Corporate Tax Responsibility: Do Investors Care?

Eva Pardo () and Marta de la Cuesta-González ()
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Eva Pardo: Universidad Nacional de Educación a Distancia (UNED)
Marta de la Cuesta-González: Universidad Nacional de Educación a Distancia (UNED)

A chapter in Responsible Business in a Changing World, 2020, pp 17-31 from Springer

Abstract: Abstract In a context of increasing public awareness of corporate harmful tax practices and their impact on society, corporate tax responsibility (CTR) is becoming more important to companies, stakeholders and scholars. Nevertheless, this issue has not been fully explored in the academic literature and the few existing studies do not delve into the priorities of shareholders and investors. Our research aims to fill this gap by exploring the importance that the main actors involved in investment decisions give to the corporate tax practices and policies of listed companies. Based on the main academic literature and public CTR initiatives such as the Base erosion and profit shifting project (BEPS), we designed a survey to obtain the opinion of asset owners, asset managers, listed companies, financial analysts, social rating agencies and proxy advisors/solicitors. Results show that, although the investment community pays little attention to the (ir) responsibility of the taxation practices of listed companies, this importance will increase noticeably in coming years. According to respondents, the reasons for this change include diverse issues such as reputational and governance risks.

Date: 2020
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DOI: 10.1007/978-3-030-36970-5_2

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