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This paper tests the notion that private firms are more tax aggressive than public firms.\udTax avoidance measures, e.g. effective tax rates, cannot be used to compare private\udand public firms when private and public firms have different levels of importance on\udfinancial accounting earnings (Hanlon and Heitzman 2010). To disentangle financial\udreporting incentives from tax aggressiveness, I use the fact that European groups must\udprepare two sets of financial statements: first, group statements (consolidated), which\udprovide information to investors, and, second, individual statements (unconsolidated),\udwhich are used for legal purposes, but not to inform investors. Since in individual\udstatements financial reporting incentives do not vary between public and private firms,\udI use these effective tax rates to compare private and public firms. My findings show\udthat public, not private, firms are more tax aggressive, as the effective tax rates of\udpublic firms are lower in individual and group statements. (author's abstract)Series: WU International Taxation Research Paper Serie

Are Private Firms Really More Tax Aggressive than Public Firms?