Firm Value, Tax Evasion, Tax Planning Opportunity and Financial Crisis of Firms

محورهای موضوعی : Financial Accounting

Navid Paidarmanesh ¹ , Alireza Mehrazin ² , Mohammad Reza Abbas zadeh ³ , Abolghassem Massihabadee ⁴

1 - Department of Accounting, Neyshabur Branch, Islamic Azad University, Neyshabur, Iran
2 - Department of Accounting, Neyshabur Branch , Islamic Azad University, Neyshabur, Iran
3 - Department of Accounting, Ferdowsi University of Mashhad, Mashhad, Iran
4 - Department of Accounting, Sabzevar Branch, Islamic Azad University, Sabzevar, Iran

تاریخ دریافت : 1401/06/14 تاریخ پذیرش : 1401/12/11 تاریخ انتشار : 1402/12/07

کلید واژه: Firm Value, Tax evasion, Tax planning opportunity, Tehran Stock Exchange, financial constraints,

چکیده مقاله :

The purpose of this research is to investigate the reasons for tax evasion in companies, which uses two independent variables (financial constraints and tax planning opportunities) and tow dependent variable (firm value and tax evasion by tax difference method) in the form of 13 models. The 11 indicators have been considered for the variable of financial constraints of companies, and the model is implemented for all these indicators. The research was conducted in the 5-year period from 2015 to 2019 in the Tehran Stock Exchange, and Eviews software was used to analyse the data and fit them for 3 research hypotheses. The results of the research show that the opportunity for tax planning has a negative effect on the value of the company, and the increase in the opportunity for tax planning and subsequently tax evasion causes a decrease in the value of the company. Also, the research results showed that there is a significant relationship between tax planning opportunity and tax evasion (by tax differences method) of companies, while there is no positive relationship between financial constraints and tax evasion (by tax difference method) in companies that have tax planning opportunities.

چکیده انگلیسی:

The purpose of this research is to investigate the reasons for tax evasion in companies, which uses two independent variables (financial constraints and tax planning opportunities) and tow dependent variable (firm value and tax evasion by tax difference method) in the form of 13 models. The 11 indicators have been considered for the variable of financial constraints of companies, and the model is implemented for all these indicators. The research was conducted in the 5-year period from 2015 to 2019 in the Tehran Stock Exchange, and Eviews software was used to analyse the data and fit them for 3 research hypotheses. The results of the research show that the opportunity for tax planning has a negative effect on the value of the company, and the increase in the opportunity for tax planning and subsequently tax evasion causes a decrease in the value of the company. Also, the research results showed that there is a significant relationship between tax planning opportunity and tax evasion (by tax differences method) of companies, while there is no positive relationship between financial constraints and tax evasion (by tax difference method) in companies that have tax planning opportunities.

منابع و مأخذ:

[1] Alivia, N. R., Faktor-Faktor Yang Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Intervening, Journal Manajemen Universitas Diponegoro. 2018; 2(2):1-12. doi: 10.24843/EJA.2020.v30.i07.p18
[2] Allingham, M. G., and Sandmo, A., Income tax evasion: A theoretical analysis, Journal of public eco-nomics, 1972; 1(3-4): 323-338. doi: 10.1016/0047-2727(72)90010-2.
[3] Alm, J., Vazquez, M.J., and McClellan, Ch., Corruption and firm tax evasion. Journal of Economic Behavior & Organization. 2016; 124: 146-163. doi: 10.1016/j.jebo.2015.10.006.
[4] Alm, J., Liu, Y., and Zhang, K., Financial constraints and firm tax evasion, International Tax and Pub-lic Finance, 2019; 26.1: 71-102. doi: 10.1007/s10797-018-9502-7.
[5] Alm, J., Measuring, explaining, and controlling tax evasion: lessons from theory, experiments, and field studies, International tax and public finance, 2012; 19.1: 54-77. doi: 10.1007/s10797-011-9171-2.
[6] Apsari, L., dan Setiawan, P. E., Pengaruh Tax Avoidance Terhadap Nilai Perusahaan Dengan Kebijakan Dividen Sebagai Variabel Moderasi. e-Journal Akuntansi Universitas Udayana. 2018; 23: 3. doi: 10.24843/EJA.2018.v23.i03.p06.
[7] Armstrong, C., Blouin, J., Jagolinzer, A., and Larcker, D., Corporate governance, incentives, and tax avoidance, Journal of Accounting and Economics, 2015; 60: 1-17. doi: 10.1016/j.jacceco.2015.02.003.
[8] Desai, M. A., and Dharmapala, D., Corporate Tax Avoidance and Firms Value, The review of Econom-ics and Statistics. 2009; 91(3): 537–546. doi: 10.1162/rest.91.3.537.
[9] Ayers Benjamin C., Andrew C., Call, Casey M., Schwab, Do Analysts' Cash Flow Forecasts Encourage Managers to Improve the Firm's Cash Flows? Evidence from Tax Planning, Contemporary Accounting Research, 2018; 35(2): 767-793. doi: 10.1111/1911-3846.12403.
[10] Beck, T, Chen, L., and Yue, M., Why do firms evade taxes? The role of information sharing and fi-nancial sector outreach, The Journal of Finance, 2014; 69.2: 763-817. doi: 10.1111/jofi.12123.
[11] Besley, T., Jensen, A., Persson, T., Norms, enforcement, and tax evasion, The Review of Economics and Statistics. 2014; 32: 1-28. doi: 10.1257/jep.28.4.99.
[12] Bird, A., and Karolyi, S., Governance and taxes: Evidence from regression discontinuity, The Ac-counting Review, 2017; 92(1). doi: 10.2308/accr-51520.
[13] Blackburn, K., Niloy, B., and Capasso, S., Tax evasion, the underground economy and financial de-velopment, Journal of Economic Behavior & Organization, 2012; 83.2: 243-253. doi: 10.1016/j.jebo.2012.05.019.
[14] Carrillo, P, Pomeranz, D., and Singhal. M., Dodging the taxman: Firm misreporting and limits to tax enforcement, American Economic Journal: Applied Economics, 2017; 9.2: 144-64. doi: 10.1257/app.20140495.
[15] Cheng, C. S., Huang, H., Li, Y., and Stanfield, J., The effect of hedge fund activism on corporate tax avoidance, The Accounting Review, 2012; 87(5): 1493-1526. doi: 10.2139/ssrn.1759994.
[16] Christiawan, Y., dan. J., Tarigan. J., Kepemilikan Manajeral: Kebijakan Hutang, Kinerja dan Nilai Perusahaan. Journal Akuntansi dan Keuangan. Universitas Petra. 2007;9(1):1-8. doi: 10.9744/jak.9.1.pp.%201-8.
[17] Dyreng, S. D., Hanlon M., and Maydew, E. L., The Effects of Executives on Corporate Tax Avoidance, The Accounting Review, 2010; 85(4): 1163-1189. doi: 10.2308/accr.2010.85.4.1163.
[18] Desai, M. A., Dharmapala, D., Corporate Tax Avoidance and Firms Value, The review of Economics and Statistics, 2009; 91(3): 537–546. doi: 10.2139/ssrn.689562.
[19] Yukun Sun, Corporate tax avoidance and government corruption: Evidence from Chinese firms, Eco-nomic Modelling, 2020; 98: 13-25. doi: 10.1016/j.econmod.2021.02.008.
[20] Edwards, A., Schwab, C., and Shevlin, T., Financial constraints and cash tax savings, The Accounting Review, 2016; 91(3): 859-881. doi: 10.2308/accr-51282.
[21] Guenther, D., Matsunaga, S., Williams, B., Is tax avoidance related to firm risk? The Accounting Re-view, 2017; 92(1): 115-136. doi: 10.2308/accr-51408.
[22] Herdiyanto, D. G., dan, M., Ardiyanto, D., Pengaruh, Tax Avoidance Terhadap Nilai Perusahaan, Journal of Accounting, 2015, 4(3) Tahun, Halaman 1(10): 2337-3806. doi: 10.34204/jiafe.v4i1.1082.
[23] Islam, A, Public policies and tax evasion: evidence from SAARC countrie, Heliyon. 2020; 6.11: 49-54. doi:10.1016/j.heliyon.2020.e05449.
[24] Jamei, R., Tax Avoidance and Corporate Governance Mechanisms: Evidence from Tehran Stock Ex-change, International Journal of Economics and Financial Issues, 2017; 7: 12-28.
[25] Jonathan dan V. A., Pengaruh, T., Tax Avoidance Terhadap Nilai Perusahaan Dengan Profitabilitas Sebagai Variabel Pemoderasi. 2016; 96 (2): 978- 979.
[26] Kasmir. Analisis Laporan Keuangan. Jakarta: PT. Raja Grafindo Persada 2015.
[27] Katz, S., Khan, U., and Schmidt. A. P., Tax Avoidance and Future Profitability, Columbia Business School 2013.
[28] Khan M., Suraj, S., Liang, T., Institutional Ownership and Corporate Tax Avoidance: New Evidence. 2017; 92(2): 101–122. doi: 10.2139/ssrn.2779809.
[29] Kristianto, Z., Andini, R., dan, E., Santoso, B., Pengaruh Perencanaan Pajak dan Tax Avoidance Ter-hadap Nilai Perusahaan dengan Kinerja Keuangan sebagai VariabelIntervening. Universitas Pandanaran Semarang 2018.
[30] Kurniasih, T., dan M. M., Sari, R., Pengaruh Profitabilitas, Leverage, Corporate Governance, Ukuran Perusahaan, dan Kompensasi Rugi Fiskal pada Tax Avoidance, Buletin Studi Ekonomi, 2013; 18: 58 – 66.
[31] Law, K., and Mills, L., Taxes and financial constraints: evidence from linguistic cues, Journal of Ac-counting Research, 2015; 53(4): 777-818. doi: 10.1111/1475-679X.12081.
[32] Lumir, A., Geoff Pugh, Hashi, I., Business Tax Evasion in Transition Economies: A Cross-Country Panel Investigation, European Journal of Comparative Economics, Cattaneo University (LIUC), 2018; 15(1):11-36.
[33] Maharani, M., Sharifuddin H., Suriawinata, I. S., The Effect of Tax Planning On Company Value with Financial, 2020, IJBAM, 3(1), 2020: 40-52. doi: 10.36406/ijbam.v3i1.574.
[34] Nur-tegin Kanybek, D., Determinants of Business Tax Compliance, The B.E. Journal of Economic Analysis & Policy. 2008; 8(1): 1-28. doi: 10.2202/1935-1682.1683.
[35] Olsen, K., and Stekelberg, J., CEO narcissism and corporate tax sheltering, Journal of American Taxa-tion Association, 2016; 38(1): 1-22. doi: 10.2308/atax-51251.
[36] Pradnyana, I. B. G. P., Pengaruh Perencanaan Pajak Terhadap Nilai Perusahaan dengan Transparansi Perusahaan sebagai Variabel Moderasi, e-Journal Akuntansi Universitas Udayana, 2017; 18(2): 18-34.
[37] Prasetyo, B. F. Pengaruh Ukuran Perusahaan, Leverage, Price Earnings Ratio dan Profitabilitas Ter-hadap Nilai Perusahaan, Journal Ilmu Manajemen. 2013; 1(1).
[38] Rashid, M., Harun, d., Tax payer's Attitude Towards Tax Evasion in a Developing Country: Do the Demographic Characteristics Matter? International Journal of Applied. Behavioral Economics, 2020; 9(2): 1-19. doi: 10.4018/IJABE.2020040101.
[39] Tauke, P. Y., S. Murni dan J. E. Tulung. Pengaruh Kinerja Keuangan Terhadap Nilai Perusahaan Real Estate Dan Properti Yang Terdaftar Di Bursa Efek Indonesia Tahun 2012-2015. Jurnal Emba: Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi. 2017, 5(1): P. 23-35. Doi: doi.org/10.35794/emba.v5i2.16009.