The Experts below are selected from a list of 4068 Experts worldwide ranked by ideXlab platform
Caren Surethsloane - One of the best experts on this subject based on the ideXlab platform.
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banks tax disclosure financial secrecy and tax haven heterogeneity
Social Science Research Network, 2021Co-Authors: Eva Eberhartinger, Raffael Speitmann, Caren SurethsloaneAbstract:This study investigates the effect of mandatory public Country-by-Country Reporting (CbCR) for European banks on their presence in tax and regulatory havens. We find that the number of subsidiaries of European banks in tax havens declines significantly after the introduction of mandatory public CbCR in contrast to insurance firms that need not disclose. We document that this decline is mainly driven by a reduction of subsidiaries in small countries with little economic substance (“dot havens”) and in tax havens that are regulatory havens at the same time, i.e., with high financial secrecy. Further, we find that high exposure to Reputational Risk is a major amplifier of reorganizational activities. Our results explain prior mixed evidence and document that CbCR effectively curbs tax haven presence only under specific circumstances, i.e., in countries offering both tax shelter and financial secrecy, and more strongly for banks with high Reputational Risk. These findings suggest that increased tax disclosure on banks does not effectively attenuate tax haven presence per se, but only for a subset of havens and banks. Policymakers need to be aware of these limitations, especially during the current discussion of extending public CbCR to all large multinationals.
Jamey A Darnell - One of the best experts on this subject based on the ideXlab platform.
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corporate social responsibility and firm reputation Risk bettering firm Reputational Risk through socially responsible activities
Social Science Research Network, 2017Co-Authors: Jamey A DarnellAbstract:This study aims to extend the literature on CSR as insurance like in relation to firm performance. Socially responsible activities may provide insurance against Reputational crises for firms. Specifically, a positive relationship is found between CSR and Reputational Risk demonstrating an additional reason why pursuing socially responsible activities makes fundamental sense for managers. This study also fills a gap in the literature by examining CSR in a multilevel model and examining an alternative data source to measure CSR beyond traditional KLD data.
Eva Eberhartinger - One of the best experts on this subject based on the ideXlab platform.
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banks tax disclosure financial secrecy and tax haven heterogeneity
Social Science Research Network, 2021Co-Authors: Eva Eberhartinger, Raffael Speitmann, Caren SurethsloaneAbstract:This study investigates the effect of mandatory public Country-by-Country Reporting (CbCR) for European banks on their presence in tax and regulatory havens. We find that the number of subsidiaries of European banks in tax havens declines significantly after the introduction of mandatory public CbCR in contrast to insurance firms that need not disclose. We document that this decline is mainly driven by a reduction of subsidiaries in small countries with little economic substance (“dot havens”) and in tax havens that are regulatory havens at the same time, i.e., with high financial secrecy. Further, we find that high exposure to Reputational Risk is a major amplifier of reorganizational activities. Our results explain prior mixed evidence and document that CbCR effectively curbs tax haven presence only under specific circumstances, i.e., in countries offering both tax shelter and financial secrecy, and more strongly for banks with high Reputational Risk. These findings suggest that increased tax disclosure on banks does not effectively attenuate tax haven presence per se, but only for a subset of havens and banks. Policymakers need to be aware of these limitations, especially during the current discussion of extending public CbCR to all large multinationals.
Ines Merino Fdezgaliano - One of the best experts on this subject based on the ideXlab platform.
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financial perceptions on oil spill disasters isolating corporate Reputational Risk
Sustainability, 2016Co-Authors: Jose Manuel Feriadominguez, Enrique Jimenezrodriguez, Ines Merino FdezgalianoAbstract:The aim of this paper is to isolate the corporate Reputational Risk faced by US oil and gas companies—as listed on the New York Stock Exchange (NYSE)—after recent oil spill disasters. For this purpose, we have conducted a standard short-horizon daily event study analysis aimed at the calibration of the financial perceptions caused by these environmental episodes between 2005 and 2011, and the drop effect on the market value of the firms analyzed. We not only find significant negative impact on the stock prices of the companies analyzed but also significant cumulative negative abnormal returns (CAR) around the accidental spillages, especially for the longest event windows. Corporate Reputational Risk is also identified and even measured by adjusting abnormal returns by a certain loss ratio. A new metric, CAR(Rep), is then proposed to disentangle operational losses and the Reputational damage derived from such negative financial perceptions.
Raffael Speitmann - One of the best experts on this subject based on the ideXlab platform.
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banks tax disclosure financial secrecy and tax haven heterogeneity
Social Science Research Network, 2021Co-Authors: Eva Eberhartinger, Raffael Speitmann, Caren SurethsloaneAbstract:This study investigates the effect of mandatory public Country-by-Country Reporting (CbCR) for European banks on their presence in tax and regulatory havens. We find that the number of subsidiaries of European banks in tax havens declines significantly after the introduction of mandatory public CbCR in contrast to insurance firms that need not disclose. We document that this decline is mainly driven by a reduction of subsidiaries in small countries with little economic substance (“dot havens”) and in tax havens that are regulatory havens at the same time, i.e., with high financial secrecy. Further, we find that high exposure to Reputational Risk is a major amplifier of reorganizational activities. Our results explain prior mixed evidence and document that CbCR effectively curbs tax haven presence only under specific circumstances, i.e., in countries offering both tax shelter and financial secrecy, and more strongly for banks with high Reputational Risk. These findings suggest that increased tax disclosure on banks does not effectively attenuate tax haven presence per se, but only for a subset of havens and banks. Policymakers need to be aware of these limitations, especially during the current discussion of extending public CbCR to all large multinationals.