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<p>While tax haven use by multinational enterprises (MNEs) has been associated with significant societal harm, studies have theorized a limited relationship between tax haven use and corporate reputation. This is surprising, given the wealth of evidence illustrating how corporate reputations are frequently undermined by socially harmful activity. To advance our understanding, this study investigates the underexplored heterogeneity associated with tax havens—specifically their location characteristics. Drawing on attribution theory and the country reputation perspective, we theorize and explain how MNE presence in tax havens—of different sizes and country-specific reputations—shapes stakeholder perception, thereby differentially undermining corporate reputations. The results of our longitudinal (2010–2023), firm fixed-effects analysis, involving 559 MNEs, illustrate how MNE engagement with small tax haven economies, as well as locations with adverse country reputations, undermines corporate reputations. Moreover, we demonstrate how MNE engagement with corrupt nation-states can, at times, strengthen the reputational implications of tax haven use. Overall, our research highlights how the risks associated with tax haven use may be greater for some tax haven locations than others. Among our principal contributions, this study advances our understanding of the relationship between tax haven use and corporate reputation.</p>

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In a ‘bad’ place? Location and the relationship between tax haven use and corporate reputation

  • 期刊论文

  • 发表日期：

    2026年4月2日

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  • Giulio Nardella,
  • Chris Jones,
  • Stephen Brammer,
  • Yama Temouri

摘要

While tax haven use by multinational enterprises (MNEs) has been associated with significant societal harm, studies have theorized a limited relationship between tax haven use and corporate reputation. This is surprising, given the wealth of evidence illustrating how corporate reputations are frequently undermined by socially harmful activity. To advance our understanding, this study investigates the underexplored heterogeneity associated with tax havens—specifically their location characteristics. Drawing on attribution theory and the country reputation perspective, we theorize and explain how MNE presence in tax havens—of different sizes and country-specific reputations—shapes stakeholder perception, thereby differentially undermining corporate reputations. The results of our longitudinal (2010–2023), firm fixed-effects analysis, involving 559 MNEs, illustrate how MNE engagement with small tax haven economies, as well as locations with adverse country reputations, undermines corporate reputations. Moreover, we demonstrate how MNE engagement with corrupt nation-states can, at times, strengthen the reputational implications of tax haven use. Overall, our research highlights how the risks associated with tax haven use may be greater for some tax haven locations than others. Among our principal contributions, this study advances our understanding of the relationship between tax haven use and corporate reputation.