THE DETERMINANTS OF EFFECTIVE CORPORATE TAX RATES: A SECTORAL ANALYSIS ON COMPANIES LISTED ON BORSA ISTANBUL

Öz

The purpose of this study is to empirically analyze the determinants of the Effective Tax Rate (ETR) for 185 firms listed on Borsa Istanbul (BIST) during the period 2008-2022, taking into account sectoral differences as well. The study utilized firm-spesific financial as ETR determinants, including firm size, profitability, financial leverage, tangible fixed asset intensity, inventory intensity, and R&D intensity. The ETR was evaluated using two distinct metrics: current effective tax rate (CETR) and cash effective tax rate (cash ETR). Regression analyses conducted on a panel dataset comprising 2,775 firm-year observations revealed that firm size has a significant positive effect on CETR, while profitability and R&D intensity have significant negative effects. Results from the cash ETR model indicated that firm size has a significant positive effect, whereas profitability, leverage, tangible asset intensity, and R&D intensity have significant negative effects. Furthermore, descriptive statistics show that over the 15-year period, the average CETR was 23.8 percent, while the average cash ETR was 15.1 percent. This indicates that firms were systematically able to maintain their cash tax burdens lower than their reported tax obligations. It was also observed that the tax burden is not homogeneously distributed across firms, with high-CETR firms pulling the overall average upward.

Anahtar Kelimeler

• Effective tax rate
• Effective corporate tax rate
• Tax determinants
• Borsa Istanbul

EFEKTİF KURUMSAL VERGİ ORANLARININ BELİRLEYİCİLERİ: BORSA İSTANBUL’DA İŞLEM GÖREN ŞİRKETLER ÜZERİNE SEKTÖREL BİR ANALİZ

Öz

Bu çalışmanın amacı, 2008-2022 döneminde Borsa İstanbul’da (BİST) işlem gören 185 firmanın Efektif Vergi Oranı (EVO) belirleyicilerini sektörel farklılıkları da dikkate alarak ampirik olarak analiz etmektir. Çalışmada, EVO belirleyicileri olarak firma büyüklüğü, karlılık, finansal kaldıraç, maddi duran varlık yoğunluğu, stok yoğunluğu ve Ar-Ge yoğunluğu gibi firmaya özgü finansal göstergeler kullanılmış; EVO, cari dönem vergi yükümlülüğü (CEVO) ve nakit vergi ödemesi (NEVO) olmak üzere iki farklı ölçütle değerlendirilmiştir. 2.775 firma-yıl gözleminden oluşan panel veri seti üzerinde yürütülen regresyon analizleri, CEVO üzerinde firma büyüklüğünün pozitif; karlılık ve Ar-Ge yoğunluğunun ise negatif yönde anlamlı etkileri olduğunu ortaya koymuştur. NEVO modeline ilişkin sonuçlar ise firma büyüklüğünün pozitif; karlılık, kaldıraç, MDV yoğunluğu ve Ar-Ge yoğunluğunun ise negatif yönde anlamlı etkilere sahip olduğunu göstermiştir. Öte yandan tanımlayıcı istatistikler, incelenen 15 yıllık dönemde firmaların CEVO ortalamasının yüzde 23,8; NEVO ortalaması ise yüzde 15,1 olarak gerçekleştiği, bu da firmaların nakit vergi yüklerini fiili yükümlülüklerinden sistematik olarak daha düşük tutabildiğine işaret etmektedir. Ayrıca, vergi yükünün firmalar arasında homojen dağılmadığı ve yüksek CEVO’lu firmaların genel ortalamayı artırdığı gözlemlenmiştir.

Anahtar Kelimeler

• Efektif vergi oranı
• Efektif kurumsal vergi oranı
• Vergi belirleyicileri
• Borsa İstanbul

Kaynakça

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