investigating the effective factors on tax avoidance in companies accepted in tehran ... ·...

Jurnal Fikrah Jilid 8, Special Issue 1, 421-433, 2017

Available at : www.jurnalfikrah.org ISSN 1511-1113 © 2017 Pusat Pemikiran dan Kefahaman Islam (CITU)

421

Investigating the Effective Factors on Tax Avoidance

in Companies Accepted in Tehran Stock Exchange

Mohsen Erfanian Daneshvar

Department of Accounting, Payame Noor University (PNU), Tehran, Iran

ABSTRACT

Avoidance from taxation is regarded as maximisation value activity from traditional

and customary point of view which transfers wealth from government to shareholders.

As with, an important specification of great and modern companies is to separate

ownership from management. In agency theoretical framework, current researches

hypothesize that activities tax avoidance give opportunities behaviours to management.

In this research, some of effective factors on avoidance from taxation of companies

accepted in Tehran stock exchange were considered. Time period is 5 years from 2011

to 2015. The results obtained hypothesis which were financial information 515 years-

companies were performed by E-views software and indicated that meaningful

relationship is seen between financial leverage, yield of assets, company size and age

of company with avoidance from taxation in companies accepted in Tehran Stock

Exchange.

Keywords: Tax Avoidance, Accounting Variables, Tehran Stock Exchange

Introduction

Today, because of extension of economic activities, financial markets and

affluence investment in capital markets especially stock exchange by real and

legal identities, access to accurate information and perfect analysis is the most

important instruments in order to make accurate decision and benefit and

optimum use of financial facilities. In current society, information play important




Somayeh Hosseini Aghdaei

Mokhtar Baseri

Davood Hassanpour

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244

role in human life and advanced society uses information more and better. Of

factors advancement in developed society is optimum and effective accurate

information. Multidimensional researches on stock exchange and accurate

conclusion can realize growth and flourishing the markets. World valid exchanges

showed that had successful to supply and collect capital and this are due to trust

of shareholders to capital and efficiency markets as if they ensure that their

capitals did not waste and obtained reasonable interests. Research on different

items effective on stock markets can help accurate decision and devotion of

economic resources can be done as suitable and investment is better (Ghaemi et

al, 2003). From past to now, the managers are tried to minimize effective rate of

tax in long term in regard to tax Management. If manager can reduce effective

rate of tax in long term and pay less tax, manage it. Better done, better

performance for management because it results to increment net interest after tax

and reduce output cash flow from tax. Tax avoidance is activity based on value

which transmits wealth from government to shareholders and constrains payment

of tax, in other side; tax avoidance can establish a barrier for manager’ deviation

(Khodamipour and Amininia, 2013).

Research Problem

As you know, the best income resource to develop infrastructure is tax which

helps investment to develop roads, establish dams, transport terminal,

communication roads and develop water and electricity distribution and energy.

Reform of tax system is one of the seven sections for economic variation for

perspective document for 1404 which attracts authorities. To keep aloof from

economy based on income due to oil and manage country by income due to tax

needs development in different dimensions which increase efficiency,

employment, quality of products and investment are regarded as most important

cases. Although, tax avoidance can prepare opportunity that don’t perform tax

avoidance activities in order to increase company value and develop opportunities

actions in order to not disclose new in company (Desamla and Dhampala, 2009).

Fortunately, our country understood that development and promotion is on tax

because having social justice is realized with tax justice. In order to control

inflation and reduce class distance in society, tax shall be imposed as accurately

and there is modern and comprehensive law which can cover all resources and

hypothesize on size of tax incomes. Variation in state tax system is so important

that it was emphasized as second step after targeting subsides. Also, in framework

of tax system, tax added value law is stated which its operation was our long term

Effective Factors on Tax Avoidance

244

dream and fortunately since September 2008, this law was enacted and could

show its effects and benefits in society. From experts and economic authorities

point of view on economic policies to reduce dependence government to oil

incomes and lean to tax and increase medium rate of tax to accelerate economic

process and obtain tax as for its specification are necessities and in this regard,

one of the strategies to increase volume of tax incomes is to identify and

derivation tax evasion and prevent and reduce tax evasion. In order to respond the

needs in tax organizations, many global organizations and professional experts

believe that developments in calculations (use of advanced statistical methods and

econometric) and use of new accounting methods like random auditing methods

and auditing based on risk are effective factors in prevent from tax evasion and

other non-compliance cases. It is claimed that tax auditing system based on risk

can devote resources of tax organization optimally and increase tax compliance

by concentrating upon tax payers with high risk. Confidence and trust of tax

payers is reduced severely. Income statement is unreal. It is not possible to

investigate and audit because of lacking sufficient information in files. Thus,

some of most important problems in state tax system are as follows:

Mass and increasing volume for tax statements

Lacking pre-auditing for tax audit

Time limitation in order to investigate statements

Lacking compilation criterion to investigate

Limitation for human force

Bias judgment in tax recognition

Failure to provide statements by tax payers needs to obtain new strategy in regard

to remove said problems, in Iran, as for special economic situations and cultural

and social indicators; it needs suitable audit system based on risk of price of real

value. Tax audit based on risk was not considered more in Iran and according to

our knowledge, a few researches were done and according to it, the article tries to

offer a method to select and identify tax payers in terms of tax risk that means

probable tax instruments.

Research Objectives

The results can be used by al managers and those involved in Tehran Stock

Exchange, experts of capital market, shareholders, investors, researchers and

scientific community that ate following future research pertain to subject.

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242

Research Hypothesizes

There is significant meaningful relationship between financial leverage and tax

avoidance.

There is significant meaningful relationship between yield of assets and tax

avoidance

There is significant relationship between cash money maintained in company

and tax avoidance.

There is significant relationship between ownership structure (rate of institute

owners) and tax avoidance.

There is significant relationship between company size and tax avoidance.

There is significant relationship between age of company and tax avoidance.

Research Background Year Name of Researcher Title Results

2017 Michel Haelon Does tax avoidance influence on cash

stock of company?

They found that internal and multinational companies

when encounter with lacking financial confidence have

high cash residuals and found that effect of lacking tax

confidence compared with repayment tax

2017 Ernesto et al Tax avoidance: economic witness and

politics responses

What concluded is that in order to restore tax policies

and confidence, the policy makers shall consider tax

reformation and tax changes and enhance cooperation

in tax affairs in international level and establish shares

strategy to fight against tax invasion, planning and

agree on transparent distribution and stability of tax

income by tax policies and safe borders in investment

2016 Manzo et al Does Life cycle of companies explain

trend to tax avoidance or not?

Findings showed that life cycle of companies is so

effective in tax avoidance

2016 Custer et al Discuss role of management ability in tax

avoidance

To increase management ability and reduce effective

tax rate

2014 Chayes et al Overconfidence and tax avoidance Overconfidence of management has positive effect on

tax avoidance and reduces effective rate of tax as 6/6%

as cash and increases difference of accounting interest

as 1/5%

2011 Kim Discuss tax avoidance by risk of

descending of stock price

Tax avoidance has positive relationship with risk of

prices, the result conforms to tax avoidance which

prepares opportunity to hide and caused price of stock

is evaluated more and establishes bubble price.

2010 Wang Discuss effect of tax avoidance on value

of company

In transparent companies tht means companies in which

agency problem is less, tax avoidance is high

2010 Chen at al Tax avoidance in family and non-family

companies

Family companies avoid pay tax compared with their

counterparts. Family companies are those their founders

members are in position of senior management, board

of directors of shareholders

2010 Kerana and Mouser Is institute ownership effective on tax

avoidance or not?

Companies with higher institute ownership avoid tax

payment

2009 Desay and

Dharampala

Discuss relationship between tax

avoidance and company value

Average effect of tax avoidance on company value

doesn’t differ to zero but for companies which have

strong government structure, there is positive

relationship between tax avoidance and company value


244

Year Research Name Title Result

2017 Hassani and Shari Effect of management

ability on tax avoidance

Management ability has positive effect on tax avoidance

in companies accepted in Tehran stock exchange, also,

findings showed that indirect effect of company size and

financial leverage is on tax avoidance

2016 Khajavi and Kiamehr Discuss relationship of

corporation government

on tax avoidance

Corporation governance is effective on tax avoidance as

if by increasing strategies of corporation governance, tax

avoidance reduced, also, corporation governance is

effective on tax avoidance as indirect

2016 Jouzi and Azadi Discuss effect of

governance corporation

structure in tax avoidance

of companies accepted in

Tehran Stock Exchange

Tax avoidance has converse relationship with governance

corporation, also, there is significant relationship between

firm ownership with tax avoidance, theoretical and

empirical bases show that companies are willing to reduce

tax commitments and tax actions and strategies can

satisfactory and unsatisfactory effect on companies

2016 Forughi et al Effect of management

ability on tax avoidance

Results show negative and significant effect on tax

avoidance during case study

2015 Khadem Alizadeh et al Liquidity of stock and tax

avoidance by

consideration governance

and financial limitations

There is significant relationship between liquidity of

stocks and tax avoidance in companies accepted in Tehran

stock exchange. The relationship between liquidity and

tax avoidance for companies have high financial

limitation is strong compared with less financial

limitation, also effect of liquidity for tax avoidance is

enhanced

2015 Mashayekhi and

Alipanah

Effect of corporation

leadership on relation

between tax avoidance

and company value

By restoring corporation governance, there is positive

effect for tax avoidance on company value

2014 Pourheidari et al Discuss effect of tax

avoidance on tax payment

on cost of capital by

consideration growth

opportunities and firm

ownership

Growth opportunities and firm ownership have not

significant relationship on tax avoidance and cost capital

2014 Khani et al Discuss theoretical bases

for tax avoidance by

companies and manner of

calculation and effective

factors

Majority of companies reduce tax and tax avoidance in

legal framework and gaps in law

Research Statistical Model

Research models are estimated as follows:

TAX AVOIDit = a0 + + b1LEVit +b2ROAit + b3CASHit + b4IOit + b5SIZEit + b6AGEit + eit

Table 1. Summary of research variables Name of Variable Kind of Variable Symbol

Tax avoidance Dependent TAX AVOID

Rate of firm owners Independent IO

Company sized Independent SIZE

Financial leverage Independent LEV

Age of company Independent AGE

Yield of assets Independent ROA

Cash amount in company Independent CASH

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244

Research Methodology

According to aim, scientific researchers are divided into three fundamental,

applied and scientific. This research is applied from aim point of view and it is

post-event by collecting data and it is descriptive from method collecting and

inferential mode.

Analysis Data

Statistical population consists of all participants accepted in Tehran Stock

Exchange which have following conditions:

They had not financial periodical changes during time period

They are not Investment companies, financial intermediation, bank and leasing

Data are available

The companies are active during research time

In this research, companies affiliated to statistical population are as statistical

sample and those companies are not deserved above conditions are deleted.

Inferential Statistical Method and Test of Hypothesis

In this research, in order to test hypothesis, panel data were used. Since use of

econometric method encounters with inefficiency and incompatibility models,

thus, in order to analyse data, panel data were used on results pertain to estimation

models.

Appropriate Model to estimate Model

As for literature and nature of hypothesis, panel data were used. In order to

determine appropriate model to test hypothesis, Chaw and Limer F test have been

used. In this research, two regression models were used to test of hypothesis.

F Limer test

Results pertain to F test for regression model are shown in table 1.

Tale 2. F Limer test Result Probable F statistics Regression model

Panel <0/001 2/323 TAXit=α0+α1LEVit+α2ROAit+α3CASHit+α4IOit+α5SIZEit+α6AGEit +εit

Above table depicts results of Limer test, since probable is less than 0/05 for all

hypothesis, thus, null hypothesis is rejected pertain to poling and panel model

prefers to Poling.

Husman Test

Results pertain to Housman test for regression model are shown in table 2.


244

Table 3. Housman test Result Probable F

statistics

Regression model

Fixed 0/001 42/627 TAXit=α0+α1LEVit+α2ROAit+α3CASHit+α4IOit+α5SIZEit+α6AGEit+εit

Above table depicts results of Housman test, since probable is less than 0/05 for

model, thus, null hypothesis is rejected pertain to random effects and model

prefers with fixed effects on random effects.

Results of model Estimation

Table 4. Results from model Significant level T statistics Deviance Variable coefficient Variable

0/021 2/318 0/248 0/658 Width to destination

0/009 2/637 0/072 0/190 Financial leverage

<0/001 -3/721 0/003 -0/012 Yield of assets

0/831 0/214 0/119 0/026 Cash amount

0/164 -1/395 0/000 0/000 Rate of owners

0/001 -3/429 0/054 -0/186 Company size

<0/001 6/181 0/005 0/034 Age of company

0/399 Determination

coefficient

0/239 Modified

determination

coefficient

2/497 Test statistics

<0/001 Probable

1/960 Durbin-Watson Test

Result of Model

Model pertains to number of variables like tax avoidance was significant

(p<0/001). Since probable value of financial leverage is less than 0/05, it was

recognized that financial leverage by 0/190 had positive and significant on tax

avoidance (p=0/009). Since probable value of yield of assets was less than 0/05,

it was recognized that yield of assets by coefficient -0/012 had positive and

negative effect on tax avoidance (p<0/001). Since probable value of cash amount

was higher than 0/05, it was recognized that cash amount had not significant effect

on tax avoidance (p=0/831). Since probable value of rate of owners was higher

than 0/05, it was recognized that rate of owners had not significant on tax

avoidance (p=0/164). Since probable value of company size was less than 0/05,

it was recognized that company size with coefficient -0/186 has significant and

negative effect on tax avoidance (p=0/001). Determination and modified

determination coefficient have values 0/399 and 0/239, Durbin-Watson test with

value 1/960 shows lacking auto-correlation between parts.

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244

Results and Analysis Hypothesis

Today, because of extension of economic activities, financial markets and

flourishing investment in capital markets especially stock exchange by real and

legal identities, access to accurate information and perfect analysis data are the

most important instruments to make decision and benefits and use of financial

facilities optimally. In current society, information play important role in human

life and society developed more use information more. Of advancement factors

in developed society is to use information as optimally. Some of financial

researchers regard accounting as information system and believe that main aim of

accounting is to offer useful information to make decision. This is due to

researchers to provide information to take accurate decisions. In this research, it

was tried to follow above aim, multidimensional researches and analysis for stock

exchange and accurate conclusion can accelerate growth and flourishing markets.

World valid exchanges showed that they were successful to supply and collect

capital and this is due to trust of shareholders to capital markets and efficiency of

markets as if they ensure that their capitals did not lose and obtained reasonable

interests. Research on different effective factors on stock market can help to make

decision better and devote resources as optimally and investment is done better

(Ghaemi et al, 2003). In this research, one follows effective factors on tax

avoidance and the results are as follows:

Result of first hypothesis

Effect of financial leverage on avoidance is significant.

As for research model and probable value of financial leverage that is less than

0/05, it was recognized that financial leverage with coefficient 0/190 has positive

and significant (p=0/009) and hypothesis is accepted.

Result of second hypothesis

Effect of yield of assets has significant on tax avoidance

Since model and probable value of yield of asset is less than 0/05, it was

recognized that yield of assets with coefficient -0/012 has significant and negative

on tax avoidance (p<0/001) and hypothesis is accepted.

Result of third hypothesis

Effect of cash amount in company has significant on tax avoidance.

Since model and probable value of cash amount was less than 0/05, it was

recognized that cash amount doesn’t effect on tax avoidance significantly

(p=0/831) and hypothesis is rejected.


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Result of fourth Hypothesis

Since model and probable value of ownership was more than 0/05, it was

recognized that rate of owners on tax avoidance is not significant (p=0/164) and

hypothesis is rejected.

Result of fifth hypothesis

Effect of company size is significant on tax avoidance.

Since model and probable value of company size was less than 0/05, it was

recognized that company size with coefficient -0/186 has significant and negative

effect on tax avoidance (p=0/001) and hypothesis is accepted.

Result of sixth hypothesis

Effect of age of company has significant on tax avoidance.

Since model and probable value was less than 0/05, age of company with

coefficient 0/034 has significant and positive effect on tax avoidance (p<0/001)

and hypothesis is accepted.

Table 5. Summary of results No. hypothesis Hypothesis Probable value Result

1 Effect of financial leverage on tax avoidance

is significant

0/009 Accepted

2 Effect of yield of assets is significant on tax

avoidance

<0/001 Accepted

3 Effect of cash amount is significant on tax

avoidance

0/831 Rejected

4 Effect of owners on tax avoidance is

significant

0/164 Rejected

5 Effect of company size is significant on tax

avoidance

0/001 Accepted

6 Effect of age of company is significant on tax

avoidance

<0/001 accepted

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244

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investigating the effective factors on tax avoidance in companies accepted in tehran ... ·...

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