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Title: 移転価格税制の適用と資本市場の評価に関する実証研究
Authors: 加藤, 惠吉 Browse this author →KAKEN DB
大沼, 宏 Browse this author →KAKEN DB
櫻田, 譲 Browse this author →KAKEN DB
Keywords: tax management
tax avoidance
transfer pricing taxation
event study
intangible assets
corporate governance
Issue Date: Mar-2015
Publisher: 東北大学経済学会
Journal Title: 研究年報経済学
Volume: 75
Issue: 1-2
Start Page: 33
End Page: 49
Abstract: The Taxation Agency introduced the Transfer Pricing Taxation, in order to suppress the outflow of the profits and the tax of the Japanese company which advances to overseas. There are also many cases by which Press reports are carried out about Transfer Pricing Taxation application, and attention of society is also high. With regard to this point, Japanese capital market showed a statistically significant negative reaction. We conduct the event study analysis to clarify the reason why market responded to the report of Transfer Pricing Taxation application. We consider this result as the strong evaluation to the corporate activity. Regarding this point, we compose the cumulative abnormal return around the date about the press. We conduct the two stage least square estimation where this result of the market reaction comes from. It was verified as a result of analysis that the variable about intangible assets, effective tax return, and the variable which stands for the extent of Corporate Governance are statistically significant to these reactions.
Type: article (author version)
Appears in Collections:経済学院・経済学研究院 (Graduate School of Economics and Business / Faculty of Economics and Business) > 雑誌発表論文等 (Peer-reviewed Journal Articles, etc)

Submitter: 櫻田 譲

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