Good Corporate Governance Effects on Performance through Mediation of Tax Planning of Listed Companies in the Stock Exchange of Thailand
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Published:
May 7, 2020
Keywords:
Good Corporate Governance, Firm Performance, Tax Planning
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Abstract
The main purpose of this study was to examine the path analysis of good corporate governance which had impact on firm performance of listed companies in the Stock Exchange of Thailand and did not include financial sectors. The research study was based only on the year 2012. The sample size consisted of 326 companies. The evaluation of good corporate governance used the questionnaires of Thai Institute of Directors. The performance was measured by return on equity and Tobin’s Q. In addition, tax planning was measured by the ratio of tax to total assets. Data analysis used path analysis and the significance at statistic level was 0.05. The study found that its causal structural model complied with empirical data. Moreover, the results indicated that good corporate governance had positive direct and indirect effects on performance (measure by Tobin’s Q) through mediation of tax planning.
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Research Articles
บทความที่ปรากฏในวารสารนี้ เป็นความรับผิดชอบของผู้เขียน ซึ่งสมาคมนักวิจัยไม่จำเป็นต้องเห็นด้วยเสมอไป การนำเสนอผลงานวิจัยและบทความในวารสารนี้ไปเผยแพร่สามารถกระทำได้ โดยระบุแหล่งอ้างอิงจาก "วารสารสมาคมนักวิจัย"
References
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ผู้รับเหมาคราบนักการเมืองแสบสุด. สืบค้นเมื่อ 15 มิถุนายน 2557, จาก http://www.manager.co.th/Home/ ViewNews.aspx?NewsID=9550000108503 Ammann, M., Oesch, D., and Schmid, M. M. (2011). Corporate governance and firm value: International evidence. Journal of Empirical Finance, 18, 36-55. Atwood, T.J., Drake, M.S., and Myers, L.A. (2010). Book-tax conformity, earnings persistence and the association between earnings and future cash flows. Journal of Accounting and Economics, 50, 111-125. Cheung, Y.L., Connelly, J.T., Limpaphayom, P. and Zhou, L. (2007). Do Investors Really Value Corporate Governance? Evidence from the Hong Kong Market. Journal of International Financial Management and Accounting, 18(2), 86-122. Chung, K.H., and Pruitt, S.W. (1994). A Simple Approximation of Tobin’s q. Financial Management, 23(3), 70-74. Connelly, J.T., Limpaphayom, P., and Nagarajan, N.J. (2012). Form versus substance: The effect of ownership structure and corporate governance on firm value in Thailand. Journal of Banking & Finance, 36, 1722-1743. Desai, M.A., and Dharmapala, D.(2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79, 145-179. Desai, M.A., and Dharmapala, D. (2009). Corporate tax avoidance and firm value. The Review Economics and Statistics, 91(3), 537-546. Dhaliwal, D.S., Huber, R.E., Lee, H.S.G., and Pincus, M. (December 11, 2008). Book-Tax Differences, Uncertainty about Fundamentals and Information Quality, and Cost of Capital. Retrieved December 25, 2010, from http://papers.ssrn.com/sol3/papers.cfm? Abstract _id=1127956 Dyreng, S.D., Hanlon, M., and Maydew, E.L. (2006). Long-Run Corporate Tax Avoidance. Retrieved December 25, 2010, from http://papers.ssrn.com/sol3/papers.cfm?abstract _id=1017610 Freeman, R.E. (1984). Strategic management: a stakeholder approach. Boston: Pitman Publishing Inc. Gleason, C.A., and Mills, L.F. (April 2007). Evidence of Differing Market Responses to Beating Targets Through Tax Expense Decreases. Retrieved August 25, 2011, from http://papers.ssrn. com/sol3/ papers.cfm?abstract _id=983612 Guenther, D.A. (January 2011). What Do We Learn From Large Book-Tax Differences? Retrieved November 1,2011,from http://areas.kenanflagler.unc.edu/Accounting/TaxCenter/tax doctoral 2011 /Documents/Guenther%20BTDs%20010311.pdf Hair, J.F., Black, W.C., Babin, B. J., Anderson, R.E. and Tatham, R.L. (2006). Multivariate Data Analysis. (6th ed.). Upper Saddle River, New Jersey: Prentice Hall.Hanlon, M., Mills, L., and Slemrod, J. (2005). An Empirical Examination of Corporate Tax Noncompliance. Working Paper No. 1025, University of Michigan. Jensen, M., and Mecking, W. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Retrieved December 25, 2010, from http://papers.ssrn.com/sol3/papers. cfm? abstract_id=94043 Lanis, R., and Richardson, G. (2011). The effect of board of director composition on corporate tax aggressiveness. Journal Account. Public Policy, 30, 50-70. Lim, Y. (2011). Tax avoidance, cost of debt and shareholder activism: Evidence from Korea. Journal of Banking & Finance, 35, 456-470. Minnick, K., and Noga, T. (2010). Do corporate governance characteristics influence tax management? Journal of Corporate Finance, 16, 703-718. Price, R., Román, F.J., and Rountree, B. (2011). The impact of governance reform on performance and transparency. Journal of Financial Economics, 99, 76-96. Raedy, J.S., Seidman, J. and Shackelford, D.A. (2010). Book-Tax Differences: Which Ones Matter to Equity Investors? Retrieved December 25, 2010, from http://accounting.wharton.upenn.edu/ documents/seminars/wharton%20draft%20916.pdf. Rego, S.O., and Wilson, R. (2010). Executive Compensation, Equity Risk Incentives, and Corporate Tax Aggressiveness. Retrieved December 25, 2010, from http://papers.ssrn.com/sol3/papers.cfm? abstract _id=1337207 Wang, X. (2010). Tax Avoidance, Corporate Transparency, and Firm Value. Retrieved December 25, 2010, from http://papers.ssrn.com/sol3/papers.cfm?abstract _id=1716474