Is Tax Avoidance Related to Firm Risk

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The effects of environmental, social and governance disclosures and performance on firm value: A review of the literature in accounting and finance (2017, positive): “Firms paying the lowest industry-adjusted tax rates have higher stock market risk, however (Brooks et al., 2016; Guenther et al., 2016).”
Does Tax Risk Affect Investor Valuation of Tax Avoidance? (2017, methodology): “This conclusion complements the findings of Guenther et al. (2017), who identify that low ETRs (tax avoidance) are not associated with higher volatility of ETRs (tax risk) or higher overall firm risk, and Neuman (2016), who argues that not all firms pursue tax minimization and indeed forego some tax”
Effects of an Advancing Tenure on CEO Cognitive Complexity (2020, methodology): “Among our moderators, to measure systemic industry dynamism we took inspiration from the finance literature (Cain and McKeon 2016, Guenther et al. 2016) and constructed a measure based on the long-term, or inherent, degree of volatility of stock returns in each industry.”
Tax avoidance, corporate governance, and corporate social responsibility: The case of the Egyptian capital market (2020, background): “It implies that firms can lower their tax rates while still taking tax positions that are unlikely to be overturned by the tax authority, such J o u r n a P r r o o as opening a subsidiary in a low tax country or taking advantage of accelerated depreciation deductions (Guenther et al., 2016).”