Innocent, Onyali, Chidiebele and Gloria, Okafor, Tochukwu (2018) Effect of Corporate Governance Mechanisms on Tax Aggressiveness of Quoted Manufacturing Firms on the Nigerian Stock Exchange. Asian Journal of Economics, Business and Accounting, 8 (1). pp. 1-20. ISSN 2456639X
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Abstract
Aim: The study examined the effect of corporate governance mechanisms on tax aggressiveness among selected manufacturing firms in Nigeria.
Study Design: Ex-post facto research design was adopted for the study.
Place and Duration of Study: The study was conducted in Nigeria and the data used for the study were derived from the financial statements of Manufacturing companies listed on the Nigerian Stock Exchange (NSE) and the NSE fact book as at the end of the year, 2016. Forty-four (44) Listed Manufacturing Firms were used for the study based on the criteria that they had complete information on the variables of study, from 2005-2016 been the period covered by the study.
Methodology: The data in the study were obtained from the annual reports and accounts of the firms as well as the Nigerian Stock Exchange Fact Book. The data obtained were analyzed using the Ordinary Least Square technique with its Best Linear Unbiased Estimate (BLUE) Property. In addition, a regression model was developed to test the combined effects of corporate governance measures on tax aggressiveness of the selected manufacturing firms and the analysis was performed via STATA 13.0.
Results: The outcome of the analysis of data revealed that board size has no significant effect on tax aggressiveness while board diversity, independent director and proportion of non-executive directors to executive directors is having a significant impact on tax aggressiveness among quoted manufacturing firms in Nigeria.
Conclusion: The study concluded among others that quoted manufacturing firms in Nigeria should pay less attention to the size of their board, but rather focus on the quality and integrity of the members of the board. Besides, SEC and CBN code of corporate governance provisions should be strictly adhered to, by firms which provide that a firm should have one (1) and two (2) independent directors respectively. This is necessitated as the presence of independent directors ensures the independence of the board.
Item Type: | Article |
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Subjects: | Euro Archives > Social Sciences and Humanities |
Depositing User: | Managing Editor |
Date Deposited: | 08 May 2023 04:06 |
Last Modified: | 10 Jan 2024 03:41 |
URI: | http://publish7promo.com/id/eprint/2422 |