Abstract Several empirical studies suggest that companies allocate profits regardless of the underlying real activity to avoid taxes. The Organisation for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) Action Plan, with its first formal document published in 2014, requires the taxation of profits where economic value is created. In this study, we investigate whether firms have improved the alignment between reported profits and real activity. We examine a large unconsolidated sample of European Union (EU) subsidiaries and find that earnings and economic activities are better aligned in the years after the BEPS Action Plan. Following the publication of the OECD’s recommendations, the average misalignment of 12.58 %–14.47 % of a corporate group’s reported profits decreased by more than 5%. This alignment is achieved by both the relocation of profits and real activity. Other measures by the EU probably contributed to this improvement. Our study informs politicians and researchers about firms’ reactions to the measures against BEPS.

中文翻译：

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在 BEPS 行动计划期间报告的利润与实际活动之间的一致性

摘要 一些实证研究表明，公司为了避税而分配利润而不考虑潜在的实际活动。经济合作与发展组织 (OECD) 的税基侵蚀和利润转移 (BEPS) 行动计划于 2014 年发布了第一份正式文件，要求对创造经济价值的利润征税。在这项研究中，我们调查公司是否改善了报告利润与实际活动之间的一致性。我们检查了欧盟 (EU) 子公司的大量未合并样本，发现在 BEPS 行动计划之后的几年中，收益和经济活动更加一致。经合组织的建议公布后，企业集团报告利润的 12.58%–14.47% 的平均偏差减少了 5% 以上。这种一致性是通过利润的重新定位和实际活动来实现的。欧盟采取的其他措施可能促成了这种改善。我们的研究让政治家和研究人员了解企业对 BEPS 措施的反应。