避税和税务风险对企业价值的互动影响:突尼斯背景下的新证据

IF 2.3 Q2 BUSINESS, FINANCE
Mouna Guedrib, Ghazi Marouani
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引用次数: 3

摘要

目的本研究旨在考察避税和税务风险对企业价值的互动影响。设计/方法/方法本研究使用多元线性回归技术,涵盖了2008年至2020年期间在突尼斯证券交易所上市的非金融公司的290项观察结果。研究结果表明,避税对公司价值有正向影响,而税务风险对公司价值则有负向影响。更重要的是,税收风险调节了避税对公司价值的积极影响。因此,在研究对公司价值的影响时,必须将避税与税务风险结合起来考虑。额外分析的结果表明,当避税与高水平的税收风险相关时,它会对公司价值产生负面影响。因此,投资者对高风险避税行为持负面评价。研究局限性/含义本研究的主要局限性在于,它只关注突尼斯上市公司,因为它们的财务报表是公开的。尽管由于数据可用性问题,样本相对较小,但由于有12年的采样期(2008年至2020年),样本数量令人满意。研究意义-研究人员对所获得的结果非常感兴趣,因为他们应该更加小心地简单地使用有效税率来衡量风险或激进的避税行为。实际含义研究结果可能表明,突尼斯公司经理在采取有风险的避税策略时需要考虑溢出效应,并在公司内部实施税务风险管理政策。突尼斯监管机构还要求在公司年度报告中报告风险避税行为,以保护投资者的权利和社会整体利益。研究结果对那些希望在税收规划策略方面做出良好决策的投资者也很有用。仅仅依靠有效税率来判断税收规划是否有风险是不够的。波动性ETR作为税收风险的代表,对他们的决策很有用。社会影响研究结果还强调,有风险的避税会降低公司价值,从而证实这种行为不仅会对公司产生负面影响,还会对整个社会产生负面影响。因为公司税有助于支付国家公共支出。因此,这被认为是一个普遍关切的问题。原创性/价值本研究与现有文献中的其他研究不同。事实上,它考察了避税和税务风险对突尼斯上市公司价值的共同影响,这些公司的特点是大股东和小股东之间的代理冲突占主导地位。因此,作者试图调查小股东是否可以通过降低公司价值来惩罚有风险的避税行为。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The interactive impact of tax avoidance and tax risk on the firm value: new evidence in the Tunisian context
PurposeThe purpose of this study is to examine the interactive impact of tax avoidance and tax risk on the firm value.Design/methodology/approachThis study covers 290 observations on non-financial corporations listed on the Tunisian Stock Exchange for the period ranging from 2008 to 2020, using the multiple linear regression technique.FindingsThe results show that tax avoidance positively affects the firm value while tax risk has a negative influence on the company value. More importantly, tax risk moderates the positive impact of tax avoidance on the firm value. Accordingly, tax avoidance must be considered in conjunction with tax risk when studying the effect on the firm value. The findings of additional analyses indicate that when tax avoidance is associated with a high level of tax risk, it negatively affects the firm value. Thus, investors negatively rate the high-risk tax avoidance.Research limitations/implicationsThe major limitation of this study is that it focuses only on Tunisian listed companies since their financial statements are publicly available. Although the sample is relatively small due to the problem of data availability, it is satisfactory owing to the twelve-year sampling period (from 2008 to 2020). Research implications- The results obtained are of great interest to researchers as they should be more careful in simply using effective tax rates as a measure of risky or aggressive tax avoidance.Practical implicationsThe findings may signal the need for Tunisian firm managers to consider spillovers when adopting risky tax avoidance strategies and to implement a tax risk management policy within the firm. They are also substantial for Tunisian regulators to create requirements for reporting risky tax avoidance practices in the company annual reports to protect the investors’ rights and the society interest in general. The results are also useful for the investors who would like to make good decisions with respect to tax planning strategies. It is not enough to rely on the Effective Tax Rate (ETR) to judge whether or not tax planning is risky. Volatile ETRs, as a proxy of the tax risk, can be useful for them in decision-making.Social implicationsThe results also highlight that risky tax avoidance decreases the firm value, and thus confirm the negative repercussions that such behavior can have not only on the firm, but also on the society in general, as the corporate tax contributes to covering the State public expenditure. Hence, it is considered a general concern.Originality/valueThe present study differs from others in the existing literature. In fact, it examines the joint effect of tax avoidance and tax risk on the firm value for Tunisian listed companies which are characterized by the predominance of agency conflicts between major shareholders and minor ones. Therefore, the authors seek to investigate if small shareholders can penalize risky tax avoidance practices by decreasing the firm value.
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来源期刊
Asian Review of Accounting
Asian Review of Accounting BUSINESS, FINANCE-
CiteScore
3.20
自引率
25.00%
发文量
32
期刊介绍: Covering various fields of accounting, Asian Review of Accounting publishes research papers, commentary notes, review papers and practitioner oriented articles that address significant international issues as well as those that focus on Asia Pacific in particular.Coverage includes but is not limited to: -Financial accounting -Managerial accounting -Auditing -Taxation -Accounting information systems -Social and environmental accounting -Accounting education Perspectives or viewpoints arising from regional, national or international focus, a private or public sector information need, or a market-perspective or social and environmental perspective are greatly welcomed. Manuscripts that present viewpoints should address issues of wide interest among accounting scholars internationally and those in Asia Pacific in particular.
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