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Short selling and corporate tax avoidance: Insights from a financial constraint view

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  • Luo, Jinbo
  • Ni, Xiaoran
  • Tian, Gary Gang
Abstract
While the traditional monitoring view suggests that short selling mitigates corporate tax avoidance, we propose and test a financial constraint hypothesis that short selling trigers corporate insiders' incentive to avoid taxes for funding investment opportunities. Employing staggered short-sale deregulation on the Chinese stock market as a series of quasi-exogenous shocks, we find that the deregulation of short sales significantly reduces firms' cash effective tax rates and effective tax rates. This effect is especially prominent for financially constrained firms and non-state-owned firms. These results suggest that tax avoidance helps to generate additional funds and mitigates financial constraints under downward price pressures. We argue that, in emerging markets with lax law enforcement and ineffective shelters from downside risk, short-sale deregulation induces firms to engage in more aggressive tax avoidance activities because avoiding taxes is cost-effective for them in mitigating the downward price pressure of short selling.

Suggested Citation

  • Luo, Jinbo & Ni, Xiaoran & Tian, Gary Gang, 2020. "Short selling and corporate tax avoidance: Insights from a financial constraint view," Pacific-Basin Finance Journal, Elsevier, vol. 61(C).
    • Handle: RePEc:eee:pacfin:v:61:y:2020:i:c:s0927538x20300019
    DOI: 10.1016/j.pacfin.2020.101323
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    More about this item

    Keywords

    Short selling; Short-sale deregulation; Tax avoidance; Financial constraint; Emerging market;
    All these keywords.

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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