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A new study finds companies that are more aggressive in their tax planning tend to do a worse job of managing their workforce. Specifically, these companies were more likely to be “underemployed,” meaning they hadn’t hired enough staff to operate efficiently.
“攻击性税收筹资意味着公司将有更多的现金，因此应该能够在劳动力的劳动力中投入更多，”北卡罗来纳州北卡罗来纳州的助理助理教授大学。“我们想知道这是否实际上是在现实世界中播放。事实证明，从事侵略性税收筹资的公司实际上正在努力投资劳动力 - 以及对整体运营效率的影响。“
Labor investment efficiency is when a company has the amount of workers it needs. If it needs 10 workers, and it has nine, then it is underemployed – and won’t have enough people to do all of its work. If it has 11 employees, then it is overemployed – and won’t have enough work to support its workforce.
研究人员从3,610名公开交易美国公司收集数据，从而查看税收筹划和劳动投资之间的关系。具体而言，他们从总共21,345个年度报告中收集了这些公司的数据。
为了评估每个公司的税收筹划程度如何，研究人员看着每家公司相对于其利润支付的税款。支付的税收较少，公司的税收规划越咄咄逼人。
为了评估劳动力效率，研究人员看了各种因素 - 例如销售增长，整体公司资产以及雇用在给定年份的人数。
“例如，如果公司的销售额下降，你会期待雇用减少，”高盛说。“但是我们在这里看了很少的变量，因此计算劳动效率的计算实际上比这更复杂。
“我们的观点的简短版本是，从事侵略性税收计划的公司并没有做好招聘以满足其劳动力需求的良好工作，”Goldman说。
Here’s why.
Aggressive tax planning requires companies to embrace a certain amount of uncertainty. For example, there’s always the possibility a company will be audited and have to pay more in taxes and fines than it anticipated. Similarly, there are indirect risks, such as facing public relations or political challenges as a result of paying too little in taxes.
“我们的研究表明，与攻击性税务规划相关的风险和不确定性使得公司更加谨慎地参与长期投资，如招聘，”高盛表示。
These findings were strongest among firms that took on greater tax risk, higher labor costs and weaker corporate governance. Companies with “weaker corporate governance” are subject to less institutional oversight, and garner less attention from external analysts, than their peers.
“最终,外卖业务勒的消息aders is that they need to think about whether aggressive tax strategies ultimately benefit the company,” Goldman says. “If those tax strategies mean a company is not investing efficiently in its workforce, that could hurt the company’s bottom line. Basically, is the labor inefficiency costing the company more than it saved in taxes?”
本文，“积极的税收计划和劳动力投资,” is published in theJournal of Accounting, Auditing & Finance. First author of the paper is Simone Traini of the Norwegian School of Economics. The paper was co-authored by Christina Lewellen, an assistant professor of accounting at NC State.
- 船员 -
编辑注：这项研究摘要跟随。
“积极的税务计划和劳工投资”
Authors: Simone Traini, Norwegian School of Economics; Nathan C. Goldman and Christina M. Lewellen, North Carolina State University
发表：4月5日，Journal of Accounting, Auditing & Finance
迪伊：10.1177 / 0148558x221089638
抽象的：我们审查美国公司积极税收规划与劳动力投资效率之间的关联。劳动力是对许多公司的材料的重要意义，而现有的研究表明，劳动力投资效率低下可以影响未来的盈利能力和增长。我们提供了有证据表明，从事侵略性税务计划的公司与预期劳动力投资的偏差有关，这表明劳动力投资效率低下。我们发现，我们的结果集中在劳动力下，与侵略性税务计划中的风险和不确定性一致，在投资时更加谨慎地制定公司。我们的研究结果在具有更高税收风险，劳动力成本和较弱的公司治理方面的公司中最强大。我们的研究通过提供有证据表明在侵略性税务计划和劳动力投资之间存在权衡，有助于审查税务计划后果。因此，我们的结果表明，经理应仔细考虑税务计划的现金流量效益与较低劳动力投资的潜在影响，以确保税务策略的总体长期效应是增值。
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