In this paper, we find that product market threats increase firms’ tax avoidance. This association is especially observed for firms that pursue tax avoidance more than their optimal target level (i.e., actively tax-avoiding firms). In addition, among these firms with active tax avoidance practices, firms with weaker corporate governance structure, lower financial flexibility, and greater predation risk are more likely to experience the positive relationship between product market threats and tax avoidance. Further evidence suggests that higher levels of tax avoidance driven by product market threats do not come with higher levels of tax uncertainty and rather positively affect firms’ profitability. This result highlights the decoupling relationship between tax avoidance and tax uncertainty.

在本文中，我们发现产品市场威胁增加了企业的避税行为。对于追求避税超过其最佳目标水平的公司（即积极避税公司），这种关联尤其明显。此外，在这些积极避税的公司中，公司治理结构较弱、财务灵活性较低和掠夺风险较大的公司更有可能体验到产品市场威胁与避税之间的正相关关系。进一步的证据表明，由产品市场威胁驱动的更高水平的避税不会带来更高水平的税收不确定性，而是会对公司的盈利能力产生积极影响。这一结果凸显了避税与税收不确定性之间的脱钩关系。