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EQUITY OWNERSHIP STRUCTURE AND CORPORATE TAX AGGRESSIVENESS: THE NIGERIAN CONTEXT

Yıl 2018, Cilt: 5 Sayı: 2, 90 - 99, 13.07.2018

Yinka Mashood Salaudeen Beatrice Ucha Ejeh

https://doi.org/10.17261/Pressacademia.2018.828

Öz

Purpose- This study examines the effect of ownership structure on corporate tax aggressive activities of listed firms in Nigeria.

Methodology- Data were extracted from the annual reports of 40 non-financial firms that made up the sample of the study from 2010 to 2014. The effects of ownership concentration and managerial ownership as independent variables on tax aggressiveness as the dependent variable were observed in S fixed effect model including those of the control variables.

Findings-The study reveals that ownership concentration has a positive but insignificant effect on tax aggressiveness while the effect of managerial ownership was found to be significantly negative. Further results show that leverage is negatively related with tax aggressiveness while return on assets is positively related. Size has not significant relation with tax aggressiveness

Conclusion-In the Nigeria context, only managerial ownership type of ownership structure determines how tax aggressive a firm is.

Anahtar Kelimeler

Managerial ownership ownership concentration tax aggressiveness Nigeria context non-financial firms

Kaynakça

  • Adhikari, A., Derashid, C., and Zhang, H. (2006). Public Policy, Political Connections, and Effective Tax Rates: Longitudinal Evidence from Malaysia, Journal of Accounting and Public Policy, 25, pp.574-595.
  • Akpa, A. (2011). Knowledge Creation Process: Concepts and Applications in Social Science Research, Makurdi: Aboki Publishers.
  • Boussaidi A., and Hamed M. S. (2015). The Impact of Governance Mechanisms on Tax Aggressiveness: Empirical Evidence from Tunisian Context, Journal of Asian Business Strategy, 5(1), pp. 1-12.
  • Bradshaw, M., Liao, G.,and Ma, M. (2014). Ownership Structure and Tax Avoidance: Evidence from Agency Costs of State Ownership in China, Retrieved from http://ssrn.com/abstract=2239837
  • Chan, K. H., Mo, P. L., and Zhou, A. Y. (2013). Government Ownership, Corporate Governance and Tax Aggressiveness: Evidence from China, Accounting and Finance, 53, pp. 1029-1051.
  • Chen, S., Chen, X., Cheng, Q. and Shevlin, T. (2010). Are Family Firms More Tax Aggressive Than Non-family Firms?’, Journal of Financial Economics, 95, pp.41- 61.
  • Desai, M.A., and Dharmapala, D. (2006). Corporate Tax Avoidance and High-powered Incentives, Journal of Financial Economics,79, pp. 145–179.
  • Dyreng, S., Hanlon, M., & Maydew, E. (2010). The Effects of Executives on Corporate Tax Avoidance. The Accounting Review,85(4), pp. 1163-1189.
  • Fenny, S., Gilman, M. and Haris, M.N. (2006). Econometric Accounting of the Australian Corporate Tax Rates: A Firm Panel Example, Accounting Research Journal, 19(1), pp. 64-73.
  • Florackis, C. (2008). Agency Costs and Corporate Governance Mechanisms: Evidence for UK Firms, International Journal of Managerial Finance,4(1), pp. 37-59.
  • Fraile, I. A., and Fradejas, N. A. (2014). Ownership Structure and Board Composition in a High Ownership Concentration Context, European Management Journal, 32, pp. 646-657.
  • Frank, M., Lynch, L. and Rego, S. (2009). Tax Reporting Aggressiveness and Its Relation to Aggressive Financial Reporting, The Accounting Review, 84(2), pp. 467-498.
  • Gupta, S. and Newberry, K. (1997). Determinants of the Variability in Corporate Effective Tax Rates: Evidence from Longitudinal Data, Journal of Accounting and Public Policy,16, pp. 1-34.
  • Hausman, J.A. (1978). Specification Tests in Econometrics, Econometrica,23(2), pp. 1251-1271.
  • Jensen, M. C. and Meckling, W. H. (1976). Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure, Journal of Financial Economics, 3(4), pp. 305-360.
  • Jian, M., Li, W. and Zhang, H. (2012). How Does State Ownership Affect Tax Avoidance? Evidence from China, Retrieved from http://accountancy.smu.edu.sg
  • Khurana, I. and Moser, W. J. (2013). Institutional Shareholders' Investment Horizons and Tax Avoidance, The Accounting Review, 35(1), pp. 111-134.
  • Kim, K.A. and Limpaphayom, P. (1998). Tax and Firm Size in Pacific-Basin Emerging Economies. Journal of International Accounting, Auditing and Taxation, 7, pp. 47-63.
  • Kourdoumpelou, S. (2015). Do Corporate Governance Best Practices Refrain Tax Evasion? Evidence from Greece, Journal of Accounting and Taxation, 5(1), pp. 1-10.
  • Landry, S., Deslandes, M. and Fortin, A. (2013). ’Tax Aggressiveness, Corporate Social Responsibility, and Ownership Structure’, Journal of Accounting Ethics and Public Policy, 14(3), pp. 99-132.
  • Lanis, R., and Richardson, G. (2011). The Effect of Board of Director Composition on Corporate Tax Aggressiveness, Journal of Accounting and Public Policy, 30, pp. 50-70.
  • Li, Y. (2014). The Relationship Between Equity Ownership Structure and Tax Aggressiveness of Listed Companies, Eastern Academic Forum.
  • Maiye, D. (2012). Global best Practices in Tax Reform: The Nigerian experience, A paper delivered at ICAN 2012 MCPE (Tax Practice Sector), Lagos, March, 28-29.
  • McGuire, T., Wang, D. and Wilson, R. J. (2014). Dual Class Ownership and Tax Avoidance, The Accounting Review,89(4), pp. 1487-1516.
  • Mgbame, C. O., Chijoke-Mgbame, M. A., Yekini, S. and Yekini C. K. (2017). Corporate Social Responsibility Performance and Tax Aggressiveness, Journal of Accounting and Taxation, 9(8), pp. 101-108.
  • Nwaobia, A. N. and Jayeoba O. O. (2016). Tax Planning and Firms’ Liquidity, Journal of Business Management, 2(10).
  • Oyeleke, O., Erin, O. and Emeni, F. (2016). Female Directors and Tax Aggressiveness of Listed Banks in Nigeria, International Conference on African Development Issues, pp. 293-299.
  • Rego, S. O. (2003). Tax Avoidance Activities of US Multinational Corporations, Contemporary Accounting Research, 20(4), pp. 805-833.
  • Ribeiro, A., Cerqueira, A. and Brandao, E. (2015). The Determinants of Effective Tax Rates: Firms Characteristics and Corporate Governance, FEP Working Papers, Portugal: School of Economics and Management, University of Porto. Retrieved from http://wps.fep.up.pt/wplist.php
  • Salaudeen, Y.M. (2017). A Sectorial Analysis of Corporate Effective Tax Rates, Forthcoming in ICAN Journal of Accounting and Finance.
  • Scholes, M., Wolfson, M., Erickson, M., Maydew, E. and Shevlin. T. (2005). Taxes and Business Strategy: A Planning Approach (3rd ed.), New Jersey: Pearson Prentice Hall.
  • Shackelford, D. A. and Shevlin, T. (2001). Empirical Tax Research in Accounting, Journal of Accounting and Economics,31(1), pp. 321-387.
  • Uadiale, O. M., Fagbemi, T. O. and Ogunleye, J.O. (2010). An Empirical Study of the Relationship Between Culture and Personal Income Tax Evasion in Nigeria, European Journal of Economics, Finance and Administrative Sciences, 20, pp. 116-126.
  • Wilson, R. (2009). An Examination of Corporate Tax Shelter Participants, The Accounting Review,84, pp.969-999.
  • Ying, T. (2015). Corporate Governance and Tax Strategies in China Listed Firms, (Doctoral Thesis, University of Nottingham, UK), Retrieved from http://eprint.nottingham.ac.uk/28838/120submission_Tingling%20Ying%206506557.pdf.
  • Zimmerman, J. L. (1983). Taxes and Firm Size, Journal of Accounting and Economics, 5, pp. 119-149.

Yıl 2018, Cilt: 5 Sayı: 2, 90 - 99, 13.07.2018

Yinka Mashood Salaudeen Beatrice Ucha Ejeh

https://doi.org/10.17261/Pressacademia.2018.828

Öz

Kaynakça

  • Adhikari, A., Derashid, C., and Zhang, H. (2006). Public Policy, Political Connections, and Effective Tax Rates: Longitudinal Evidence from Malaysia, Journal of Accounting and Public Policy, 25, pp.574-595.
  • Akpa, A. (2011). Knowledge Creation Process: Concepts and Applications in Social Science Research, Makurdi: Aboki Publishers.
  • Boussaidi A., and Hamed M. S. (2015). The Impact of Governance Mechanisms on Tax Aggressiveness: Empirical Evidence from Tunisian Context, Journal of Asian Business Strategy, 5(1), pp. 1-12.
  • Bradshaw, M., Liao, G.,and Ma, M. (2014). Ownership Structure and Tax Avoidance: Evidence from Agency Costs of State Ownership in China, Retrieved from http://ssrn.com/abstract=2239837
  • Chan, K. H., Mo, P. L., and Zhou, A. Y. (2013). Government Ownership, Corporate Governance and Tax Aggressiveness: Evidence from China, Accounting and Finance, 53, pp. 1029-1051.
  • Chen, S., Chen, X., Cheng, Q. and Shevlin, T. (2010). Are Family Firms More Tax Aggressive Than Non-family Firms?’, Journal of Financial Economics, 95, pp.41- 61.
  • Desai, M.A., and Dharmapala, D. (2006). Corporate Tax Avoidance and High-powered Incentives, Journal of Financial Economics,79, pp. 145–179.
  • Dyreng, S., Hanlon, M., & Maydew, E. (2010). The Effects of Executives on Corporate Tax Avoidance. The Accounting Review,85(4), pp. 1163-1189.
  • Fenny, S., Gilman, M. and Haris, M.N. (2006). Econometric Accounting of the Australian Corporate Tax Rates: A Firm Panel Example, Accounting Research Journal, 19(1), pp. 64-73.
  • Florackis, C. (2008). Agency Costs and Corporate Governance Mechanisms: Evidence for UK Firms, International Journal of Managerial Finance,4(1), pp. 37-59.
  • Fraile, I. A., and Fradejas, N. A. (2014). Ownership Structure and Board Composition in a High Ownership Concentration Context, European Management Journal, 32, pp. 646-657.
  • Frank, M., Lynch, L. and Rego, S. (2009). Tax Reporting Aggressiveness and Its Relation to Aggressive Financial Reporting, The Accounting Review, 84(2), pp. 467-498.
  • Gupta, S. and Newberry, K. (1997). Determinants of the Variability in Corporate Effective Tax Rates: Evidence from Longitudinal Data, Journal of Accounting and Public Policy,16, pp. 1-34.
  • Hausman, J.A. (1978). Specification Tests in Econometrics, Econometrica,23(2), pp. 1251-1271.
  • Jensen, M. C. and Meckling, W. H. (1976). Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure, Journal of Financial Economics, 3(4), pp. 305-360.
  • Jian, M., Li, W. and Zhang, H. (2012). How Does State Ownership Affect Tax Avoidance? Evidence from China, Retrieved from http://accountancy.smu.edu.sg
  • Khurana, I. and Moser, W. J. (2013). Institutional Shareholders' Investment Horizons and Tax Avoidance, The Accounting Review, 35(1), pp. 111-134.
  • Kim, K.A. and Limpaphayom, P. (1998). Tax and Firm Size in Pacific-Basin Emerging Economies. Journal of International Accounting, Auditing and Taxation, 7, pp. 47-63.
  • Kourdoumpelou, S. (2015). Do Corporate Governance Best Practices Refrain Tax Evasion? Evidence from Greece, Journal of Accounting and Taxation, 5(1), pp. 1-10.
  • Landry, S., Deslandes, M. and Fortin, A. (2013). ’Tax Aggressiveness, Corporate Social Responsibility, and Ownership Structure’, Journal of Accounting Ethics and Public Policy, 14(3), pp. 99-132.
  • Lanis, R., and Richardson, G. (2011). The Effect of Board of Director Composition on Corporate Tax Aggressiveness, Journal of Accounting and Public Policy, 30, pp. 50-70.
  • Li, Y. (2014). The Relationship Between Equity Ownership Structure and Tax Aggressiveness of Listed Companies, Eastern Academic Forum.
  • Maiye, D. (2012). Global best Practices in Tax Reform: The Nigerian experience, A paper delivered at ICAN 2012 MCPE (Tax Practice Sector), Lagos, March, 28-29.
  • McGuire, T., Wang, D. and Wilson, R. J. (2014). Dual Class Ownership and Tax Avoidance, The Accounting Review,89(4), pp. 1487-1516.
  • Mgbame, C. O., Chijoke-Mgbame, M. A., Yekini, S. and Yekini C. K. (2017). Corporate Social Responsibility Performance and Tax Aggressiveness, Journal of Accounting and Taxation, 9(8), pp. 101-108.
  • Nwaobia, A. N. and Jayeoba O. O. (2016). Tax Planning and Firms’ Liquidity, Journal of Business Management, 2(10).
  • Oyeleke, O., Erin, O. and Emeni, F. (2016). Female Directors and Tax Aggressiveness of Listed Banks in Nigeria, International Conference on African Development Issues, pp. 293-299.
  • Rego, S. O. (2003). Tax Avoidance Activities of US Multinational Corporations, Contemporary Accounting Research, 20(4), pp. 805-833.
  • Ribeiro, A., Cerqueira, A. and Brandao, E. (2015). The Determinants of Effective Tax Rates: Firms Characteristics and Corporate Governance, FEP Working Papers, Portugal: School of Economics and Management, University of Porto. Retrieved from http://wps.fep.up.pt/wplist.php
  • Salaudeen, Y.M. (2017). A Sectorial Analysis of Corporate Effective Tax Rates, Forthcoming in ICAN Journal of Accounting and Finance.
  • Scholes, M., Wolfson, M., Erickson, M., Maydew, E. and Shevlin. T. (2005). Taxes and Business Strategy: A Planning Approach (3rd ed.), New Jersey: Pearson Prentice Hall.
  • Shackelford, D. A. and Shevlin, T. (2001). Empirical Tax Research in Accounting, Journal of Accounting and Economics,31(1), pp. 321-387.
  • Uadiale, O. M., Fagbemi, T. O. and Ogunleye, J.O. (2010). An Empirical Study of the Relationship Between Culture and Personal Income Tax Evasion in Nigeria, European Journal of Economics, Finance and Administrative Sciences, 20, pp. 116-126.
  • Wilson, R. (2009). An Examination of Corporate Tax Shelter Participants, The Accounting Review,84, pp.969-999.
  • Ying, T. (2015). Corporate Governance and Tax Strategies in China Listed Firms, (Doctoral Thesis, University of Nottingham, UK), Retrieved from http://eprint.nottingham.ac.uk/28838/120submission_Tingling%20Ying%206506557.pdf.
  • Zimmerman, J. L. (1983). Taxes and Firm Size, Journal of Accounting and Economics, 5, pp. 119-149.
Toplam 36 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Articles
Yazarlar

Yinka Mashood Salaudeen Bu kişi benim 0000-0003-3393-5796

Beatrice Ucha Ejeh Bu kişi benim 0000-0001-9040-3329

Yayımlanma Tarihi 13 Temmuz 2018
Yayımlandığı Sayı Yıl 2018 Cilt: 5 Sayı: 2

Kaynak Göster

APA Salaudeen, Y. M., & Ejeh, B. U. (2018). EQUITY OWNERSHIP STRUCTURE AND CORPORATE TAX AGGRESSIVENESS: THE NIGERIAN CONTEXT. Research Journal of Business and Management, 5(2), 90-99. https://doi.org/10.17261/Pressacademia.2018.828
AMA Salaudeen YM, Ejeh BU. EQUITY OWNERSHIP STRUCTURE AND CORPORATE TAX AGGRESSIVENESS: THE NIGERIAN CONTEXT. RJBM. Haziran 2018;5(2):90-99. doi:10.17261/Pressacademia.2018.828
Chicago Salaudeen, Yinka Mashood, ve Beatrice Ucha Ejeh. “EQUITY OWNERSHIP STRUCTURE AND CORPORATE TAX AGGRESSIVENESS: THE NIGERIAN CONTEXT”. Research Journal of Business and Management 5, sy. 2 (Haziran 2018): 90-99. https://doi.org/10.17261/Pressacademia.2018.828.
EndNote Salaudeen YM, Ejeh BU (01 Haziran 2018) EQUITY OWNERSHIP STRUCTURE AND CORPORATE TAX AGGRESSIVENESS: THE NIGERIAN CONTEXT. Research Journal of Business and Management 5 2 90–99.
IEEE Y. M. Salaudeen ve B. U. Ejeh, “EQUITY OWNERSHIP STRUCTURE AND CORPORATE TAX AGGRESSIVENESS: THE NIGERIAN CONTEXT”, RJBM, c. 5, sy. 2, ss. 90–99, 2018, doi: 10.17261/Pressacademia.2018.828.
ISNAD Salaudeen, Yinka Mashood - Ejeh, Beatrice Ucha. “EQUITY OWNERSHIP STRUCTURE AND CORPORATE TAX AGGRESSIVENESS: THE NIGERIAN CONTEXT”. Research Journal of Business and Management 5/2 (Haziran 2018), 90-99. https://doi.org/10.17261/Pressacademia.2018.828.
JAMA Salaudeen YM, Ejeh BU. EQUITY OWNERSHIP STRUCTURE AND CORPORATE TAX AGGRESSIVENESS: THE NIGERIAN CONTEXT. RJBM. 2018;5:90–99.
MLA Salaudeen, Yinka Mashood ve Beatrice Ucha Ejeh. “EQUITY OWNERSHIP STRUCTURE AND CORPORATE TAX AGGRESSIVENESS: THE NIGERIAN CONTEXT”. Research Journal of Business and Management, c. 5, sy. 2, 2018, ss. 90-99, doi:10.17261/Pressacademia.2018.828.
Vancouver Salaudeen YM, Ejeh BU. EQUITY OWNERSHIP STRUCTURE AND CORPORATE TAX AGGRESSIVENESS: THE NIGERIAN CONTEXT. RJBM. 2018;5(2):90-9.

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