大型公司透過租稅策略將公司獲利移至低稅率國家，享受高獲利卻低稅負的情況，不僅受到各界批評，亦引起各國政府高度重視。許多文獻致力於探討公司避稅的決策因素；惟尚無研究探討公司避稅的激進程度是否會受到投資者情緒的影響。本研究預期投資者情緒與管理階層避稅行為呈現正相關，係因為管理者會利用較激進的避稅來呈現較佳的獲利數字，延續樂觀的投資者情緒。但另一方面，投資者情緒與管理階層避稅也可能呈現負相關，因為管理者會擔心訴訟風險，減少避稅行為。迴歸分析結果顯示投資者情緒高漲會減少公司的避稅活動，本研究進一步採用橫斷面分析證實訴訟風險會增加投資者情緒與公司避稅程度間的負向關係。這些研究結果將延續投資者情緒文獻脈絡並為避稅議題補充新的內容。

Large corporations move corporate profits to countries with low tax rates through taxation strategies, and enjoy high profits but low tax burdens, which has not only been criticized by all walks of life, but has also attracted great attention from governments around the world. Much literature is devoted to exploring the decision-making factors of corporate tax avoidance; however, no study has examined whether the aggressiveness of corporate tax avoidance is affected by investor sentiment. This study expects a positive correlation between investor sentiment and management's tax avoidance behavior, as managers will use more aggressive tax avoidance to present better profit figures and perpetuate optimistic investor sentiment. On the other hand, investor sentiment may also be negatively correlated with management tax avoidance, as managers worry about litigation risks and reduce tax avoidance. The regression analysis results show that high investor sentiment will reduce corporate tax avoidance activities. This study further uses cross-sectional analysis to confirm that litigation risk increases the negative relationship between investor sentiment and corporate tax avoidance. These findings will expand the investor sentiment literature and add new content to the tax avoidance issue.

中文部分
陳嘉男 (2019) G20同意制定通則 防堵大企業避稅漏洞，中時新聞網，引自https://www.chinatimes.com/realtimenews/20190608002592-260410?chdtv

英文部分
Ali, A., & Gurun, U. G. (2009). Investor sentiment, accruals anomaly, and accruals management. Journal of Accounting, Auditing & Finance, 24(3), 415-431.
Arena, M. P., Wang, B., & Yang, R. (2021). Securities litigation and corporate tax avoidance. Journal of Corporate Finance, 66, 101546.
Arif, S., & Lee, C. M. (2014). Aggregate investment and investor sentiment. The Review of Financial Studies, 27(11), 3241-3279.
Armstrong, C. S., Blouin, J. L., & Larcker, D. F. (2012). The incentives for tax planning. Journal of Accounting and Economics, 53(1-2), 391-411.
Baker, M., & Stein, J. C. (2004). Market liquidity as a sentiment indicator. Journal of Financial Markets, 7(3), 271-299.
Baker, M., & Wurgler, J. (2000). The equity share in new issues and aggregate stock returns. The Journal of Finance, 55(5), 2219-2257.
Baker, M., & Wurgler, J. (2004). Appearing and disappearing dividends: The link to catering incentives. Journal of Financial Economics, 73(2), 271-288.
Baker, M., & Wurgler, J. (2006). Investor sentiment and the cross‐section of stock returns. The Journal of Finance, 61(4), 1645-1680.
Baker, M., & Wurgler, J. (2007). Investor sentiment in the stock market. Journal of Economic Perspectives, 21(2), 129-152.
Balakrishnan, K., Blouin, J. L., & Guay, W. R. (2019). Tax aggressiveness and corporate transparency. The Accounting Review, 94(1), 45-69.
Bergman, N. K., & Roychowdhury, S. (2008). Investor sentiment and corporate disclosure. Journal of Accounting Research, 46(5), 1057-1083.
Boynton, C., DeFilippes, P., & Legel, E. (2005, January). Prelude to Schedule M-3: Schedule M-1 corporate book-tax difference data 1990-2003. In Proceedings. Annual Conference on Taxation and Minutes of the Annual Meeting of the National Tax Association (Vol. 98, pp. 131-137). National Tax Association.
Brown, G. W., & Cliff, M. T. (2005). Investor sentiment and asset valuation. The Journal of Business, 78(2), 405-440.
Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms?. Journal of Financial Economics, 95(1), 41-61.
Christensen, J., & Murphy, R. (2004). The social irresponsibility of corporate tax avoidance: Taking CSR to the bottom line. Development, 47(3), 37-44.
Cornelli, F., Goldreich, D., & Ljungqvist, A. (2006). Investor sentiment and pre‐IPO markets. The Journal of Finance, 61(3), 1187-1216.
DeLong, J. B., & Shleifer, A. (1990). The bubble of 1929: evidence from closed-end funds.
Desai, M. A., & Dharmapala, D. (2008). Tax and corporate governance: an economic approach. In Tax and Corporate Governance (pp. 13-30). Springer, Berlin, Heidelberg.
Desai, M. A., & Dharmapala, D. (2009). Corporate tax avoidance and firm value. The review of Economics and Statistics, 91(3), 537-546.
Desai, M. A., & Dharmapala, D. (2009). Earnings management, corporate tax shelters, and book-tax alignment. National Tax Journal, 62(1), 169-186.
Desai, M. A., Dharmapala, D., & Fung, W. (2005). Taxation and the evolution of aggregate corporate ownership concentration. Working paper, Harvard Business School.
Dhaliwal, D. S., Gleason, C. A., & Mills, L. F. (2004). Last‐chance earnings management: using the tax expense to meet analysts' forecasts. Contemporary Accounting Research, 21(2), 431-459.
Dhaliwal, D. S., Huang, S. X., Moser, W. J., & Pereira, R. (2011). Corporate tax avoidance and the level and valuation of firm cash holdings. Working paper, University of Arizona.
Dharmapala, D., & Hines Jr, J. R. (2009). Which countries become tax havens?. Journal of Public Economics, 93(9-10), 1058-1068.
Dharmapala, D., & Riedel, N. (2013). Earnings shocks and tax-motivated income-shifting: Evidence from European multinationals. Journal of Public Economics, 97, 95-107.
Dong, M., Hirshleifer, D., Richardson, S., & Teoh, S. H. (2006). Does investor misvaluation drive the takeover market?. The Journal of Finance, 61(2), 725-762.
Duan, T., Ding, R., Hou, W., & Zhang, J. Z. (2018). The burden of attention: CEO publicity and tax avoidance. Journal of Business Research, 87, 90-101.
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long‐run corporate tax avoidance. The Accounting Review, 83(1), 61-82.
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2010). The effects of executives on corporate tax avoidance. The Accounting Review, 85(4), 1163-1189.
Erickson, M., Hanlon, M., & Maydew, E. L. (2006). Is there a link between executive equity incentives and accounting fraud?. Journal of Accounting Research, 44(1), 113-143.
Erle, B. (2008). Tax risk management and board responsibility. In Tax and Corporate Governance (pp. 205-220). Springer, Berlin, Heidelberg.
Fisher, K. L., & Statman, M. (2000). Investor sentiment and stock returns. Financial Analysts Journal, 56(2), 16-23.
Frank, M. M., Lynch, L. J., & Rego, S. O. (2009). Tax reporting aggressiveness and its relation to aggressive financial reporting. The Accounting Review, 84(2), 467-496.
Gao, L., Yang, L. L., & Zhang, J. H. (2016). Corporate patents, R&D success, and tax avoidance. Review of Quantitative Finance and Accounting, 47(4), 1063-1096.
Ge, R., Seybert, N., & Zhang, F. (2019). Investor sentiment and accounting conservatism. Accounting Horizons, 33(1), 83-102.
Gharghori, P., Lee, R., & Veeraraghavan, M. (2009). Anomalies and stock returns: Australian evidence. Accounting & Finance, 49(3), 555-576.
Goel, A. M., & Thakor, A. V. (2008). Overconfidence, CEO selection, and corporate governance. The Journal of Finance, 63(6), 2737-2784.
Graham, J. R. (2003). Taxes and corporate finance: A review. The Review of Financial Studies, 16(4), 1075-1129.
Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2014). Incentives for tax planning and avoidance: Evidence from the field. The Accounting Review, 89(3), 991-1023.
Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2-3), 127-178.
Hanlon, M., & Slemrod, J. (2009). What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement. Journal of Public Economics, 93(1-2), 126-141.
Hanlon, M., Kelley Laplante, S., & Shevlin, T. (2005). Evidence for the possible information loss of conforming book income and taxable income. The Journal of Law and Economics, 48(2), 407-442.
Hasan, I., Hoi, C. K. S., Wu, Q., & Zhang, H. (2014). Beauty is in the eye of the beholder: The effect of corporate tax avoidance on the cost of bank loans. Journal of Financial Economics, 113(1), 109-130.
Hribar, P., & McInnis, J. (2012). Investor sentiment and analysts' earnings forecast errors. Management Science, 58(2), 293-307.
Hsieh, T. S., Wang, Z., & Demirkan, S. (2018). Overconfidence and tax avoidance: The role of CEO and CFO interaction. Journal of Accounting and Public Policy, 37(3), 241-253.
Hurwitz, H. (2018). Investor sentiment and management earnings forecast bias. Journal of Business Finance & Accounting, 45(1-2), 166-183.
Jiang, J. X., Petroni, K. R., & Wang, I. Y. (2010). CFOs and CEOs: Who have the most influence on earnings management?. Journal of Financial Economics, 96(3), 513-526.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1-2), 3-27.
Lee, C. M., Shleifer, A., & Thaler, R. H. (1991). Investor sentiment and the closed‐end fund puzzle. The Journal of Finance, 46(1), 75-109.
Manzon Jr, G. B., & Plesko, G. A. (2001). The relation between financial and tax reporting measures of income. Tax Law Review, 55, 175.
McGuire, S. T., Omer, T. C., & Wang, D. (2012). Tax avoidance: Does tax-specific industry expertise make a difference?. The Accounting Review, 87(3), 975-1003.
Mills, L. F. (1998). Book-tax differences and Internal Revenue Service adjustments. Journal of Accounting Research, 36(2), 343-356.
Mills, L. F., Newberry, K. J., & Trautman, W. B. (2002). Trends in book-tax income and balance sheet differences. Working paper, The University of Texas at Austin.
Minnick, K., & Noga, T. (2010). Do corporate governance characteristics influence tax management?. Journal of Corporate Finance, 16(5), 703-718.
Ofek, E., & Richardson, M. (2003). Dotcom mania: The rise and fall of internet stock prices. The Journal of Finance, 58(3), 1113-1137.
Olsen, K. J., & Stekelberg, J. (2016). CEO narcissism and corporate tax sheltering. The Journal of the American Taxation Association, 38(1), 1-22.
Phillips, J., Pincus, M., & Rego, S. O. (2003). Earnings management: New evidence based on deferred tax expense. The Accounting Review, 78(2), 491-521.
Powers, K., Robinson, J. R., & Stomberg, B. (2016). How do CEO incentives affect corporate tax planning and financial reporting of income taxes?. Review of Accounting Studies, 21(2), 672-710.
Prendergast, C. (2002). The tenuous trade-off between risk and incentives. Journal of Political Economy, 110(5), 1071-1102.
Rego, S. O., & Wilson, R. (2012). Equity risk incentives and corporate tax aggressiveness. Journal of Accounting Research, 50(3), 775-810.
Ritter, J. R. (1991). The long‐run performance of initial public offerings. The Journal of Finance, 46(1), 3-27.
Ritter, J. R., & Welch, I. (2002). A review of IPO activity, pricing, and allocations. The Journal of Finance, 57(4), 1795-1828.
Shleifer, A., & Vishny, R. W. (2003). Stock market driven acquisitions. Journal of Financial Economics, 70(3), 295-311.
Simpson, A. (2013). Does investor sentiment affect earnings management?. Journal of Business Finance & Accounting, 40(7-8), 869-900.
Thomas, A. S., & Williams, G. R. (1991). A strategy to provide retirement benefits for international transferees in a global company. Benefits and Compensation International, 21(3), 2-7.
Yermack, D. (2004). Remuneration, retention, and reputation incentives for outside directors. The Journal of Finance, 59(5), 2281-2308.
Zimmerman, J. L. (1983). Taxes and firm size. Journal of Accounting and Economics, 5, 119-149.