Tax Planning and Firm Value: Evidence from Malaysia

Mohd Waliuddin Mohd Razali · Siti Shahfina Ghazali · Janifer Lunyai · Josephine Yau Tan Hwang

33 citations0/0 files storedInternational Journal of Academic Research in Business and Social Sciences

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Corporate Taxation and Avoidance Corporate Finance and Governance Financial Reporting and Valuation Research

Abstract

The main objective of this study is to determine the impact of tax planning on firm value of firms listed in Bursa Malaysia.Tax planning proxies in this study are the Effective Tax Rate (ETR) and Book Tax Differences (BTDs).The 387 samples data were collected from the DataStream from period of 2014 to 2016.After controlling the firm size, leverage, asset tangibility, firm age and dividend, the regression results show that ETR has a significant and positive relationship with firm value while BTDs has insignificant negative relationship with firm value.Firm with less tax planning activities may signal investors that the firm is more transparent in publishing their financial information.Most of our control variables such as leverage, asset tangibility, firm age and dividend have negative relationship with firm value.This study suggests that ETR proxy is suitable to determine firm value rather than BTDs.For future research, this study can be expanded by using more sample size from a longer time frame of research.

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References

1995What Do We Know about Capital Structure? Some Evidence from International Data 2007Are Family Firms More Tax Aggressive Than Non-Family Firms?2009Corporate Tax Avoidance and Firm Value 2009An Examination of Corporate Tax Shelter Participants 1967Firm Size and Profitability 2009Does Size Matter in Firm Performance? Evidence from US Public Firms 2005Evidence for the Possible Information Loss of Conforming Book Income and Taxable Income 2010Dividend policy and share price volatility: UK evidence

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