Corporate Social Responsibility och skatteundandragande i liberala marknadsekonomier

Sammanfattning

ABSTRACT Title: Corporate Social Responsibility and Tax avoidance in Liberal market economies Level: Bachelor thesis Author: Izabell Sörlin and Katarina Ahlén Supervisor: Jan Svanberg Date: June 2026 Aim: The aim of this study is to examine the correlation between CSR and Tax avoidance (TA) in Liberal Market Economies: LME-USGAAP and LME-IFRS and the effect of profitability on potential connections. Method: The study applies a Linear Mixed Model (LMM) to analyze longitudinal panel data. The model combines fixed and random effects to examine the relationship between ESG, profitability, accounting standard and tax avoidance while accounting for between-firm variation and time-specific correlations in the data. The sample consists of publicly listed firms with ESG-scores obtained from London Stock Exchange Group (LSEG). Results and conclusions: Our results reveal a small, but significant negative correlation between ESG and both TA1 and TA2, with the effect being more pronounced in LME-IFRS firms than in LME-US-GAAP firms. Profitability measured as ROE (return on Equity) is associated with higher TA1 and TA2, higher levels of ESG appear to weaken the ROE-TA1 association, while strengthening the ROE-TA2 association. In LME-IFRS the correlation of ROE on TA2 is more pronounced than in LME-US-GAAP. The triple interaction between IFRS*ROE*ESG is insignificant for both TA measures. Contribution of the thesis: Our contribution is to highlight differences between accounting standards and tax behaviour and the mechanisms that may drive these differences, and to advance the understanding of the interplay between profitability, ESG and accounting standard in an market-based institutional setting. Suggestions for future research: Future research could examine how policy changes and sustainability regulation affect the development of ESG ratings and the functioning of the ESG signal in different institutional environments. Whether the change occurs gradually or in conjunction with specific implementation years and regulatory shifts. Key words: Tax Avoidance, ESG, IFRS, US-GAAP, temporary tax effects, permanent differences, institutional environment