【正文】 with greater tax credits and absolute values of permanent booktax differences are more likely to pensate their CEOs on an aftertax basis. Because permanent differences can either increase or decrease taxable ine relative to book ine, they provide no direct evidence of an association between aftertax CEO pensation and lower ETR. The current study investigates this relation between aftertax CEO pensation and ETR. The first hypothesis, stated in alternative form is: H1: Using aftertax performance measures in CEO accountingbased bonus plans leads to lower ETR. This paper also extends the pre versus aftertax pensation analysis to SBUmanager incentive pensation plans. The need for SBUmanager involvement in taxplanning efforts is consistent with the coordination task that arises when specialists require input and cooperation from non specialists (Milgrom and Roberts 1992). The firm39。 Young 1999), which helps lower the ETR by decreasing (increasing) ine reported in countries with tax rates in excess of (lower than) the . tax Other examples of SBUmanager involvement that helps lower the ETR include (1) determining whether a potential employee qualifies for a payrollbased tax credit before the hiring decision is made, (2) consulting with the firm39。s ETR. If this were so, then explicit incentive pay would not be necessary to motivate such efforts. Wilson (1995, 12), however, cites an interview with a corporate executive to support his conclusion that aftertax measures motivate SBU managers to bee involved in taxplanning efforts: We instituted aftertax divisional measures that we have continued to refine. This puts the business units in the position that they think about taxes as they make decisions. Similarly, Mintz (1999, 2) cites the ColgatePalmolive CFO39。s CEO is pensated on an aftertax basis and is involved in decisions that involve the potential deferral of tax, which is likely to be the case in foreign location decisions and the formation of special purpose entities, the ETR will not capture the CEOs39。 ratio. These variables, which are calculated based on the results of the bivariate probit estimation of the CEOATAX and BUATAX models, are included in the ETR model to achieve consistent coefficient estimates using OLS (Tunali 1986). These variables are described in more detail below in the Estimation subsection. Exogenous Variables Common to the ETR and Compensation Equations All three equations contain variables that proxy for a firm39。 Dhaliwal et al. 2021) and the Antle and Demski (1988) controllability principle, the taxplanning opportunity variables are also included in the CEOATAX and BUATAX equations. Firms with multinational operations are expected to have greater taxplanning opportunities due to the tax effects of location, repatriation, and transfer pricing decisions. MULTI, the proxy for multinational operations, is puted as the ratio of foreign assets to the book value of total assets as of yearend CAPINT is puted as the ratio of property, plant, and equipment to the book value of total assets (BVA) as of yearend 1997 and is included to control for opportunities related to investments in fixed assets. Larger firms, through the scope and scale of their operations, are expected to have greater opportunities to engage in taxplanning efforts. SIZE is puted as the natural logarithm of the BVA as of yearend 1997. Firms with greater leverage are also expected to have greater opportunities to engage in taxplanning efforts related to financing activities (Atwood et al. 1998). LEV is the ratio of longterm debt to BVA as of yearend 1997. Finally, tax laws vary on an industrybyindustry basis. IND is a vector of industry indicator variables for the mining and construction, transportation and munication, utilities, sales, financial institutions an insurance, and services industries. 13 From: Corporate TaxPlanning Effectiveness: The Role of CompensationBased Incentives： The Accounting Review, Vol. 78, No. 3 (Jul., 2021). 企業(yè)稅收籌劃的有效性：基于對報酬的激勵作用（下） Dhaliwaletal (2021)還關(guān)注了“企業(yè)的稅收籌劃機(jī)會和 決定，是否與首席執(zhí)行官稅后收益的獎金計劃的之間的關(guān)系”，但有關(guān)措施只實現(xiàn)了稅收籌劃的機(jī)會使稅收 抵免和企業(yè)永遠(yuǎn)不變的 繳稅財產(chǎn)清單和稅率 的絕對值。由于永久性差異可以增加或減少應(yīng)稅收入的相對預(yù)期收入，他們沒有提供首席執(zhí)行官的稅后報酬和降低出口退稅之間的直接證據(jù)。 對于事業(yè)部經(jīng)理參與協(xié)調(diào)稅務(wù)規(guī)劃工作的任務(wù)時， 專家要求從非專業(yè)人員投入和合作保持一貫性 (Milgrom and Roberts 1992)。包括：（ 1）在雇傭職工前看其工資是否具有抵免稅收的資格，（ 2）向該公司的稅務(wù)專業(yè)人士咨詢公司設(shè)立的地點(diǎn)，因為公司所處的 不同位置適用不同的稅率，（ 3）協(xié)助稅務(wù)專業(yè)人士收集申報納稅所需的數(shù)據(jù)文件。 Wilson (1995, 12),因此，舉一個有公司主管會談記錄，以支持他的結(jié)論， 激勵事業(yè)部經(jīng)理稅后措施應(yīng)在稅務(wù)規(guī)劃工作中有所涉及： 我們建立了并不斷完善部門的稅后激勵措施。 Guidry et al. 1999)。 19951997 年期間平均每年的出口退稅 是用來控制不確定的年與年之間在每年的出口退稅上的波動。首先，計算時不包括臨時賬面稅率差異的影響，因此稅收籌劃的行動，在稅收延期結(jié)果方面，是沒有反映在出口退稅上。 對于一個企業(yè)的首席執(zhí)行官的薪酬是以企業(yè)稅后績效為基礎(chǔ)的，涉及決定稅收延期的可能，這很可能是國外設(shè)立公司的情況 并形成特殊目的實體，出口退稅將無法衡量首席執(zhí)行官為稅收籌劃付出的努力。 調(diào)整出口退稅 反映了員工股票期權(quán)扣減的稅務(wù)優(yōu)惠會導(dǎo)致這些企業(yè)降低出口退稅，盡管稅前抵扣得適當(dāng)使用，并表明企業(yè)稅后業(yè)績和出口退稅之間沒有聯(lián)系的假設(shè)不成立。 出口退稅和補(bǔ)償方程的共同外生變量 所有這三個方程包含變量，是一個企業(yè)的稅務(wù)籌劃的機(jī)會代理。 Dhaliwal et al. 2021)和 Antle and Demski (1988)可控性的原 則， 稅務(wù)規(guī)劃機(jī)會變量也包括在 CEOATAX and BUATAX 方程。以更大的杠桿公司也預(yù)計將有更多的機(jī)會，在從事籌資活動有關(guān)的工作時運(yùn)用稅收籌劃 (Atwood et al. 1998)。 來源： 企業(yè)稅收籌劃的有效性：基于對報酬的激勵作用， 會計評論 78 卷第 3 號 （ 2021年 7 月） 。最后，稅法是建立在不同的產(chǎn)業(yè)基礎(chǔ)之上的。 規(guī)模較大的公司，通過其業(yè)務(wù)范圍和規(guī)模， 預(yù)計將有更多的機(jī)會進(jìn)行稅務(wù)規(guī)劃工作。與以前的研究相一致 (., Newman 1989。這些變量，是在用 BUATAX 模型，在計算的基礎(chǔ)上對總裁稅的估計結(jié)果， 包括在出口退稅模型，實現(xiàn)統(tǒng)一使用 OLS 估計系數(shù) (Tunali 1986)。 企業(yè)很少或沒有應(yīng)納稅額，因為他們的股票期權(quán)中可以扣除更高的出口退稅，這可能是不確定的研究， 嘗試使用出口退稅來衡量一個企業(yè)的稅務(wù)負(fù)擔(dān)或評價一個公司的激勵從事稅務(wù)規(guī)劃工作的行為 (., Hanlon and Shevlin 2021)。