A spotlight has recently been cast on the role of analysts as monitors of corporate tax planning, but investigations beyond the US are rare. After extension to the international setting, I investigate whether the strength of investor protection impacts the relationship between analysts’ tax expense forecast accuracy and tax avoidance. Using a sample from 24 countries, I find that firms with high analysts’ tax expense forecast accuracy engage in lower levels of tax avoidance than firms with low forecast accuracy; this relationship is greater for firms in countries with weaker investor protection. These findings suggest that the extent of country-level investor protection substitutes for firm-level governance in constraining managerial incentives for tax avoidance.

最近，人们已经关注了分析师作为公司税收筹划监督者的角色，但在美国以外的调查很少。扩展到国际环境后，我将研究投资者保护的力度是否会影响分析师的税费预测准确性与避税之间的关系。通过使用来自24个国家/地区的样本，我发现分析师的税收支出预测准确性较高的公司的避税水平低于预测准确性较低的公司。对于投资者保护较弱的国家/地区的公司而言，这种关系更大。这些发现表明，国家级投资者保护的范围可以替代公司级治理，从而限制了为避免税收而采取的管理激励措施。