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【明理讲堂2023年第95期】12-11香港理工大学吴强教授:Climate Risk and Tax-Motivated Outbound Income Shifting

报告题目:Climate Risk and Tax-Motivated Outbound Income Shifting


报告人:香港理工大学Qiang Wu (吴强)教授



Professor Qiang Wu is a full professor and Associate Head for Research at the School of Accounting and Finance, Hong Kong Polytechnic University (PolyU). Professor Wu has a broad research interest in accounting and finance. His research topics include tax avoidance, earnings quality, corporate governance, debt contracting, CSR, ESG, NLP, and gender and ethical issues. Professor Wu has published more than 50 peer-reviewed articles, and 13 of them have appeared in several premier journals, including Journal of Accounting Research, The Accounting Review, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Contemporary Accounting Research, Journal of Business Ethics, and Research Policy. Professor Wu’s works have also been widely cited by both academia (more than 6,000 Google citations) and major business media, including Bloomberg, CNBC, WAMC, Reuters, Dow Jones Newswires, AICPA, Accounting Today, AAA, CFO Magazine, Catalyst, Bankrate. Professor Wu currently is the Editor-in-Chief of China Accounting and Finance Review (ABDC “A”), an editor of Journal of International Accounting Research (ABDC “A”), an editor of Journal of International Accounting, Auditing and Taxation (ABS 3), an associate editor of Journal of Financial Stability (ABS 3), and an associate editor of Advances in Accounting (ABDC “A”).


This paper examines the association between climate risk faced by U.S. multinational corporations (MNCs) in subsidiary countries and their tax-motivated outbound income shifting. We find that U.S. firms exposed to higher climate risk are associated with lower levels of outbound income shifting. Cross-sectional tests suggest that this association is primarily driven by physical risks and regulatory costs associated with climate change. Furthermore, the association is moderated by firms’ awareness of climate risk and their financial constraints. Overall, our results provide new insights into the tax consequences of environmental concerns.