The literature on tax havens utilization by multinational enterprises (MNEs) has largely focused on determinants that are financial or technological in nature. We contribute to this literature by showing important corporate governance determinants for tax haven utilization by Asia-Pacific and OECD country MNEs. Theoretically, we show that ownership concentration and female board membership influence tax haven utilization. Empirically, we show negative associations between ownership concentration and female board membership and the likelihood of owning a subsidiary in a tax haven. Based on our results, we draw a number of implications for theoretical and empirical work, which also opens the door for further investigation in this area.
Bibliographical note© 2022 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.
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- corporate governance
- female directors; Asia-Pacific countries; OECD countries
- ownership concentration
- tax havens