Our study shows that governance plays an important role in long-term tax management. The most important driver of tax management is the pay-performance-sensitivity (PPS) for both directors and CEOs. These results are strong and robust to various areas of tax planning. We find that high PPS leads to lower taxes, including both GAAP effective tax rates and cash taxes paid. A one-unit increase in CEO PPS results in a 0.541% decrease in industry-adjusted GAAP ETR
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