Kurumlar Vergisi Planlamasının Finansal Performans Üzerindeki Etkisinin Araştırılması: Türkiye'de Borsaya Kote Firmalardan Kanıtlar

Year 2024, Volume: 1 Issue: 47, 133 - 151, 13.08.2024

Ayobolawole Adewale Ogundipe Ednan Ayvaz

https://doi.org/10.35343/kosbed.1479446

Abstract

Bu çalışma, vergi planlamasının işletmelerin finansal performansını etkilşeyğp etkilemediğini araştırmaktadır. Bu bağlamda, kurumlar vergisi planlama stratejileri ve finansal performansa odaklanıyoruz. Çalışmada 1062 firmadan oluşan panel veri kullanılmıştır. Vergi planlaması ile ilgili tahminlerde Genelleştirilmiş Momentler Metodu (GMM) kullanılmıştır. Kurumsal vergi planlaması değişkenlerinin, dikkate alınan finansal performans boyutuna bağlı olarak, finansal performans ile pozitif ve anlamlı ilişkilere sahip olduğunu buluyoruz. Özellikle, efektif vergi oranı ve vergi planlama stratejilerinin riskliliği, seçilen firmaların karlılığı, büyümesi ve piyasa değeri ile önemli ölçüde ilişkilidir. Defter-vergi açığı, karlılık ve piyasa değeri ile önemli ölçüde ilişkilidir. Çok ulusluluk, seçilen firmaların karlılığı ve likidite pozisyonu ile anlamlı bir şekilde ilişkiliyken, örtülü sermaye ve somutluk piyasa değeri ve likidite ile anlamlı bir şekilde ilişkilidir. Kurumlar vergisi planlama stratejilerinin finansal performansı etkilediği sonucuna varılmıştır.

Keywords

Borsa İstanbul, Finansal performan, Vergi planlaması, Genelleştirilmiş momentler metodu

Ethical Statement

Araştırma, etik temelli izin gerektirmemektedir.

References

• A&L Goodbody. (2012). Corporate migration to Ireland. Legal News. Retrieved 28 March, 2012, from http://www.algoodbody.com/en_nl/legal-news-2012.aspx
• Abdolmohammadi, M.J. (2005). Intellectual capital disclosure and market capitalization. Journal of Intellectual Capital, 6(3), 397-416.
• Abdul-Wahab, S. N., & Holland, K. (2012). Tax planning, corporate governance and equity value. The British Accounting Review, 44(2), 111–124.
• AICPA. (2015). Introduction to personal income tax planning. Retrieved 27 August, 2015, from http://www.aicpa.org/interestareas/ personal financial planning/ cpe and events/ pages/tax-events.aspx
• Akakpo, V. K. (2008). Principles, concepts and practice of taxation. Unpublished.
• Akhtar, S., Akhtar, F., John, K., & Wong, S. W. (2019). Multinationals’ tax evasion: A financial and governance perspective. Journal of Corporate Finance, 57, 35–62.
• Alduneibat, K. A. A., Altawalbeh, M. A. Fayad, & Rawhi Hashem, F. N. (2017). The Impact of Tax Planning in Industrial Public Joint Stock Companies upon the Performance of the Industrial Companies Listed in the Amman Stock Exchange Market. Accounting and Finance Research, 6(2), 12.
• Ali-Nakyea, A. (2008). Taxation in Ghana, principles, practice and planning (2nded.). Accra: Black Mask Ltd. Amankwah, C. (2014). Tax planning practices of small and medium enterprise. Unpublished master‟s study, University of Ghana, Legon.
• Amato, L.J. & Amato, C.H. (2004). Firm size, strategic advantage, and profit rates in US retailing. Journal of Retailing and Consumer Services, 11(3), 181–193.
• Annuar, H. A., Salihu, I. A., Normala, S., & Obid, S. (2014). Corporate ownership, governance and tax avoidance : An interactive effects. Procedia - Social and Behavioral Sciences, 164, 150–160.
• Armstrong, C. S., Blouin, J. L., & Larcker, D. F. (2012). The incentives for tax planning. Journal of Accounting and Economics, 53(1–2), 391–411.
• Assidi, S., Aliani, K., & Omri, M. A. (2016). Tax optimization and the firm’s value: Evidence from the Tunisian context. Borsa Istanbul Review, 16(3), 177–184.
• Brealey, R.A., & Myers, S.C. (2000). Principles of corporate finance. Boston: McGraw-Hill
• Bruce, D., Deskins, J., & Fox, W. F. (2007). On the extent, growth, and efficiency consequences of state business tax planning. In A. J. Auerbach, J. R. J. Hines & J. Slemrod (Eds.), Taxing Corporate Income in the 21st Century. Cambridge United Kingdom: Cambridge University Press, 226-256.
• Brush, T.H., Bromiley, P., & Hendrickx, M. (2000). The free cash flow hypothesis for sales growth and firm performance. Strategic Management Journal, 21(4), 455-472.
• Cascio, W. F. (2006). Managing human resources: Productivity, quality of life, profits. McGraw-Hill Irwin.
• Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms ?, Journal of Financial Economics, 95(1), 41–61.
• Chen, S., Ma, H., Teng, H., Wu, Q. (2022). Banking liberalization and corporate tax planning: Evidence from natural experiments, Journal of Corporate Finance, 76, 102264.
• Chen, X., Hu, N., Wang, X., & Tang, X. (2014). Tax avoidance and firm value: evidence from China. Nankai Business Review International, 5(1), 25–42.
• Chen, Z., Cheok, C. K., & Rasiah, R. (2016). Corporate tax avoidance and performance: Evidence from China’s listed companies. Institutions and Economies, 8(3), 61–83.
• Desai, M. & Hines, J. (2002). Expectations and expatriations: Tracing the causes and consequences of corporate inversions. National Tax Journal, 55, 409-440.
• Desai, M. A. & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79, 145-179.
• Desai, M.A., & Dharmapala, D. (2009). Corporate tax avoidance and firm value. The Review of Economics and Statistics, 91(3), 537-546.
• Dharmapala, D., & Riedel, N. (2012). Earnings shocks and tax-motivated income shifting: Evidence from European multinationals. Journal of Public Economics, 97(11-12), 95-107.
• Dyreng, S. D., Hanlon, M., Maydew, E. L., & Thornock, J. R. (2017). Changes in corporate effective tax rates over the past 25 years. Journal of Financial Economics, 124(3), 441–463.
• Dyreng, S.D., Hanlon, M., & Maydew, E.L. (2008). Long-run corporate tax avoidance. Accounting Review, 83(1), 61-82.
• Eroğlu, O., & Eftekin, Ö. Ö. (2015). Türk Vergi Hukukunda Uzlaşma Kurumu. Ekonomik Ve Sosyal Araştırmalar Dergisi, 11(2), 233–250.
• European Central Bank. (2010). Beyond ROE-How to measure bank performance. European Central Bank.
• EY Global Financial Services Institute. (2015). Analyzing bank performance – linking RoE, RoA and RAROC: U.S. commercial banks 1992-2014. The Journal of Financial Perspectives, 3(2), 1-25.
• Fagbemi, T. O., Olaniyi, T. A., & Ogundipe, A. A. (2019). The corporate tax planning and financial performance of systemically important banks in Nigeria. 21(1), 15–27.
• Gatsi, J. G., Gadzo. S. G., & Kportorgbi, H. K. (2013). The Effect of Corporate Income Tax on Financial Performance of Listed Manufacturing Firms in Ghana. Research Journal of Finance and Accounting, 4(15), 118–125.
• Glick, W.H., Washburn, N.T., & Miller, C.C. (2005). The myth of firm performance. Organization Science, 24(3), 948-964.
• Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2), 127-178.
• Hasan, I., Hoi, C.K., Wu, Q., Zhang, H., 2017. Does social capital matter in corporate decisions? Evidence from corporate tax avoidance. J. Account. Res. 55 (3), 629–668.
• Hoffman, W. H. (1961). The theory of tax planning. The Accounting Review, 36(2), 274-281.
• Ifurueze, M. S., John-Akamelu, R. C., Iyidiobi, F. C. (2018). Effect of Corporate Tax Aggressiveness on Firm Growth in Nigeria An Empirical Analysis. International Journal of Trend in Scientific Research and Development, 2(6), 1628–1639.
• Jang, S., & Park, K. (2011). Inter-relationship between firm growth and profitability. International Journal of Hospitality Management, 30(4), 1027-1035.
• Katz, S. P., Khan, U., & Schmidt, A. (2015). Tax Avoidance and Dupont Measures of Future Performance. SSRN Electronic Journal.
• Kawor, S., & Kportorgbi, H. K. (2014). Effect of Tax Planning on Firms Market Performance: Evidence from Listed Firms in Ghana. International Journal of Economics and Finance, 6(3).
• Kim, J.-B., Li, Y., & Zhang, L. (2011). Corporate tax avoidance and stock price crash risk: Firm-level analysis. Journal of Financial Economics, 100(3), 639-662.
• Kosmidou, K. (2008). The determinants of banks’ profit in Greece during the period of EU financial integration. Managerial Finance, 34(3), 146-159.
• Kportorgbi, H. (2013). Tax planning, corporate governance and performance of listed firms in Ghana. Unpublished master‟s study. University of Cape Coast. Ghana.
• Lanis, R. & Richardson, G. (2011). The effect of board of director composition on corporate tax aggressiveness. Journal of Accounting and Public Policy, 30(1), 50-70.
• Lee, J (2009) Does Size Matter in Firm Performance? Evidence from US Public Firms. International Journal of the Economics of Business, 16(2), 189-203.
• Lestari, N., & Wardhani, R. (2015). The Effect of the Tax Planning to Firm Value with Moderating Board Diversity. International Journal of Economics and Financial Issues, 5(1S), 315–323.
• Mcclure, R., Lanis, R., & Govendir, B. (2016). Analysis of Tax Avoidance Strategies of Top Foreign Multinationals Operating in Australia : An Expose. Working Paper, 29.
• Mgammal, M. H., & Ku Ismail, K. N. I. (2015). Corporate Tax Planning Activities: Overview of Concepts, Theories, Restrictions, Motivations and Approaches. Mediterranean Journal of Social Sciences, 6(6), 350–358.
• Minnick, K., & Noga, T. (2010). Do corporate governance characteristics influence tax management? Journal of Corporate Finance, 16(5), 703-718.
• Mohd Razali, W. M., Ghazali, S. S., Lunyai, J., Yau, J., Hwang, T., Waliuddin, M., … Hwang, T. (2018). Tax Planning and Firm Value : Evidence from Malaysia Tax Planning and Firm Value : Evidence from Malaysia. International Journal of Academic Research in Business and Social Sciences, 8(11), 210–222.
• Moore, J. A., Suh, S. H., & Werner, E. M. (2017). Dual entrenchment and tax management: Classified boards and family firms. Journal of Business Research, 79, 161–172.
• Mosota, J. R. (2014). the Effect of Tax Avoidance on the Financial Performance of Listed Companies At the Nairobi Securities Exchange. (October).
• Mueller, D.C. (1990). The persistence of profits in the United States, in: D.C. Mueller (Ed.), The Dynamics of Company Profits: An International Comparison, Chapter 4, 35–58 (Cambridge: Cambridge University Press).
• Murphy, K. (2004). Aggressive tax planning: Differentiating those playing the game from those who don’t. Journal of Economic Psychology, 25(3), 307-329.
• Noor, R. M., Fadzillah, N. S. M., & Mastuki, N. A. (2010). Corporate tax planning: A study on corporate effective tax rates of Malaysian listed companies. International Journal of Trade, Economics and Finance, 1(2), 1238-1242.
• Nwaobia A.N, kwarbai, J.D. & Ogundajo, G.O. (2016). Tax planning and firm value: empirical evidence from Nigerian consumer goods industrial sector. Research Journal of Finance and Accounting, 7(12), 172-183.
• Ogundajo, G. O., & Onakoya, A. B. (2016). Tax planning and financial Performance of Nigerian manufacturing companies. International Journal on Advance Academic Research, Social and Management Sciences, 2(7), 64-80.
• Okafor, C., Ikechukwu, K., & Adebimpe, U. (2010). The effect of capital adequacy on banks’ performance: Evidence from Nigeria. Journal of Business Research, 4(1-2), 1-17.
• Olajide., D. (2017). Tax Planning and Firms Performance in Nigeria. International Journal of Advanced Research, 5(5), 1950–1956. Ongore, V. O., & Kusa, G. B. (2013). Determinants of financial performance of commercial banks in Kenya. International Journal of Economics and Financial Issues, 3(1), 237-252.
• Pasiouras, F., & Kosmidou, K. (2007). Factors influencing the profitability of domestic and foreign commercial banks in the European Union. Research in International Business Finance, 21(2), 222-237.
• Richard, P. J., Devinney, Y., & Johnson, G. (2009). Measuring Organizational Performance: Towards Methodological Best Practice. Journal of Management, 35(1), 113-133.
• Rohaya, M. N. Nor’ Azam, M., & Bardai, B. (2008). Corporate tax rate: A study on Malaysian public listed companies. Malaysian Accounting Review, 7(1), 1-20.
• Sabli, N. & Md Noor, R. (2012). Tax planning and corporate governance, 3rd International Conference on Business and Economic Research (3rd ICBER 2012) Proceedings, March 12 – 13.
• Scholes, M. S., Wolfson, M. A. Erickson, M., Maydew, E. L., & Shevlin, T. (2005). Taxes and business strategy: A Planning Approach (2nd ed.). New Jersey: Prentice Hall.
• Scholes, M. S., Wolfson, M. A., Erickson, M., Maydew, E. L., & Shevlin, T. (2008). Taxes and Business Strategy: A Planning Approach (4th ed.). New Jersey: Pearson Prentice Hall.
• Serrasqueiro, Z. (2009). Growth and profitability in Portuguese companies: a dynamic panel data approach. Economic Interferences, 11(26), 265-279.
• Slemrod, J., 2004. The economics of corporate tax selfishness. Natl. Tax J. 57 (4), 877–899.
• Stonham, P. (1997). Demergers and the Hanson experience. Part two: Demerger tactics. European Management Journal, 15(4), 413- 422.
• Taylor, G., & Richardson, G. (2013). The determinants of thinly capitalized tax avoidance structures: Evidence from Australian firms. Journal of International Accounting, Auditing and Taxation, 22(1), 12–25.
• Vržina, S. (2018). Corporate Income Tax Planning and Financial Performance : Evidence from Serbia. Contemporary Issues in Economics, Business and Management, 463-471.
• Wang, Y., & You, J. (2012). Corruption and firm growth: Evidence from China. China Economic Review, 23(2), 415-433.
• Whetten, D.A. (1987). Organizational Growth and decline processes. Annual Review of Sociol , 335-358.
• Yu, M. (2013). State ownership and firm performance: empirical evidence from Chinese listed companies. China Journal of Accounting Research, 6(2), 75-87.
• Zhang, C., Cheok, C. K., & Rasiah, R. (2018). The extreme outcomes of corporate tax management: Evidence from Chinese listed enterprises. Institutions and Economies, 10(1), 19–52.