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How to Deal with Tax Avoidance in Sustainable Finance?

Author

Listed:
  • Gregory Schneider-Maunoury

    (CEPN Centre d’Economie de Paris Nord, Université Sorbonne Paris Nord)

  • Mathieu Joubrel

    (ValueCo)

Abstract

This research aims at providing and understanding tools to assess tax avoidance in sustainable finance. Starting with the definition of tax avoidance, the chapter explores the different views on tax provided by tax macroeconomics and the different phenomena related to tax avoidance and evasion. It then assesses the initiatives taken by investors on this issue and review the changes provided by the sustainable finance regulation, notably in the European Union. Then the methodological part enables to sort out 3 ratios in order to better understand the phenomena. The availability of the data is checked among 3 different samples (US very large caps, EU large caps, French small caps. 2 of the ratios enable to display the level of financial risk represented by tax avoidance among European listed companies. Last, in order to assess rightly the results provided by these indicators, a deep data analysis is achieved on the EU large caps sample. This enables to see that control variables (sector, country) have an impact but do not determine the tax avoidance strategy of a company. Some conclusions are drawn on the role of governments in tax avoidance and the way tax strategy may be integrated into ESG analysis.

Suggested Citation

  • Gregory Schneider-Maunoury & Mathieu Joubrel, 2025. "How to Deal with Tax Avoidance in Sustainable Finance?," Palgrave Studies in Impact Finance,, Palgrave Macmillan.
    • Handle: RePEc:pal:psifcp:978-3-031-81178-4_6
    DOI: 10.1007/978-3-031-81178-4_6
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