臺灣博碩士論文加值系統

本篇論文主要探討機構投資人與避稅之關聯性，樣本來自2000年至2015年台灣上市上櫃公司，資料庫選用台灣經濟新報(蒐集財會資訊)及產業永續發展整合資訊網(蒐集企業社會責任資訊)。實證結果顯示機構投資人持股較多的公司偏好避稅活動；然而，我們將機構投資人再分為兩類：國內機構投資人及國外機構投資人。實證結果發現，國外機構投資人持股較高的公司較喜愛避稅。本篇論文最後再探討機構投資人與避稅之間是否受到CSR調節，實證結果顯示CSR確實有調節作用。整體來說機構投資人支持公司避稅來增加公司價值，特別是國外機構投資人。

This paper mainly examines the relationship between institutional investors and tax aggressiveness by using a sample of Taiwanese listed firms from 2000-2015, the required data from the Database of the Taiwan Economic Journal (for financial accounting information), and the industrial sustainable development clearinghouse on-line platform (for CSR information). The result shows that firms with more institutional investors are more tax aggressive; then, institutional investors are divided into two categories: domestic institutional investors and foreign institutional investors. The result finds that firms with relatively higher levels of foreign institutional investors are tax aggressive. Finally, this paper examines whether the relationship between institutional investors and tax aggressiveness is moderated by CSR. The results show that moderators are negatively significant to tax aggressiveness in some situations. Overall, the results of this paper find that institutional investors prefer that firms engage in more tax aggressive behavior to increase firm value, especially foreign institutional investors.

1. Introduction ............................................... 1
2. Literature review .......................................... 5
2.1. Institutional investors .................................. 5
2.1.1. Introduction to the institutional investor .............. 5
2.1.2. Types of institutional investor ......................... 5
2.1.3. Role of institutional investors ......................... 8
2.1.4. Institutional investors and market reaction ............. 8
2.1.5. Institutional shareholder activism ...................... 9
2.2. Tax aggressiveness ....................................... 11
2.2.1. Tax issue .............................................. 11
2.2.2. Measures of tax aggressive behavior .................... 13
2.3. Corporate social responsible ............................. 14
3. Hypotheses development and model design .................... 15
3.1. Hypotheses development ................................... 15
3.2. Model design ............................................. 20
3.2.1. Dependent variables .................................... 24
3.2.2. Independent variables .................................. 24
3.2.3. Control variables ...................................... 25
3.3. Data sources ............................................. 27
4. Results .................................................... 29
4.1. Descriptive statistics ................................... 29
4.2. Industry distribution .................................... 32
4.3. Pearson correlations ..................................... 37
4.4. Empirical results ........................................ 42
4.4.1. OLS Regression – Hypothesis 1 .......................... 42
4.4.2. OLS Regression – Hypothesis 2 and 3 .................... 45
4.4.3. OLS Regression – Hypothesis 4 .......................... 47
5. Conclusion ................................................. 51
5.1. Contributions............................................. 51
5.2. Limitations .............................................. 52
5.3. Future research directions ............................... 53
References .................................................... 55

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