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<p>This study focuses on CEOs’ capital gains taxes to shed light on how CEOs’ personal tax incentives influence corporate misconduct. We find strong evidence that CEOs’ capital gains tax liabilities are negatively associated with corporate misconduct. The results remain robust after controlling for potential endogenous effects. The effect of CEO capital gains taxes on corporate misconduct is attenuated when more of the CEO’s wealth is outside the firm and is concentrated among firms facing greater ex ante litigation risk. Overall, our findings suggest that CEOs’ capital gains taxes discipline corporate misconduct.</p>

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CEO tax effects on corporate misconduct: evidence from CEOs’ capital gains taxes

  • 期刊论文

  • 发表日期：

    2026年3月3日

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  • Rui Ge,
  • Junqiang Ke,
  • Zhiming Ma,
  • Lufei Ruan

摘要

This study focuses on CEOs’ capital gains taxes to shed light on how CEOs’ personal tax incentives influence corporate misconduct. We find strong evidence that CEOs’ capital gains tax liabilities are negatively associated with corporate misconduct. The results remain robust after controlling for potential endogenous effects. The effect of CEO capital gains taxes on corporate misconduct is attenuated when more of the CEO’s wealth is outside the firm and is concentrated among firms facing greater ex ante litigation risk. Overall, our findings suggest that CEOs’ capital gains taxes discipline corporate misconduct.