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Daniel Wangerin - One of the best experts on this subject based on the ideXlab platform.
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the role of Managerial Ability in corporate tax avoidance
Management Science, 2017Co-Authors: Allison Koester, Terry Shevlin, Daniel WangerinAbstract:Most prior studies model tax avoidance as a function of firm-level characteristics and do not consider how individual executive characteristics affect tax avoidance. This paper investigates whether executives with superior Ability to efficiently manage corporate resources engage in greater tax avoidance. Our results show that moving from the lower to upper quartile of Managerial Ability is associated with a 3.15% (2.50%) reduction in a firm’s one-year (five-year) cash effective tax rate. We examine how higher-Ability managers reduce income tax payments and find that they engage in greater state tax planning activities, shift more income to foreign tax havens, make more research and development credit claims, and make greater investments in assets that generate accelerated depreciation deductions. Identifying a manager characteristic related to firms’ tax policy decisions adds to our understanding of the factors that explain the substantial variation in corporate income tax payments across firms. This pape...
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the role of Managerial Ability in corporate tax avoidance
Social Science Research Network, 2016Co-Authors: Allison Koester, Terry Shevlin, Daniel WangerinAbstract:Most prior studies model tax avoidance as a function of firm-level characteristics and do not consider how individual executive characteristics affect tax avoidance. This paper investigates whether executives with superior Ability to efficiently manage corporate resources engage in greater tax avoidance. Our results show that moving from the lower to upper quartile of Managerial Ability is associated with a 3.15 (2.50) percent reduction in a firm’s one-year (five-year) cash effective tax rate (ETR). We examine how higher Ability managers reduce income tax payments and find they engage in greater state tax planning activities, shift more income to foreign tax havens, make more R&D credit claims, and make greater investments in assets that generate accelerated depreciation deductions. Identifying a manager characteristic related to firms’ tax policy decisions adds to our understanding of the factors that explain the substantial variation in corporate income tax payments across firms.
Allison Koester - One of the best experts on this subject based on the ideXlab platform.
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the role of Managerial Ability in corporate tax avoidance
Management Science, 2017Co-Authors: Allison Koester, Terry Shevlin, Daniel WangerinAbstract:Most prior studies model tax avoidance as a function of firm-level characteristics and do not consider how individual executive characteristics affect tax avoidance. This paper investigates whether executives with superior Ability to efficiently manage corporate resources engage in greater tax avoidance. Our results show that moving from the lower to upper quartile of Managerial Ability is associated with a 3.15% (2.50%) reduction in a firm’s one-year (five-year) cash effective tax rate. We examine how higher-Ability managers reduce income tax payments and find that they engage in greater state tax planning activities, shift more income to foreign tax havens, make more research and development credit claims, and make greater investments in assets that generate accelerated depreciation deductions. Identifying a manager characteristic related to firms’ tax policy decisions adds to our understanding of the factors that explain the substantial variation in corporate income tax payments across firms. This pape...
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the role of Managerial Ability in corporate tax avoidance
Social Science Research Network, 2016Co-Authors: Allison Koester, Terry Shevlin, Daniel WangerinAbstract:Most prior studies model tax avoidance as a function of firm-level characteristics and do not consider how individual executive characteristics affect tax avoidance. This paper investigates whether executives with superior Ability to efficiently manage corporate resources engage in greater tax avoidance. Our results show that moving from the lower to upper quartile of Managerial Ability is associated with a 3.15 (2.50) percent reduction in a firm’s one-year (five-year) cash effective tax rate (ETR). We examine how higher Ability managers reduce income tax payments and find they engage in greater state tax planning activities, shift more income to foreign tax havens, make more R&D credit claims, and make greater investments in assets that generate accelerated depreciation deductions. Identifying a manager characteristic related to firms’ tax policy decisions adds to our understanding of the factors that explain the substantial variation in corporate income tax payments across firms.
Daphna Ehrlich - One of the best experts on this subject based on the ideXlab platform.
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The impact of Managerial Ability on crisis-period corporate investment
Journal of Business Research, 2017Co-Authors: Panayiotis C. Andreou, Isabella Karasamani, Christodoulos Louca, Daphna EhrlichAbstract:In this study, we document a strong positive relation between pre-crisis Managerial Ability and corporate investment during the crisis period, which remains robust in the presence of a large array of control variables capturing corporate governance attributes, executive compensation incentives and CEO characteristics. This relationship was prevalent only among firms with CEOs that had general Managerial skills, rather than firm-specific skills. Our results also show that the positive relationship between Managerial Ability and corporate investment was supported by the capacity of such firms to secure greater financing and be less vulnerable to financial constraints during the crisis. Finally, we find that, on average, the stock market evaluates crisis-period investments positively, yet this effect is evident solely among firms characterized by high pre-crisis Managerial Ability. Overall, the results are consistent with the view that high Managerial Ability helps to mitigate underinvestment problems during a crisis which in turn increases firm value.
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The Impact of Managerial Ability on Crisis-Period Corporate Investment
SSRN Electronic Journal, 2015Co-Authors: Panayiotis C. Andreou, Isabella Karasamani, Christodoulos Louca, Daphna EhrlichAbstract:We use the financial crisis as a natural experiment to investigate the impact of Managerial Ability on corporate investment for 2747 U.S. non-financial firms. We find a positive relation between pre-crisis Managerial Ability and crisis period investments. This occurs because of the capacity of firms with higher pre-crisis Managerial Ability to secure greater financing and to keep their firms less vulnerable to financial constraints, which in turn help mitigate severe underinvestment problems evident during the financial crisis. Interestingly, the positive relation between Managerial Ability and investment holds only for firms with CEOs who have general Managerial skills rather than firm-specific skills. Finally, we find that the stock market positively evaluates crisis period investments, yet this effect is solely evident among firms characterized by high levels of pre-crisis Managerial Ability.
Robert Dur - One of the best experts on this subject based on the ideXlab platform.
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A Service of zbw Managerial talent, motivation, and self-selection into public management Managerial Talent, Motivation, and Self-Selection into Public Management Managerial Talent, Motivation, and Self-Selection into Public Management ABSTRACT Managerial
2020Co-Authors: Josse Delfgaauw, Robert DurAbstract:Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. www.econstor.eu The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit organization supported by Deutsche Post Foundation. The center is associated with the University of Bonn and offers a stimulating research environment through its international network, workshops and conferences, data service, project support, research visits and doctoral program. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. Terms of use: Documents in D I S C U S S I O N P A P E R S E R I E S IZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author. The quality of public management is a recurrent concern in many countries. Calls to attract the economy's best and brightest managers to the public sector abound. This paper studies self-selection into Managerial positions in the public and private sector, using a model of a perfectly competitive economy where people differ in Managerial Ability and in public service motivation. We find that, if demand for public sector output is not too high, the equilibrium return to Managerial Ability is always higher in the private sector. As a result, relatively many of the more able managers self-select into the private sector. Since this outcome is efficient, our analysis implies that attracting a more able Managerial workforce to the public sector by increasing remuneration to private-sector levels is not cost-efficient. JEL Classification: H83, J24, J3, J4
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Managerial talent motivation and self selection into public management
Journal of Public Economics, 2010Co-Authors: Josse Delfgaauw, Robert DurAbstract:The quality of public management is a recurrent concern in many countries. Calls to attract the economy's best and brightest managers to the public sector abound. This paper studies self-selection into Managerial and non-Managerial positions in the public and private sector, using a model of a perfectly competitive economy where people differ in Managerial Ability and in public service motivation. We find that, if demand for public sector output is not too high, the equilibrium return to Managerial Ability is always highest in the private sector. As a result, relatively many of the more able managers self-select into the private sector. Since this outcome is efficient, our analysis implies that attracting a more able Managerial workforce to the public sector by increasing remuneration to private-sector levels is not cost-efficient.
Panayiotis C. Andreou - One of the best experts on this subject based on the ideXlab platform.
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The impact of Managerial Ability on crisis-period corporate investment
Journal of Business Research, 2017Co-Authors: Panayiotis C. Andreou, Isabella Karasamani, Christodoulos Louca, Daphna EhrlichAbstract:In this study, we document a strong positive relation between pre-crisis Managerial Ability and corporate investment during the crisis period, which remains robust in the presence of a large array of control variables capturing corporate governance attributes, executive compensation incentives and CEO characteristics. This relationship was prevalent only among firms with CEOs that had general Managerial skills, rather than firm-specific skills. Our results also show that the positive relationship between Managerial Ability and corporate investment was supported by the capacity of such firms to secure greater financing and be less vulnerable to financial constraints during the crisis. Finally, we find that, on average, the stock market evaluates crisis-period investments positively, yet this effect is evident solely among firms characterized by high pre-crisis Managerial Ability. Overall, the results are consistent with the view that high Managerial Ability helps to mitigate underinvestment problems during a crisis which in turn increases firm value.
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Shareholder Value Efficiency: Methods and Evidence from the US Banking Industry
2016Co-Authors: Panayiotis C. Andreou, Dennis Philip, Peter P. RobejsekAbstract:We propose generalized frontier analysis (GFA), a simple and computationally efficient method for estimating economic frontiers. While previous research assumes that the pro-duction function under which firms operate is either parametric or deterministic in nature, we apply the theory of asymmetric loss functions in combination with a nonparametric and stochastic estimation method to relax these potentially restrictive assumptions. We use GFA to estimate shareholder value efficiency of US banks on a large sample of 118,164 bank-year observations for the period 1994-2010. Using a broad set of criteria, we find that GFA provides valid efficiency scores, which are economically and statistically more meaningful in explaining value creation of US banks than both Managerial Ability and conventional efficiency scores. We also demonstrate the generality of GFA by investigating other economic frontiers such as cost efficiency. Overall, our analysis indicates that GFA is an attractive method for modeling economic measures of efficiency
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The Impact of Managerial Ability on Crisis-Period Corporate Investment
SSRN Electronic Journal, 2015Co-Authors: Panayiotis C. Andreou, Isabella Karasamani, Christodoulos Louca, Daphna EhrlichAbstract:We use the financial crisis as a natural experiment to investigate the impact of Managerial Ability on corporate investment for 2747 U.S. non-financial firms. We find a positive relation between pre-crisis Managerial Ability and crisis period investments. This occurs because of the capacity of firms with higher pre-crisis Managerial Ability to secure greater financing and to keep their firms less vulnerable to financial constraints, which in turn help mitigate severe underinvestment problems evident during the financial crisis. Interestingly, the positive relation between Managerial Ability and investment holds only for firms with CEOs who have general Managerial skills rather than firm-specific skills. Finally, we find that the stock market positively evaluates crisis period investments, yet this effect is solely evident among firms characterized by high levels of pre-crisis Managerial Ability.