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Executive Compensation and Tax Havens

Fri, March 14, 1:30 to 3:00pm, Sheraton Dallas Hotel, TBA

Abstract

This paper analyzes the links between corporate tax avoidance, specifically for firms having subsidiaries in tax haven countries, and the compensation incentives for managers. Our empirical study finds that incentive compensation changes firms’ tax sheltering decisions. Executive equity-based compensation positively affects the likelihood of having tax-haven subsidiaries. Our results also show firms with higher ROAs, higher stock returns, and larger firms, are more likely to have subsidiaries in tax haven countries, while executive age and sales growth do not affect the likelihood of tax-haven subsidiaries.

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