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| Can Tax Enforcement Decrease Stock Price Crash Risk? |
| LIU Chun, SUN Liang
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| International Business School, Sun Yat-sen University |
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Abstract From the perspective of Chinese listed companies during 2003 to 2011, this paper investigate the governance role and its mechanism and boarder of tax enforcement in the process of investor protection.We find that, the stock crash risk is significantly decreased by stronger tax enforcement by inducing the listed companies realease bad news in a more timely manner, so as to play the role of investor protection.While further study also finds that the governance role of tax enforcement only exist in the private firms and the areas with higher marketization degree. This paper indicates the important role of tax enforcement for investor protection, and emphasises the feasibility of taking the tax enforcement as an external governance mechanism.
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Received: 14 May 2014
Published: 19 April 2018
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