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Corporate tax reform and firm share price: evidence from China

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dc.contributor.authorYuan, G.
dc.contributor.authorMcIver, R.
dc.contributor.authorXu, L.
dc.contributor.editorWendt, K.
dc.contributor.editorVillhauer, B.
dc.date.issued2024
dc.description.abstractWe apply the event study method on China’s historical tax reform over a decade ago when dual-track corporate tax rates were terminated. The Enterprise Income Tax Law of 2008 (the Law) imposed equal income tax rates for both foreign and domestic firms, by removing tax concessions for foreign firms and lowering tax rates for domestic firms from 33% to 25%. This tax reform provides a natural experiment in the largest emerging market. Through listed firms on the Shanghai and Shenzhen Stock Exchanges, we find that the corporate income tax reform has significant and positive impact on firm share prices, moderated by ownership structure, tax aggressiveness, and stock exchange differences.
dc.identifier.citationSource details - Title: Sustainable Wealth Management: Directing Capital Towards Sustainability, 2024 / Wendt, K., Villhauer, B. (ed./s), vol.Part F4261, Ch.15, pp.227-245
dc.identifier.doi10.1007/978-3-031-55505-3_15
dc.identifier.isbn9783031555046
dc.identifier.orcidYuan, G. [0000-0002-7935-1916]
dc.identifier.orcidXu, L. [0000-0001-5521-0185]
dc.identifier.urihttps://hdl.handle.net/11541.2/40152
dc.language.isoen
dc.publisherSpringer
dc.publisher.placeSwitzerland
dc.rightsCopyright 2024 The Author(s), under exclusive license to Springer Nature Switzerland
dc.source.urihttps://doi.org/10.1007/978-3-031-55505-3_15
dc.subjecttax reform
dc.subjectChina
dc.subjecteconomic power
dc.titleCorporate tax reform and firm share price: evidence from China
dc.typeBook chapter
pubs.publication-statusPublished
ror.mmsid9916904028501831

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