本文針對種族進行研究，並連結企業財務長與其避稅行為，發現非白人財務長的企業避稅政策較白人財務長激進，本研究另檢驗財務長權力後，發現隨著非白人財務長權力越大，避稅程度越激進，確認係財務長個人之效果，而非其他干擾因素所造成，故進一步將非白人區分為非裔及亞裔，發現非白人財務長較白人財務長有激進的避稅表現來自亞裔。整體而言，本研究發現種族間存在不同風險偏好的證據，也印證了公司的避稅政策會受到財務長個人特質的影響。

In this paper, I examine the ethnicity of CFOs and the degree of his or her tax avoidance. I find that companies with non-white CFOs are more aggressive on tax avoidance than companies with white CFOs, and this result is due to the individual effect of CFO. Then, I further distinguish non-white into African and Asian. I find that the behavior of aggressive tax avoidance is primarily resulting from Asian CFOs. Overall, I find the evidence of different ethnicities with different risk preferences. Also, I confirm that CFOs’ individual characteristics do have impact on the operation of companies.

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