We show that firms with higher levels of organizational capital (OC) exhibit higher levels of tax avoidance and that shareholders view tax avoidance of high OC firms as value-enhancing. We also show that the OC-tax avoidance relation mainly manifests in firms with good internal governance and information environment and in firms that face tight financial constraints. In addition, we document that tax avoidance by high OC firms increases future cash flow and that high OC firms are more likely to invest in tax haven subsidiaries. Overall, our evidence suggests that OC enhances firms' tax efficiency.

中文翻译：

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组织资本、公司避税和公司价值

我们表明，组织资本 (OC) 水平较高的公司表现出较高的避税水平，并且股东将高 OC 公司的避税视为价值提升。我们还表明，OC-避税关系主要表现在具有良好内部治理和信息环境的公司以及面临严格财务约束的公司。此外，我们记录了高 OC 公司的避税行为会增加未来的现金流，并且高 OC 公司更有可能投资避税天堂子公司。总的来说，我们的证据表明 OC 提高了公司的税收效率。