The Impact of Tax Avoidance Strategy on Firm Value

Yıl 2024, Cilt: 14 Sayı: 4, 1123 - 1143, 31.12.2024

Neslihan Burgaz

https://doi.org/10.18074/ckuiibfd.1555107

Öz

The aim of this study is to comprehensively examine the impact of firms' tax avoidance strategies on firm value. A panel data analysis was conducted on 70 firms listed on Borsa Istanbul to identify the effects of tax avoidance strategies on the value of firms in Turkey. While analyzing the impact of tax avoidance behavior on firm value in the context of financial decisions, leverage ratio, current ratio, and firm size were tested as control variables within the panel data analysis framework. The results indicate that as tax avoidance increases, firm value also increases. Additionally, it was found that as leverage and current ratios decrease, firm value increases, and firm size positively affects firm value. Due to the limited number of studies examining the impact of tax avoidance behavior on firm value in the context of firms in Turkey, this study is expected to make a significant contribution to the literature.

Vergiden Kaçınma Stratejisinin Firma Değeri Üzerindeki Etkisi

Öz

Çalışmanın amacı, firmaların vergiden kaçınma stratejilerinin firma değeri üzerindeki etkilerini kapsamlı bir şekilde ortaya koymaktır. Türkiye’deki firmaların vergiden kaçınma stratejilerinin firma değerine etkilerini tespit etmek amacıyla Borsa İstanbul’da işlem gören 70 firma üzerinde panel veri analizi gerçekleştirilmiştir. Firmaların finansman kararlarında vergiden kaçınma stratejisinin firma değeri üzerindeki etkisi analiz edilirken, kaldıraç oranı, cari oran ve firma büyüklüğü de kontrol değişkenleri olarak panel veri analizi kapsamında test edilmiştir. Analiz sonuçlarına göre, vergiden kaçınma arttıkça firma değerinin arttığı tespit edilmiştir. Ayrıca, firmaların kaldıraç ve cari oranı düştükçe firma değerinin arttığı, firmanın büyüklüğü arttıkça da firma değerinin pozitif yönde etkilendiği sonucuna ulaşılmıştır. Türkiye'deki firmalar açısından vergiden kaçınma Stratejisinin firma değeri üzerindeki etkisini inceleyen çalışmaların sınırlı olması nedeniyle, bu çalışmanın literatüre önemli bir katkı sağlayacağı düşünülmektedir.

Anahtar Kelimeler

Vergiden kaçınma, firma değeri, Tobin Q, karlılık.

Kaynakça

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