This thesis aims to advance our understanding of corporate taxes and their effects on firm behaviour, particularly with regard to tax avoidance and investment, as well as how countries fight tax evasion and avoidance. Each chapter provides a distinct contribution to the corporation tax literature. The first two chapters analyze the corporate tax payments of companies residing in the United Kingdom using confidential corporate tax returns data. Chapter 1 focuses on comparisons between various company-ownership types, distinguishing in particular between multinational and domestic companies. I find that multinational companies, in spite of constituting only 3 percent of the population of UK companies, pay the majority of UK corporation tax, around 55 percent on average, during the period 2000 - 2011. However, multinational companies pay a very small amount of tax relative to their size, in comparison to domestic companies, and the share of UK corporation tax paid by multinational companies has declined over the period. Chapter 2 shows that there are systematic differences in how much taxable profits multinational and domestic companies report. Specifically, using comparable samples selected by propensity score matching, I estimate that UK subsidiaries of foreign multinationals report a 50 percent lower ratio of taxable profits to total assets than comparable domestic standalones. This difference is almost entirely attributable to the fact that a higher proportion of foreign multinational subsidiaries report zero taxable profits (59.2 percent) than domestic standalones (27.5 percent). A high share of foreign multinational subsidiaries are found to report zero taxable profits persistently over time, and high leverage is found to play an important role in producing this outcome. This suggests a very aggressive form of profit shifting for many of these foreign multinational companies. Chapter 3 investigates how investment responds to tax incentives. In particular, using the announcement and subsequent implementation of an exogenous tax reform in Canada as a quasi-natural experiment, I consider the effect of a temporary and unexpected increase in the cost of capital for a group of firms (income trusts) which had (for tax reasons) limited availability of retained earnings as a source of finance for investment. I show that these firms did not respond to the cost of capital increase during the period when they had limited availability of retained earnings. In turn, a subsequent increase in the availability of internal finance, prompted by the implementation of the tax reform in 2011, is shown to increase their investment substantially. These findings suggest that financing constraints on investment may have been binding for these firms. Chapter 4 discusses the exchange of tax information between tax havens and OECD countries. Together with Clemens Fuest, we analyze how tax havens have chosen their partner countries to sign tax information exchange agreements (TIEAs) with and hence comply with OECD standards. We find that tax havens have on average signed more TIEAs with countries to which they have stronger economic links. However, this does not mean that they exchange tax information with all important partner countries.

This thesis comprises three empirical studies. These studies can be read as though they are independent. However, all three of them revolve around investigating whether and how characteristics of directors can affect firm-level outcomes. The first study – “Does gender diversity affect firm equity risk?” – systematically investigates whether gender diversity in the boardroom influences firm equity risk. To identify the causal effect of gender on risk, I employ a dynamic model which allows for the possibilities that risk can influence the gender of appointed directors and that both director gender and risk can be influenced by other unobserved firm-level factors. The overall results in this study do not support the view that female boardroom representation influences equity risk. I also show that findings of a negative relationship between the two variables are spurious and driven by unobserved between-firm heterogeneous factors. The second study – “Spillover effects of women on boards” – introduces an alternative way of looking at boardroom gender diversity. The definition of boardroom gender diversity is broadened to include female directors who do not sit on the board but are connected to the board through male directors or “external” female influence. This is in addition to the “internal” influence of female directors inside the board. I find that when both external and internal influences of female directors are considered, there is evidence supporting a link between gender diversity and firm risk and that a plausible channel by which gender affects risk is through more effective monitoring. Male directors are less likely to exhibit absenteeism when they are exposed to both external and internal female influence. CEO turnover sensitivity increases with the proportion of male directors who are externally connected to women, when there is at least one female director inside the board. Risk also increases with the proportion of these connected men when they work on a board with at least one woman. The findings suggests that female directors can exert influence on firm-level outcomes despite their minority status in the boardroom. The third study – “Independent director reputation incentives and stock price informativeness” – examines whether the reputation incentives of independent directors increase the incorporation of firm-specific information into stock prices. I find that the proportion of directors who deem their directorships to be more important based on firm market capitalization is associated with higher firm-specific information content in stock prices. This is consistent with the argument that boards that are incentivized to protect their reputation can deter managers from withholding information. I find this relation to be stronger when other external monitoring mechanisms are weak and when there is uncertainty regarding the future prospects of the firm. I also find evidence that a channel by which directors can influence stock price informativeness is through voluntary disclosure. Additionally, the presence of directors with high reputation incentives is negatively associated with stock price crash.

Due to the globalisation trend, notable changes have pushed a distinctive interest in addressing corporate governance problems; either in emergent economies of Asia and Latin America Countries or in the transitional economies that spread over Eastern Europe. Further, a series of corporate scandals, in the US and Europe, has undermined confidence in both public company executives and the auditors. Formulating effective corporate governance measures is a complex task for legislators.The purpose of this study is to determine whether governance is seen from a broad stakeholder perspective in the Latin American Andean region (Bolivia, Colombia, Ecuador, Peru, and Venezuela) and also to provide an in depth analysis and comparison of the reasons organisations in the region want to implement corporate governance principles, whether it is because their want to be accountable to their stakeholders or because they want to show their legitimacy. The non-binding OECD 2004 principles of corporate governance conjunction with the CAF (Andean Development Corporation) will be utilised in the study as an benchmark. The study has generated significant information about the corporate governance challenges facing listed companies trading in the Latin America’s Andean region. It is hoped that the research results will serve as an aid to better focusing the future policy dialogue in the region. It is anticipated in this sense they will facilitate upcoming analysis and debate.

Yang, Shuo. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2010. / Includes bibliographical references (p. 47-51). / Abstracts in English and Chinese. / Title Page --- p.i / Thesis/Assessment Committee --- p.ii / Table of Contents --- p.iii / List of Tables --- p.iv / Abstract (English) --- p.v / Abstract (Chinese) --- p.vi / Chapter Chapter 1 --- Introduction --- p.1 / Chapter Chapter 2 --- Background Literature --- p.6 / Chapter 2.1 --- Divestiture Literature --- p.6 / Chapter 2.2 --- Conservatism and Investment Efficiency Literature --- p.9 / Chapter Chapter 3 --- Hypothesis Development --- p.13 / Chapter 3.1 --- Conservatism's Effect on Divestitures through Debtholders Channel --- p.14 / Chapter 3.2 --- Conservatism's Effect on Divestitures through Equityholders Channel --- p.16 / Chapter 3.3 --- Conservatism and Disclosure of Use of Proceeds from Divestitures --- p.18 / Chapter Chapter 4 --- Sample Selection --- p.22 / Chapter Chapter 5 --- Research Design --- p.27 / Chapter Chapter 6 --- Empirical Results --- p.34 / Chapter 6.1 --- Univariate Analysis --- p.34 / Chapter 6.2 --- Timely Loss Recognition and Selling Firm Market Reaction to Divestiture Announcement --- p.40 / Chapter 6.3 --- Timely Loss Recognition and Selling Firm Post-divestiture Performance Change --- p.41 / Chapter 6.4 --- Timely Loss Recognition and Non-disclosure of Use of Proceeds --- p.42 / Chapter Chapter 7 --- Sensitivity Tests --- p.43 / Chapter Chapter 8 --- Conclusions --- p.45 / References --- p.47 / Appendix A Accounting Treatment of Disposal of Assets and Special Items --- p.52 / Appendix B Examples of Divestiture Announcements --- p.56

Organizational culture is a significant driver of success for firms, especially for those considering expansion to foreign countries. The purpose of this single case study was to explore effective cultural-oriented strategies that senior business leaders use to align the organization's culture with foreign countries' cultures to improve organizational performance in foreign countries. The target population was 8 current and former senior managers of a firm operating in 16 countries. Data were collected via a mix of videoconference and face-to-face interviews and the firm's archival documents, the financial statements, the HR policy, and the internal control policy. The conceptual framework that grounded this study was Perlmutter and Hofstede's theory of cultural dimensions, including the ethnocentric, polycentric, and geocentric model. Data analysis was conducted using Yin's 5-step model, and 5 themes emerged from the data: general characteristics of the chosen organization culture, communication, adjustment to foreign environments, organizational and national cultures, and issues with employees. The implications for positive social change include the potential to enhance a firm's social responsibility and social acceptance in international markets for the benefit of the firm, its employees, and the local societies.

Since the late nineteen nineties, corporate governance has been recognised by the Chinese leadership as being an integral and vital part of economic reform. At the macro level the reform is to transition to a market economy and at the micro level, business enterprises are adopting sound standards of corporate governance. This thesis analyses the various models: the shareholder value, the stakeholder, the stewardship and the convergence models of corporate governance. It looks at the Chinese scenario - what model of governance has China adopted and is it appropriate? What problems of corporate governance are special to China and how are these problems being resolved? Many of the problems are due to the fact that China has adopted the shareholder value model ??? a model based on the UK / USA. However, unlike them, China does not posses the requisite institutions necessary to underpin the efficient functioning of the model. The Chinese capital markets are nascent and not well regulated, the rule of law is tentative and the regulatory bodies are lacking in enforcement powers. In an effort to encourage good corporate governance, the China Securities Regulatory Commission promulgated the QFII (Qualified Foreign Institutional Investor) scheme in December 2002 in the hope that by opening the domestic securities market to foreign financial institutions, this would result in the implementation of sound corporate governance in Chinese listed companies as they vied to attract foreign shareholders. A survey was carried out and the results have only been mildly encouraging. The QFII has not had the dramatic impact that was expected of it initially and the reason is that the quotas allocated have been small and the QFII have had many restrictions placed. Until these are loosened the impact of the QFII will continue to be modest.

In the postmodern era, as authoritative discourses are being undermined, there is an increased vulnerability of thoughts to the influence of the deliberate promotion of viewpoints. In this environment, public relations is becoming increasingly important. In this thesis I use the term �public relations� both in the sense of an extensive, specific industry, as well as in the sense of the general processes increasingly being used by all sorts of groups and organisations to get their voices heard, their effects felt, their interests defended and their aims achieved. Concomitant with this growth in public relations activity, public relations has emerged as a rapidly growing field of study within universities. This thesis critically assesses the state of this emerging university �discipline�. A claim of this thesis is that the mainstream public relations industry is dominated by a corporatist ideology stemming from a particular US business tradition. This ideology produces a problem for university teachers, researchers and ethicists of public relations because it pervades and dominates the textbooks, teaching, research and academic-industry liaison committees. I suggest that this permeation has helped to shape the conceptual tools which public relations people use to examine their own activities. The thesis warns that this interference in academic freedom results in a situation where a genuine �professional� status for graduates with degrees in public relations is rarely achieved. I suggest than many of these graduates may not have the intellectual equipage necessary for the level of detached understanding of their field which would be necessary for them to be true �professionals�. This thesis attempts to explain these inadequacies. It points to the presumption of political pluralism and an unproblematic consensual society which is implicit in the approaches of the orthodox exponents of public relations since the second world war. A contrast with the candidness of public relations theory in the more elitist and authoritarian period of the 1920s and 30s helps to make this point. In order to improve public relations theory, the more recent work of �New Rhetoric� theorists is employed. These theorists point to the inevitability and in fact the necessity of the persuasive activities which construct reality in all human cultural spheres. I opposed the negative critiques of some critical theorists for whom public relations is an abomination. Instead I argue that everyone now needs to be provided with an understanding of, and access to, their own means of generating public relations-like activity. I suggest that we all need to have some sort of control over the public relations which affects us because this activity is becoming the currency used in the maintenance of all of our postmodern identities. But in grasping the nettle of participating in public relations activity, I suggest that it is also necessary to foreground the oppositional aspects of society and draw on neo-Marxist critical and cultural theories. I employ Habermas and Beck in particular in order to expose the mainstream public relations industry�s historically rooted cultural mission to maintain the pretense that we live in a consensual capitalist culture based on conservatism and corporate American values. A reformulation of public relation theory along critical theory lines is necessary in order to provide the reflexive knowledge required by teachers and students of public relations if public relations is to justify itself as a university discipline.

Thesis (Ph. D.)--University of Texas at Austin, 2007. / Vita. Includes bibliographical references.

Zugl.: Oestrich-Winkel, Europ. Business School, Diss.

Thesis (B.Sc)--University of Hong Kong, 2006. / Includes bibliographical references (p. 202-209)