ABSTRACT
Corporate tax aggressiveness is an ongoing practice in several corporations both in Nigeria and globally. The unsettled area in the literature is the debate regarding what the determinants of tax aggressiveness are and what factors precipitate the practice of tax aggressiveness by quoted companies in Nigeria. The aim of the study is to examine the impact of corporate governance on tax aggressiveness in listed nonfinancial firms in Nigeria. The specific objectives were to examine the effect of board independence, board size, board gender diversity, board Ownership, CEO age, CEO tenure and CEO ownership on tax aggressiveness. Secondary data gotten from annual reports and accounts of the sampled companies in Nigeria from 2005-2009 were used. A sample size of 80 non-financial firms purposively selected was used for the study. The longitudinal research design was used in the study. Panel and threshold regression were used for the analysis. The findings of the study revealed that an increase in the number of independent directors on the board results in an increase in tax aggressive practices. An increase in the board size resulted in an increase in tax aggressiveness. Also, an increase in the board gender diversity implies less tax aggressiveness activity, though, the outcome is not significant at 5%. An increase in the level of board equity ownership resulted in an increase in tax aggressive practices. The presence of older CEO’s resulted in less tax aggressiveness activity. CEO tenure has a negative impact though not significant at 5%. Finally, an increase in CEO ownership results in an increase in tax aggressiveness. The study concludes that corporate governance is instrumental in influencing tax aggressiveness in quoted companies in Nigeria. Hence, variables like the board independence, board size, boar gender diversity ownership structure and CEO characteristics can define the extent to which firms become tax aggressive. Based on this study, the following are the recommendations for corporate governance in non-financial firms. First, that increasing the number of independent directors is not sufficient to curtail tax aggressiveness. This may be so especially when aggressive tax strategies represent a firm's value maximizing activity. There will be the need to rely largely on the role of external auditors. Second, there is the need for boards to include representatives of tax authorities who will protect the interest of the tax authorities. The study contributes to knowledge by shedding light on the extent to which firm level governance can impact on tax aggressiveness.
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Introduction
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