The circulation of financial elites

Allen, John G.

doi:10.4337/9781785365645.00018

Cited by 3 publications

(2 citation statements)

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“…As such, they "hold considerable power, which they exercise by operating legal and financial vehicles designed to escape the control of governmental or intergovernmental organizations through the use of offshore jurisdictions" (Wójcik 2013,330). These mediators are sometimes referred to as "financial elites" (Allen, 2018) or "advanced business services" (Wójcik, 2013), while others use the term "professionals" to distinguish where their power and status derive from (Christensen, Seabrooke and Wigan 2022). We use the term 'advisors' as the group we study is extremely diverse, and the term 'advisors' better encapsulates what they do and what they have in common.…”

Section: Tax Advisorsmentioning

confidence: 99%

“…Professionals gather in urban spaces-they are not placed evenly across the territory of a country. In cities, tax advisors are able to tap into different networks, connecting and brokering diverse and distant operations and territories to wealthy individuals, corporate management and financial institutions through social interactions and relationships (Allen 2004(Allen , 2010(Allen , 2018. To get a more precise indication of where coordination centers are, we plotted the relative and absolute number of tax advisors in both cities and countries (Figure 4).…”

Section: Identifying Tax Coordination Centersmentioning

confidence: 99%

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Assets in Periphery, Agents in the Core: Mapping the Micro Structures of International Tax Planning

Garcia‐Bernardo¹,

Stausholm²

2022

Preprint

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In the last two decades, tax avoidance has risen to the top of the agenda of policy makers and international organizations. The majority of political action and academic research has focused on the macro-level of states, pointing towards the responsibility of ‘tax havens’ or ‘offshore financial centers’. Research on the micro-level has demonstrated the importance of non-state actors who facilitate tax planning, but tax advisors have never been studied systematically with global data. In this paper, we connect the micro and macro levels. We map tax advisors geographically using a novel empirical approach based on LinkedIn. We show that tax advisors generally locate in large cities in the EU and OECD, rather than in places targeted as ‘tax havens’. We further consider what determines the locations of tax advisors. Using multiple regression analysis, we find that locations of tax advisors does not correlate with the location of corporate profits, financial secrecy, or economic activity. Rather, it correlates with the managerial and financial activity. Our results underscore the core-periphery structure in offshore finance. Effective regulation of tax avoidance should focus on tax advisors, not only on the destination of money flows, since the active facilitation does not occur in those places.

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Section: Tax Advisorsmentioning

confidence: 99%

Section: Identifying Tax Coordination Centersmentioning

confidence: 99%