{[2
]}

机构：

[1] Guangdong Polytech Normal Univ, Sch Finance & Econ, Guangzhou, Peoples R China

[2] Peking Univ, Guanghua Sch Management, Beijing, Peoples R China

来源：

EMERGING MARKETS FINANCE AND TRADE | 2022年 / 58卷 / 06期

关键词：

Corporate tax integrity; cost of debt; business risk; SOCIAL-RESPONSIBILITY; GOVERNMENT OWNERSHIP; NATIONAL CULTURE; TRUST;

D O I：

10.1080/1540496X.2021.1921731

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study examines whether and how tax integrity affects the cost of debt. Whereas most previous studies capture firms' trust indirectly, we capture a firm's earned trust more directly by using its tax-paying credit rating as a proxy. We find that tax integrity is negatively related to the cost of debt. We also examine whether the firm ownership affects the relationship between a firm's tax integrity and the cost of debt, and find a negative effect that is only significant for non-state-owned enterprises. Finally, we identify business risk as a channel through which tax integrity affects the cost of debt.

引用

页码：1702 / 1711

页数：10

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