G. Richardson

G. Richardson
Macquarie University · Department of Accounting and Corporate Governance

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56
Publications
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3,593
Citations

Publications

Publications (56)
Article
We examine the relationship between brand capital and stock price crash risk. Crash risk, defined as the negative skewness in the distribution of returns for individual stocks, captures asymmetry in risk, and has important implications for investment choices and risk management. Using a sample of 39,685 publicly listed U.S. firm-year observations c...
Article
This study examines whether tax haven use by Australian financial corporations is associated with the pricing of audit and non-audit services. It also analyzes whether the existence of financial corporations’ suspicious matters reports (SMRs) and whistle blower hotline facilities moderate the association between tax haven use and pricing of audit a...
Article
Full-text available
We examine whether state-level corruption and corporate tax avoidance in the United States (U.S) are related. Using a sample of 36,078 U.S. firm-year observations from 1998 to 2014, we find that corruption is significantly positively related to tax avoidance. Our main finding is consistent across a series of robustness tests. In additional analysis...
Article
This study investigates the association between money laundering control systems (MLCS) and tax haven use based on a sample of U.S. multinational financial corporations (MFCs). We also examine the impact of external auditor specialization on the association between MLCS and tax haven use. We find that MLCS is significantly negatively associated wit...
Article
Using propensity score matching, we provide new evidence of a non‐monotonic relationship between the number of anti‐takeover provisions (ATPs) a firm adopts, relative to peer‐matched firms, and takeover likelihood. Firms with either a relatively low or high number of ATPs are significantly less likely to be a takeover target. We argue that this out...
Article
This study examines the effect of board of directors’ expertise and tax avoidance on corporate debt. We find that there is no association between financially expert outside directors on the board and corporate debt, which is contrary to some prior research findings. However, we do find a positive association between the proportion of financially ex...
Article
The publisher regrets that this article has been temporarily removed. A replacement will appear as soon as possible in which the reason for the removal of the article will be specified, or the article will be reinstated. The full Elsevier Policy on Article Withdrawal can be found at https://www.elsevier.com/about/our-business/policies/article-withd...
Preprint
Purpose The purpose of this article is to track the emergence of topics and research trends in environmental accounting research by using a machine learning method for literature reviews. The article shows how the method can track the emergence of topics and research trends over time. Design/methodology/approach The analysis of the emergence of to...
Article
This study examines the effect of income shifting on the implied cost of equity capital (ICOE) for US multinational corporations (MNCs). We find that income shifting is significantly positively associated with the ICOE after controlling for corporate tax avoidance and other determinants of the ICOE. On average, a one-standard deviation increase in...
Article
This study examines whether the use of tax haven subsidiaries by U.S. multinational corporations (MNCs) is associated with the cost of bank loans. We find that more intensive tax haven subsidiary use by MNCs is positively associated with the cost of bank loans. In cross-sectional analyses, we identify channels through which the positive association...
Article
Full-text available
This study examines the impact of corporate tax avoidance on board of directors and chief executive officer (CEO) reputation. Our regression results show that when firms engage in tax avoidance, both directors and CEOs, on average, are rewarded by improvements in their reputations as proxied by an increased number of outside board seats. In particu...
Article
This paper investigates the relation between labor investment inefficiency and corporate tax avoidance. Employing a large sample of 61,542 U.S. firm-year observations over the 1962–2014 period, our regression results show that labor investment inefficiency is significantly positively related to tax avoidance. More specifically, we find that a one s...
Article
This study examines the effect of the general anti-avoidance rule (GAAR), introduced on January 1, 2008, to enforce corporate tax avoidance laws in China. Based on a sample of 517 Chinese firms over the 2006–2010 period (2585 firm-years), we find a reduction in tax avoidance following the implementation of the GAAR that appears to be the result of...
Article
This study examines the effect of environmental information disclosure (EID) and energy product type on Chinese energy firms' cost of debt (COD). Using a sample of Chinese energy firms over 2008–2014, we find a significant negative association between EID and the COD. We also observe a significant negative association between several energy product...
Article
Abstract: The purpose of this study is twofold. First, it examines the association between income shifting arrangements consisting of transfer pricing aggressiveness, tax haven use and foreign tax rate differentials, and Financial Interpretation No. 48 (FIN48, now ASC740-10-25) unrecognized tax benefits (UTBs). Second, it analyzes the impact of aud...
Article
Grantley Tayler Grant Richardson Ahmed Al-Hadi and Ivan Obaydin. Abstract: This study examines the effect of tax haven utilization on the implied cost of equity capital (ICOE) based on a sample of publicly-listed U.S. multinational firms over the 2006–2014 period. Our regression results show that tax haven utilization is significantly positively a...
Article
Full-text available
This study examines the impact of board of director gender diversity on corporate tax aggressiveness. Based on a sample of 418 U.S. firms covering the 2006–2009 period (1672 firm-year observations), our ordinary least squares regression results show a negative and statistically significant association between female representation on the board and...
Article
This study examines whether a firm’s life cycle explains its propensity to engage in corporate tax avoidance. Based on the Dickinson (201125. Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6), 1969–1994.View all references) model of firm life cycle stages and a large dataset of US publicly listed...
Article
This study examines the association between market risk disclosures (MRDs) and the investment efficiency of financial firms from six emerging markets in the Gulf Cooperation Council (GCC) region. Based on a sample of 553 firm-year observations over the 2007–2011 period, we find that MRDs are significantly and negatively associated with both under-i...
Article
The purpose of this study is twofold. First, it examines the association between income‐shifting arrangements consisting of transfer pricing aggressiveness, tax haven use and foreign tax rate differentials, and Financial Interpretation No. 48 (FIN48, now ASC740–10‐25) unrecognized tax benefits (UTBs). Second, it analyzes the impact of audit special...
Article
Purpose This paper aims to investigate the impact of women on the board of directors on corporate tax avoidance in Australia. Design/methodology/approach The authors use multivariate regression analysis to test the association between the presence of female directors on the board and tax aggressiveness. They also test for self-selection bias in th...
Article
This study examines the impact of outside directors on the association between corporate social responsibility (CSR) performance and tax aggressiveness. Based on a sample of 5,007 firm-year observations over the 2003-2009 period, we find that there is a negative association between the interaction effect of the proportion of outside directors on th...
Chapter
The aim of this study is to build on the work of Riahi-Belkaoui (J Int Account Audit Tax 13: 135–143, 2004) and systematically examine on a cross-country basis, many of the key determinants of tax evasion identified by Jackson and Milliron (J Account Literat 5: 125–165, 1986). Based on data for 45 countries, the regression results show that non-eco...
Article
This study examines the association between ownership structure and corporate tax avoidance in publicly-listed private firms in China. We find a significant non-linear association between ownership concentration and tax avoidance that exhibits an inverted U-shaped pattern. At a lower level, increased ownership concentration is positively associated...
Article
This study examines corporate litigation and changes in CEO reputation. Based on a sample of 9959 filed and settled environmental, antitrust, intellectual property (IP) and contractual lawsuits in the U.S. Federal Courts over the 2000–2007 period, we find that CEOs experience poorer reemployment prospects following contractual lawsuits. Additionall...
Article
This paper examines the association between a series of income shifting incentives including multinationality, transfer pricing aggressiveness, thin capitalization, intangible assets and tax haven utilization. Our empirical analysis is based on a sample of 286 multinational U.S. firms over the 2006-2012 period (2002 firm-years). Our regression resu...
Article
We examine financial distress and tax aggressiveness spanning the global financial crisis (GFC) of 2008 and the impact of the interaction between board independence and firm-specific financial distress on tax aggressiveness. Our regression results show that both financial distress and the GFC are positively associated with tax aggressiveness. More...
Article
Full-text available
This study examines the effect of eXtensible Business Reporting Language (XBRL) on audit fees, and assesses whether and how this effect varies across different countries. We specifically consider publicly listed firms in the US and Japan over the eight-year period centered around the dates on which XBRL was first mandated for use by publicly listed...
Article
Firms have the incentive to engage in corporate tax avoidance when the marginal benefits exceed the marginal costs. In fact, when firms are under financial distress, the benefits of tax avoidance outweigh the costs, increasing the incentive to avoid tax. The Global Financial Crisis (GFC) of 2008 provides a unique setting to consider whether tax avo...
Article
This study examines the individual and joint effects of multinationality, tax havens, and intangible assets on transfer pricing aggressiveness. Based on a hand-collected sample of 286 publicly listed U.S. multinational firms over the 2006–2012 period (2,002 firm-year observations), the regression results indicate that multinationality, tax haven ut...
Article
This study examines whether corporate social responsibility performance is associated with corporate tax avoidance. Employing a matched sample of 434 firm-year observations (i.e., 217 tax-avoidant and 217 non-tax-avoidant firm-year observations) from the Kinder, Lydenberg, and Domini database over the period 2003–2009, our logit regression results...
Article
This paper examines the major determinants of tax haven utilization based on a sample of 200 publicly listed Australian firms, over the 2006–2010 period (1,000 firm-years). Our regression results show that variables relating to transfer pricing, intangible assets, an interaction term between transfer pricing and intangible assets, withholding taxes...
Article
Full-text available
Tax avoidance and tax evasion represent serious breaches of corporate social responsibility which threaten a country's revenue base. This study gathers these related issues under the umbrella term tax malfeasance. Using the annual reports of 203 firms over the 2006-2009 period, we find that firms that were audited by the Australian Taxation Office...
Article
This study examines whether a firm’s life cycle explains its propensity to engage in corporate tax avoidance. Based on the Dickinson (2011) model of firm life cycle stages and a large dataset of U.S. publicly listed firms over the 1987–2013 period, we find that tax avoidance is significantly positively associated with the introduction and decline s...
Article
This paper examines the determinants of thinly capitalized structures of publicly-listed Australian firms. Based on a hand-collected sample of 203 publicly-listed Australian firms over the 2006–2009 period (812 firm-years), our regression results indicate that the thin capitalization position of firms is significantly and positively associated with...
Article
This study examines the major determinants of transfer pricing aggressiveness. Based on a hand-collected sample of 183 publicly-listed Australian firms for the 2009 year, our regression results show that firm size, profitability, leverage, intangible assets, and multinationality are significantly positively associated with transfer pricing aggressi...
Article
This paper examines the impact of board of director oversight characteristics on corporate tax aggressiveness. Based on a 812 firm-year dataset of 203 publicly-listed Australian firms over the 2006–2009 period, our regression results show that if a firm has established an effective risk management system and internal controls, engages a big-4 audit...
Article
This study examines the influence of corporate tax aggressiveness on corporate debt policy (the debt-substitution effect) and the influence of outside directors on both debt and the debt-substitution effect. Based on a sample of 6,967 firm-year observations over the 2001–2010 period, we find that tax aggressiveness is negatively correlated with deb...
Article
This study extends prior research on the willingness of firms to significantly decrease their corporate taxes. It specifically examines the associations between corporate tax avoidance and the reported significant uncertainty of a firm’s tax position, the tax expertise and tax affiliations of its directors, and the performance-based remuneration in...
Article
This study examines whether the relationship between corporate board and board committee independence and firm performance is moderated by the concentration of family ownership. Based on a sample of Hong Kong firms, we find no significant association between the independence of corporate boards or board committees and firm performance in family fir...
Article
Purpose – The purpose of this paper is to empirically test legitimacy theory by comparing the corporate social responsibility (CSR) disclosures of tax aggressive corporations with those of non‐tax aggressive corporations in Australia. Design/methodology/approach – A unique sample of 20 Australian corporations accused by the Australian Taxation Off...
Article
This paper examines the international corporate tax avoidance practices of publicly listed Australian firms. Based on a hand-collected sample of 203 publicly listed Australian firms over the 2006–2009 period (812 firm-years), our regression results indicate that there are several practices Australian firms use to aggressively reduce their tax liabi...
Article
This paper examines the determinants of reserves disclosure (RD) in the Australian extractive industries. Our regression results indicate that RD are positively associated with variables relating to corporate governance, foreign listing, existence of reserves in foreign jurisdictions, pledging of reserves in debt covenants, leverage and external (B...
Article
This study examines the association between corporate social responsibility (CSR) and corporate tax aggressiveness. Based on a sample of 408 publicly listed Australian corporations for the 2008/2009 financial year, our regression results show that the higher the level of CSR disclosure of a corporation, the lower is the level of corporate tax aggre...
Article
This study examines the association between corporate social responsibility and corporate tax aggressiveness. Based on a sample of 408 publicly listed Australian corporations for the 2008/2009 financial year, our regression results indicate that the higher the level of corporate social responsibility disclosure of a corporation, the lower is the le...
Article
This study considers the effect of board of director composition on corporate tax aggressiveness. Our logit regression results for a choice-based sample of 32 corporations comprising 16 tax-aggressive corporations and 16 non-tax-aggressive corporations show that the inclusion of a higher proportion of outside members on the board of directors reduc...
Article
This study examines the impact of family ownership control on earnings management for firms operating in Hong Kong. We find evidence that family-controlled firms are less likely to engage in earnings management activities in the earnings management settings to avoid reporting an earnings decline and to avoid reporting a loss than non-family-control...
Article
This study investigates whether culture in general and religion in particular mitigate earnings management. Using a cross-country data set, empirical tests based on rank regressions indicate that earnings management is unrelated to both religious affiliation and the degree of religiosity. In contrast, earnings management is found to be negatively r...
Article
This study builds on the work of Tsakumis et al. [Tsakumis, G. T., Curatola, A. P,. & Porcano, T. M. (2007). The relation between national cultural dimensions and tax evasion. Journal of International Accounting, Auditing and Taxation, 16, 131–147] by conducting further empirical analysis of the relationship between Hofstede's [Hofstede, G. H. (198...
Article
This study examines the determinants of the variability in corporate effective tax rates in Australia spanning the Ralph Review of Business Taxation reform. Our results indicate that corporate effective tax rates are associated with several major firm-specific characteristics, including firm size, capital structure (leverage) and asset mix (capital...
Article
Although culture is assumed to play a role in the development of tax systems internationally, its influence is not well understood. This study draws on the cultural frameworks by Hofstede (1980) and Gray (1988) to develop a theoretical model of the influence of culture on tax systems internationally. It also empirically tests hypotheses that relate...
Article
The purpose of this study is to expand on the work of Riahi-Belkaoiu [Riahi-Belkaoiu, A. (2004). Relationship between tax compliance internationally and selected determinants of tax morale. Journal of International Accounting, Auditing and Taxation, 13, 135–143] and systematically investigate, on a cross-country basis, many of the key determinants...
Article
The present study identifies major economic, legal and political determinants of fiscal corruption, and systematically investigates the extent to which these determinants explain differences in fiscal corruption internationally. Based on cross-country data for 48 countries, the regression results indicate that the higher the level of the rule of la...

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In this paper, we investigate the association between outside board directorships and family ownership concentration. Using a sample of 1091 firm-year observations of non-financial publicly listed firms from Gulf Cooperation Countries (GCC) during the 2005 to 2013 period, we find a positive association between family ownership and the number of outside directorships held by board members. This finding is consistent with the notion that family ownership reduces a board’s monitoring capabilities. We also test whether the recent corporate governance reforms in the GCC designed to protect investors and minority shareholders affect firms’ incentives to establish a board nomination committee (NC). We find the existence of a board NC and the quality and characteristics of NC membership act to suppress the positive association between outside directorships and family ownership. Our results are robust to the use of alternative measures of outside directorship and family ownership and models that test for endogeneity. Overall, our results suggest that the institutional specificities of emerging economies such as those in the GCC can work against sustained high levels of multiple directorships, which could impair the quality of corporate governance.