Our findings reveal that asset specificity significantly enhances corporate tax avoidance, with firms exhibiting lower cash effective tax rates. Firms with higher asset specificity also engage in more aggressive tax avoidance strategies, including tax dodging and long-term tax planning. Additionally, our analysis indicates that the positive impact of asset specificity on tax avoidance is less pronounced in firms with lower ESG performance but is more pronounced in those facing negative demand shocks or operating during periods of economic policy uncertainty. We also find that financial constraints and product market power mediate the relationship between asset specificity and tax avoidance, with financial constraints serving as the dominant economic channel. These findings offer new insights into the factors driving corporate tax avoidance and highlight the complex interplay between asset specificity, financial constraints, product market power, and tax planning strategies.

中文翻译：

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资产特异性对公司避税的影响：财务约束和产品市场力量重要吗？


我们的研究结果表明，资产特异性显著增强了公司避税，公司的现金有效税率较低。资产特异性较高的公司也会采取更激进的避税策略，包括避税和长期税务规划。此外，我们的分析表明，资产特异性对避税的积极影响在 ESG 表现较低的公司中不太明显，但在面临负面需求冲击或在经济政策不确定时期运营的公司中更为明显。研究还发现，财务约束和产品市场支配力在资产特异性与避税之间的关系之间起中介作用，其中财务约束是主导的经济渠道。这些发现为驱动公司避税的因素提供了新的见解，并强调了资产特异性、财务约束、产品市场力量和税务筹划策略之间的复杂相互作用。