FIRM LEVEL CHARACTERISTICS AND EFFECTIVE TAX RATE
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- NGN 5000
ABSTRACT
The broad objective of this contribution is to investigate which firm-specific characteristics impact on effective tax rates. In addition, the study provides an insight into how corporate governance helps to moderate the conflict of interest between resource owners and management in the area of effective tax planning Leaning on the positivist theory and the. To achieve the above objectives, we select a sample of 87 companies quoted on the Nigerian Stock Exchange between 2008 and 2014. The econometric model specified for the study was estimated using panel data regression approach with a preference for the fixed effect model based on the result of the Hausman test. The result of the study shows that a negative relationship exists between the explanatory variables of leverage, capital intensity, and effective tax rate. Implying that preponderance of debt over equity financing and huge investment on non-current assets tends to minimise corporate tax liabilities. The result reports a positive relationship between profitability, firm size, the moderating variable of ownership concentration and effective tax rate. We recommend debt financing, more investment in non-current assets so that companies can take advantage of the incentives, allowances to cut down on their tax liabilities. Tax planning; Effective tax rate; Managerial opportunism; leverage; Corporate governance.
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