經理人過度自信、租稅規避與成本僵固性之關聯性

The Correlation between Manager Overconfidence, Tax Avoidance and Cost Stickiness

本研究以2013年至2019年之台灣上市櫃公司作為研究樣本，探討企業租稅規避與成本僵固性間的關係是否會受到經理人（總經理）過度自信的影響。此乃因為過往文獻對於公司租稅規避行為與成本僵固性間的關係未有一致的結論，基於過度自信經理人勇於冒險的特質會從事更多的避稅行為，且其過度樂觀特質及帝國建立心態會增加其成本僵固性，因此，本文推論經理人過度自信在公司租稅規避對成本僵固性的影響上應扮演了調節的角色。實證結果及各項敏感性測試皆支持本文之推論，亦即相較而言，過度自信經理人會同時增加其避稅行為及非對稱調整銷管費用的成本僵固性，因而更強化了公司租稅規避行為與成本僵固性間的正向關係。

This study investigates the influence of managerial overconfidence on the relationship between corporate tax avoidance and cost stickiness, utilizing data from Taiwanese listed companies between 2013 and 2019. The significance of this study lies in addressing the lack of conclusive findings in previous literature regarding the relationship between corporate tax avoidance behavior and cost stickiness. Overconfident managers tend to exhibit risk-taking behaviors, leading them to pursue increased tax avoidance strategies. Moreover, their over optimism and inclination towards building empires contribute to the escalation of cost stickiness. Hence, this study suggests that managerial overconfidence likely moderates the influence of corporate tax avoidance on cost stickiness. The empirical results support the hypotheses of this study. Specifically, the findings indicate that overconfident managers tend to enhance both their tax avoidance behavior and the cost stickiness associated with the asymmetric adjustment of SG&A expenses. This result strengthens the positive association between corporate tax avoidance behavior and cost stickiness.