Are Female CFOs Less Tax Aggressive? Evidence from Tax Aggressiveness

Abstract

This paper investigates the effect of CFO gender on corporate tax aggressiveness. Focusing on firms that experience a male-to-female CFO transition, the paper compares those firms' degree of tax aggressiveness during the pre- and post-transition periods. Using the probability of tax sheltering, the predicted unrecognized tax benefits, and the discretionary permanent book-tax differences to measure tax aggressiveness, we find that female CFOs are associated with less tax aggressiveness as compared to their male counterparts. The main findings are supported by additional tests based on propensity score matching, difference-in-differences tests, and tests with a female-to-male CFO transition sample. Overall, our study establishes CFO gender as an important determinant of tax aggressiveness. JEL Classifications: H26; M41; J16.

Women on audit committees and the relationship between related party transactions and earnings management

“…Francis, Hasan, Wu, and Yan (2014) examine whether CFO gender affects tax aggressiveness. For a sample of 974 firm‐year observations with 92 cases of male‐to‐female CFO transitions, they find that female CFOs are less tax aggressive than their male counterparts.…”

Agressividade Tributária: Um Survey da Literatura

“…As evidências desta linha de investigação apontam para associações significativas entre vários traços individuais dos gestores e a agressividade fiscal das empresas, tais como: a experiência militar do gestor (Law & Mills, 2017); o narcisismo (Olsen & Stekelberg, 2016); a orientação política e agressividade pessoal (Chyz, 2013); o gênero de seus executivos e dos membros do conselho de administração (Francis, Hasan, Qiang Wu, & Meng Yan, 2014;Lanis, Richardson, & Taylor, 2017); a religiosidade do gestor (Boone, Khurana & Raman, 2013;Dyreng, Mayew & Williams, 2012); suas habilidades e capacidade gerencial (Koester, Shevlin & Wangerin, 2017); e o perfil de remuneração, pensão e incentivos compensatórios (Armstrong, Blouin & Larcker, 2012;Chi, Huang & Sanchez, 2017;Kubick & Masli, 2016).…”

Agressividade Fiscal E O Comportamento Da Chief Executive Officer – Ceo Feminina No Brasil

“…Para amenizar esse problema, as empresas devem estruturar benefícios adequados para garantir que os gestores pratiquem uma gestão fiscal eficiente. (DESAI; DHARMAPALA, 2006, p. 30;REGO e WILSON, 2012, p. 6;FRANCIS et al, 2014). Ao determinar a agressividade tributária, os tomadores de decisão nas empresas estão trocando os custos pelos benefícios.…”

“…O excesso de confiança do principal executivo do sexo masculino pode fazer parecer que as mulheres fazem escolhas mais conservadoras, mas, na realidade, os homens é que se arriscam mais. (HUANG;KISGEN, 2013;FRANCIS et al, 2014).…”