The moderating effect of the board of directors on firm value and tax planning: Evidence from European listed firms

Khaoula Ftouhi · Dabboussi Moez

100 citations0/0 files storedBorsa Istanbul Review

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

Abstract

This study examines the moderating effect of the board of directors in the relationship between tax planning and firm value. Focusing on a sample of 105 European firms during the period 2005–2012, we found a positive relationship between tax planning and firm value. In addition, we found that board independence, board diversity, and CEO's dual functions have a significant and negative effect on the relationship between tax planning and firm value. The paper makes two contributions. First, it gathers the first evidence on the shareholder valuation of Europeans firms' tax planning practices and offers insights into corporate behavior. Second, the analysis examines an eight-year period considering the sensitivity of the board of directors and attitudes to tax planning time.

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References

1983Separation of Ownership and Control 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1996Higher market valuation of companies with a small board of directors 2009Women in the boardroom and their impact on governance and performance☆2002Audit committee, board of director characteristics, and earnings management 1997An Empirical Analysis of the Relation between the Board of Director Composition and Financial Statement Fraud 1996Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders 1989Boards of Directors and Corporate Financial Performance: A Review and Integrative Model

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