This paper reviews the recent theoretical literature that analyses the European Union’s policy to eliminate preferential corporate tax regimes and the proposal to introduce a consolidated EU tax base with formula apportionment for the taxation of multinational firms. Since neither proposal includes a harmonisation of corporate tax rates, a core issue is how tax competition between member states...

This article investigates whether market competition enhances the incentives of Chinese industrial firms to avoid corporate income tax. We estimate the effects of competition on the relationship between firms reported accounting profits and their imputed profits based on the national income account. To cope with measurement errors and potential endogeneity, we use instrumental variables, exogen...

Information spillover and liquidity externality across securities is of practical importance to both practitioners and policy makers. We empirically examine how information spillover facilitates liquidity externalities between the equity and corporate bond markets. An event study was conducted by comparing the change of liquidity of stocks whose corporate bonds are TRACE-eligible with that of n...

In the late 1990s, in an effort to dispute the link between secondhand smoke and lung cancer, Philip Morris initiated a campaign to legislate "sound science." The campaign involved enacting data access and data quality laws to obtain previously confidential research data in order to re-analyze it based on industry-generated data quality standards. Philip Morris worked with other corporate inter...

Executive Overview Despite differences of opinion about the efficacy of corporate social responsibility, there is a general consensus among academics, policy makers, and practitioners that corporations operate with a social sanction that requires that they operate within the norms and mores of the societies in which they exist. In this article I argue that the notion of a socially responsible c...

Information security has been recognized as a core requirement for corporate governance that is expected to facilitate not only the management of risks [1][2], but also as a corporate enabler that supports and contributes to the sustainability of organizational operations [3]. In implementing information security, the enterprise information security policy is the set of principles and strategie...

Japan’s prolonged economic problems are due to more than faulty macro-economic policies. We do not deny the importance of bungled macro-economic policy, but argue that deeper maladies in Japanese corporate governance made that country increasingly vulnerable to such problems. We argue that Japan’s main bank and financial keiretsu systems left corporate governance largely in the hands of credito...

We study several important tax-related issues related to the measurement and use of corporate marginal tax rates. First, we develop an AR(1) method to simulate corporate marginal income tax rates and demonstrate that the AR(1) model improves upon the extant random walk and bin approaches. The new AR(1) approach captures firm-specific features, including mean-reversion in taxable income. Second,...

Private access to corporate servers from Internet can be achieved using various security mechanisms. This article presents a network access control mechanism that employs a policy management architecture empowered with dynamic firewalls. With the existence of such an architecture, system and/or network administrators do not need to reconfigure firewalls when there is a location change in user s...