The main objective of this study is to investigate the effect of corporate tax aggressiveness strategies on firm growth in Nigeria. The specific objectives were to investigate the effect of leverage tax aggressiveness strategy on firm growth in Nigeria and evaluate the effect of effective tax rate aggressiveness strategy on firm growth in Nigeria. Ex post Facto research design was adopted and the data were collected from annual reports and accounts of Nigerian food production companies. Pooled multiple regression analysis was employed to test the formulated hypotheses. The study found that Leverage LEV to impact positively on our dependent variable, Firm Growth. This impact was not statistically significant. The study found that Effective tax rate ETR to impact positive on our dependent variable, Firm Growth, but this impact was statistically significant. Since the influence of effective tax rate is not statistically significant and so, should be ignored as a determinant of firm growth in Nigeria. Therefore on the basis of efficient use of tax rate to generate growth should be encouraged. Ifurueze, Meshack S. | John-Akamelu, Racheal C. | Iyidiobi, Felicia C. "Effect of Corporate Tax Aggressiveness on Firm Growth in Nigeria: An Empirical Analysis" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-2 | Issue-6 , October 2018, URL: http://www.ijtsrd.com/papers/ijtsrd18928.pdf
Global companies investing in the United States face unique opportunities and challenges. Doing business in the US reviews the key tax issues and provides insights to help investors navigate the US business environment.
TIP on Tax: New rules may ease burden for small shareholders in tech acquisit...Grant Thornton LLP
This is the fourth installment of TIP on Tax, a series from Grant Thornton LLP’s Technology Industry Practice (TIP). The series introduces key tax issues for dynamic technology companies. In our first article, we explored strategies for managing net operating losses (NOLs) generated in the startup phase. More at: http://gt-us.co/TIPonTax
The inaugural edition of our accounting and financial reporting guide, Consolidation and equity method of accounting, addresses the accounting for consolidation matters under U.S. GAAP reflecting the latest standards. The guide discusses the consolidation framework and equity method of accounting, providing specific guidance and examples related to various topics such as:
The consolidation framework
Variable interest entities (VIEs)
Voting interest entities (VOEs)
Equity method investments
Joint ventures (JVs)
Intercompany transactions
Mercer Capital's Investment Management Industry Newsletter | Q3 2019 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
Global companies investing in the United States face unique opportunities and challenges. Doing business in the US reviews the key tax issues and provides insights to help investors navigate the US business environment.
TIP on Tax: New rules may ease burden for small shareholders in tech acquisit...Grant Thornton LLP
This is the fourth installment of TIP on Tax, a series from Grant Thornton LLP’s Technology Industry Practice (TIP). The series introduces key tax issues for dynamic technology companies. In our first article, we explored strategies for managing net operating losses (NOLs) generated in the startup phase. More at: http://gt-us.co/TIPonTax
The inaugural edition of our accounting and financial reporting guide, Consolidation and equity method of accounting, addresses the accounting for consolidation matters under U.S. GAAP reflecting the latest standards. The guide discusses the consolidation framework and equity method of accounting, providing specific guidance and examples related to various topics such as:
The consolidation framework
Variable interest entities (VIEs)
Voting interest entities (VOEs)
Equity method investments
Joint ventures (JVs)
Intercompany transactions
Mercer Capital's Investment Management Industry Newsletter | Q3 2019 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
As today's not-for-profit organizations shift from being purely mission focused to operating more “like a business,” certain core principles and fundamentals apply to both. To wit, it is vital for audit committee members to stay ahead of relevant changes to legal and regulatory requirements in this challenging environment. Take a look.
Staffing Industry M&A Landscape - October 2016Duff & Phelps
In the first nine months of 2016, 94 staffing industry M&A transactions were completed by 87 unique buyers. After a slow second quarter, staffing M&A activity reaccelerated in the third quarter of 2016 as sellers took advantage of favorable market conditions and the ample number of buyers interested in making acquisitions in the sector.
In 2013, the ban on general solicitation of accredited investors was lifted, causing the largest change to securities laws in decades. While everyone from startups to hedge funds will enjoy new liberties in investor marketing and outreach campaigns, it’s critical that the new rules are followed to a T, eliminating the chance for exemption rescission.
Wilshire Liquid Alternatives Industry Monitor for Q3 2018Wilshire
The quarterly Wilshire Liquid Alternatives Industry Monitor provides highlights and insights into the trends and capital flows of the liquid alternatives space.
Our mid-year review of 11 publicly held global technology consulting firms indicates weak organic growth for most in the healthcare segment relative to their respective overall company growth rates. Find out about their financial performance, mergers and acquisitions, customer wins, strategic partnerships, new product initiatives and leadership announcements in this edition of the WITCH report.
Stakeholder management in getting the deal doneBrunswick Group
It is probably a lazy truism that regulatory and political clearance has become the most challenging and unpredictable factor in executing complex, crossborder mergers and acquisitions.
This article originally appeared in DealMakers magazine
Pwc 2015 Technology Sector Sec Comment Letter TrendsPwC
PwC's technology industry publication provides a comprehensive analysis of recent SEC staff comments and disclosures to assist you in understanding the key trends relevant to companies in the technology sector.
USA Podiatry Market High Level OverviewNiraj Singhvi
This report is prepared by Maple Growth Partners, an investment research and strategic advisory firm.
The primary purpose of this quick-turnaround project was to provide a high-level market overview of podiatry practices’ growth prospects and market dynamics in the US. Our client, a US-based healthcare private equity investment professional, was largely interested in understanding the prevailing market trends, growth drivers, and podiatry economics.
Major pointers we highlighted for podiatry industry investment consideration:
- While podiatry overhead expenses has increased significantly, podiatrists are able to pass on the incremental cost to the patient/payer with a year in lag
- Current supply of ~13,000 podiatrists are most likely meeting sufficient portion of the unmet demand and this supply-demand gap will likely diminish going forward
- High student debt will likely inhibit incoming podiatrists to start their own practice and will likely compel them to join a group practice
- Podiatry is a local/regional play as opposed to other limited practitioners such as dentists which is truly a national play
Following trends were presented that influenced the economics of a podiatry practice:
- Gross income and net income for overall types of US podiatry practices have increased in recent years
- Contrary to the market perception, gross income for solo practices in the US has shown signs of decent growth in recent years
- On an overall basis (both solo and group practices) for net income, recently-formed group practices have been driving up the net income range for practices that are less than 10 years old
- They are utilizing new tech to differentiate themselves and to improve the diagnosis and treatment quality
- Podiatrists are looking to utilize assistance of nurse practitioners and physician assistants
- Share of older practices (>30 years) and aging podiatrists (>61 years) has been increasing in recent years
We had also included podiatry transactions in the previous 10 years; one-pager profiles of major competitors; and regulations by states.
Analysis of Firm Attributes and Tax Aggressiveness of Quoted Commercial Banks...ijtsrd
The study examined the influence of firm attributes on tax aggressiveness of quoted Commercial Banks in Nigeria. It specifically evaluated how firm profitability, leverage, relate with tax aggressiveness in Nigerian banks. The study employed Ex Post Facto research design. The sample size consist of an equal sample of the 13 listed Commercial Banks firms quoted on the Nigerian Stock Exchange. Secondary data was used for the study as extracted from the annual reports and financial statements of the selected banks for a nine year period of 2012 2020. The panel data were analyzed using descriptive statistic, correlation and panel data regression technique which was dually estimated to capture the samples. The outcome of the Nigerian model showed that while profitability has significant positive relationships with tax aggressiveness, while firm leverage has insignificant positive relationships with tax aggressiveness. The study recommends, among others, that Considering that highly profitable firms were highly tax aggressive as shown in the Nigerian model, management should ensure that they install strong corporate governance mechanisms in order to guarantee that the intended gains from tax avoidance activities are not opportunistically misused by the managers. Gina, Oghogho Olufemi | Ogbodo, Okenwa Cy | Nwanna, Ifeanyi "Analysis of Firm Attributes and Tax Aggressiveness of Quoted Commercial Banks in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-1 , December 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47881.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/47881/analysis-of-firm-attributes-and-tax-aggressiveness-of-quoted-commercial-banks-in-nigeria/gina-oghogho-olufemi
The Relationship between Tax Avoidance Strategies and Economic Growth in Nigeriaijtsrd
This study investigated the relationship between tax avoidance strategies and economic growth in Nigeria, a sample of selected respondents was drawn using the convenience sampling within Nigeria. To achieve this, the sample consisted two groups, the tax payers and the tax officials, while tax payers included managers, CFOs and employees of private sector, the tax officials were selected from the Federal Inland Revenue Service FIRS . Descriptive analyses technique was employed to rank the selected tax avoidance strategies based on the responses obtained from each group while the multiple regression estimation technique was used to determine how each strategy affects economic growth in Nigeria. The descriptive analysis revealed that profit shifting to tax havens and transfer pricing strategies have significant inverse relationship with economic growth in Nigeria. We therefore recommended the need for a critical review of the Nigerian tax laws to take care of loopholes in the tax laws, and the contribution of other professionals such as accountancy firms and public tax officials should also be checked by the government by breaking the monopolistic tendency of these accountancy firms and ensuring that public tax authority is well funded. Dr. Sunday Zibaghafa | Dr. Odogu Laime I. "The Relationship between Tax Avoidance Strategies and Economic Growth in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-5 , October 2023, URL: https://www.ijtsrd.com/papers/ijtsrd60019.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/60019/the-relationship-between-tax-avoidance-strategies-and-economic-growth-in-nigeria/dr-sunday-zibaghafa
As today's not-for-profit organizations shift from being purely mission focused to operating more “like a business,” certain core principles and fundamentals apply to both. To wit, it is vital for audit committee members to stay ahead of relevant changes to legal and regulatory requirements in this challenging environment. Take a look.
Staffing Industry M&A Landscape - October 2016Duff & Phelps
In the first nine months of 2016, 94 staffing industry M&A transactions were completed by 87 unique buyers. After a slow second quarter, staffing M&A activity reaccelerated in the third quarter of 2016 as sellers took advantage of favorable market conditions and the ample number of buyers interested in making acquisitions in the sector.
In 2013, the ban on general solicitation of accredited investors was lifted, causing the largest change to securities laws in decades. While everyone from startups to hedge funds will enjoy new liberties in investor marketing and outreach campaigns, it’s critical that the new rules are followed to a T, eliminating the chance for exemption rescission.
Wilshire Liquid Alternatives Industry Monitor for Q3 2018Wilshire
The quarterly Wilshire Liquid Alternatives Industry Monitor provides highlights and insights into the trends and capital flows of the liquid alternatives space.
Our mid-year review of 11 publicly held global technology consulting firms indicates weak organic growth for most in the healthcare segment relative to their respective overall company growth rates. Find out about their financial performance, mergers and acquisitions, customer wins, strategic partnerships, new product initiatives and leadership announcements in this edition of the WITCH report.
Stakeholder management in getting the deal doneBrunswick Group
It is probably a lazy truism that regulatory and political clearance has become the most challenging and unpredictable factor in executing complex, crossborder mergers and acquisitions.
This article originally appeared in DealMakers magazine
Pwc 2015 Technology Sector Sec Comment Letter TrendsPwC
PwC's technology industry publication provides a comprehensive analysis of recent SEC staff comments and disclosures to assist you in understanding the key trends relevant to companies in the technology sector.
USA Podiatry Market High Level OverviewNiraj Singhvi
This report is prepared by Maple Growth Partners, an investment research and strategic advisory firm.
The primary purpose of this quick-turnaround project was to provide a high-level market overview of podiatry practices’ growth prospects and market dynamics in the US. Our client, a US-based healthcare private equity investment professional, was largely interested in understanding the prevailing market trends, growth drivers, and podiatry economics.
Major pointers we highlighted for podiatry industry investment consideration:
- While podiatry overhead expenses has increased significantly, podiatrists are able to pass on the incremental cost to the patient/payer with a year in lag
- Current supply of ~13,000 podiatrists are most likely meeting sufficient portion of the unmet demand and this supply-demand gap will likely diminish going forward
- High student debt will likely inhibit incoming podiatrists to start their own practice and will likely compel them to join a group practice
- Podiatry is a local/regional play as opposed to other limited practitioners such as dentists which is truly a national play
Following trends were presented that influenced the economics of a podiatry practice:
- Gross income and net income for overall types of US podiatry practices have increased in recent years
- Contrary to the market perception, gross income for solo practices in the US has shown signs of decent growth in recent years
- On an overall basis (both solo and group practices) for net income, recently-formed group practices have been driving up the net income range for practices that are less than 10 years old
- They are utilizing new tech to differentiate themselves and to improve the diagnosis and treatment quality
- Podiatrists are looking to utilize assistance of nurse practitioners and physician assistants
- Share of older practices (>30 years) and aging podiatrists (>61 years) has been increasing in recent years
We had also included podiatry transactions in the previous 10 years; one-pager profiles of major competitors; and regulations by states.
Analysis of Firm Attributes and Tax Aggressiveness of Quoted Commercial Banks...ijtsrd
The study examined the influence of firm attributes on tax aggressiveness of quoted Commercial Banks in Nigeria. It specifically evaluated how firm profitability, leverage, relate with tax aggressiveness in Nigerian banks. The study employed Ex Post Facto research design. The sample size consist of an equal sample of the 13 listed Commercial Banks firms quoted on the Nigerian Stock Exchange. Secondary data was used for the study as extracted from the annual reports and financial statements of the selected banks for a nine year period of 2012 2020. The panel data were analyzed using descriptive statistic, correlation and panel data regression technique which was dually estimated to capture the samples. The outcome of the Nigerian model showed that while profitability has significant positive relationships with tax aggressiveness, while firm leverage has insignificant positive relationships with tax aggressiveness. The study recommends, among others, that Considering that highly profitable firms were highly tax aggressive as shown in the Nigerian model, management should ensure that they install strong corporate governance mechanisms in order to guarantee that the intended gains from tax avoidance activities are not opportunistically misused by the managers. Gina, Oghogho Olufemi | Ogbodo, Okenwa Cy | Nwanna, Ifeanyi "Analysis of Firm Attributes and Tax Aggressiveness of Quoted Commercial Banks in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-1 , December 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47881.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/47881/analysis-of-firm-attributes-and-tax-aggressiveness-of-quoted-commercial-banks-in-nigeria/gina-oghogho-olufemi
The Relationship between Tax Avoidance Strategies and Economic Growth in Nigeriaijtsrd
This study investigated the relationship between tax avoidance strategies and economic growth in Nigeria, a sample of selected respondents was drawn using the convenience sampling within Nigeria. To achieve this, the sample consisted two groups, the tax payers and the tax officials, while tax payers included managers, CFOs and employees of private sector, the tax officials were selected from the Federal Inland Revenue Service FIRS . Descriptive analyses technique was employed to rank the selected tax avoidance strategies based on the responses obtained from each group while the multiple regression estimation technique was used to determine how each strategy affects economic growth in Nigeria. The descriptive analysis revealed that profit shifting to tax havens and transfer pricing strategies have significant inverse relationship with economic growth in Nigeria. We therefore recommended the need for a critical review of the Nigerian tax laws to take care of loopholes in the tax laws, and the contribution of other professionals such as accountancy firms and public tax officials should also be checked by the government by breaking the monopolistic tendency of these accountancy firms and ensuring that public tax authority is well funded. Dr. Sunday Zibaghafa | Dr. Odogu Laime I. "The Relationship between Tax Avoidance Strategies and Economic Growth in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-5 , October 2023, URL: https://www.ijtsrd.com/papers/ijtsrd60019.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/60019/the-relationship-between-tax-avoidance-strategies-and-economic-growth-in-nigeria/dr-sunday-zibaghafa
Corporate Governance An Empirical Study on Tax Avoidance of Consumer Goods Fi...ijtsrd
This study delved the relationship between commercial governance and duty avoidance of quoted consumer goods manufacturing enterprises in Nigeria. Specifically, the study sought to examine the effect of board independence and CEO duality on effective duty rate. The study espoused the Ex Post Facto exploration design. The population comprised of all quoted consumer goods manufacturing enterprises on the Nigerian Stock Exchange NSE from 2010 to 2020. The sample was intentionally drawn from all the consumer goods manufacturing enterprises of the NSE. Data were attained from periodic reports and accounts of the quoted companies. The study used both descriptive and deducible statistics to assay the data. The suppositions were tested using Retrogression analysis fashion with aid ofE view9.0. From the analysis, the study set up that board independence has positive effect on effective duty rate of quoted consumer goods manufacturing enterprises, and this effect isnt statistically significant, also CEO duality has a negative effect on effective duty rate of quoted consumer goods manufacturing enterprises, but this effect is statistically significant. The study thus recommended among others that Moderate board sizes Since an exorbitantly large board size may not ameliorate the effectiveness of opinions, the establishment should maintain optimum board size position and not exceed the sufficient number necessary to drive the company through its vision. Echekoba Felix Nwolisa | Patrick Amechi. Mbanefo | Ubesie Cyril Madubuko "Corporate Governance: An Empirical Study on Tax Avoidance of Consumer Goods Firms in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-3 , June 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd56304.pdf Paper URL: https://www.ijtsrd.com.com/management/accounting-and-finance/56304/corporate-governance-an-empirical-study-on-tax-avoidance-of-consumer-goods-firms-in-nigeria/echekoba-felix-nwolisa
Re-Investment Allowance, Investment Tax Credit, and the Reality of Corporate ...iosrjce
This study examines the influences of tax incentives on cash flow of manufacturing corporations in
Nigeria. To do this, research questions were raised, hypotheses were formulated, sixty (60) quoted
manufacturing companies in Nigeria constituted the sample of this study and secondary data from Nigeria Stock
Exchange fact book were complemented with ordinal data collected via questionnaire. The stated hypotheses
were statistically tested with paired t-test of two means from the same sample. T-test was eventually used
because of the ordinal data, which might not satisfy the condition of normal distribution. Our findings revealed
that tax incentives significantly increased the mean cash flows from financing, investing and operating activities
of Nigerian manufacturing corporations. It was therefore recommended that Nigerian government should
provide adequate tax incentives for manufacturers in Nigeria, if vision of becoming one of the top twenty
nations by the year 2020 must be realized.
Why Company Does Tax Avoidance? Evidence from a Manufacturing Company in Indo...inventionjournals
The problem of this research is corporate social responsibility, profitability, independent Commissioners, and the ratio of Tobin q effect on tax avoidance. With the goal of obtaining empirical evidence whether corporate social responsibility, profitability, independent Commissioners, and the ratio of Tobin q effect on tax avoidance. The study sample as many as 34 companies manufacturing in the Jakarta Stock Exchange of 141 existing manufacturing companies The results Showed that CSR, profitability, independent Commissioners, and Tobin's q ratio has a significant effect on tax avoidance. While partially, independent directors, and Tobin's q ratio have no significant effect on tax avoidance, and tax avoidance Significantly Affects.
Why Company Does Tax Avoidance? Evidence from a Manufacturing Company in Indo...inventionjournals
: The problem of this research is corporate social responsibility, profitability, independent Commissioners, and the ratio of Tobin q effect on tax avoidance. With the goal of obtaining empirical evidence whether corporate social responsibility, profitability, independent Commissioners, and the ratio of Tobin q effect on tax avoidance. The study sample as many as 34 companies manufacturing in the Jakarta Stock Exchange of 141 existing manufacturing companies The results Showed that CSR, profitability, independent Commissioners, and Tobin's q ratio has a significant effect on tax avoidance. While partially, independent directors, and Tobin's q ratio have no significant effect on tax avoidance, and tax avoidance Significantly Affects
Tax Planning Strategies and Financial Performance of Listed Deposit Money Ban...ijtsrd
The study examined the impact of tax planning strategies on financial performance of listed deposit money in Nigeria. The expost facto research design was adopted and data was gotten from annual report of listed deposit money banks in Nigeria. A total of fifteen 15 listed deposit money banks was sampled from the period of 2017 2022. The hypotheses was tested with the panel least squares. The study found that there is positive and significant relationship between effective tax rate and return on equity of quoted banks in Nigeria. Secondly, the study found that there is positive and significant relationship between thin capitalization and return on equity of quoted banks in Nigeria. Lastly, the study found that there is no significance relationship between capital intensity and return on equity of quoted banks in Nigeria. The study concluded that effective tax rate and thin capitalization strategies have an impact on financial performance of listed deposit money banks in Nigeria while capital intensity strategies have no impact on financial performance of listed deposit money banks in Nigeria. Based on the finding of this study, it was recommended that management of listed deposit money banks in Nigeria should sustain the current effective tax rates policies in order to improve their financial performance in terms of return on equity. Eke Robert Ike | Ojo Godfrey Osayemwenre "Tax Planning Strategies and Financial Performance of Listed Deposit Money Banks in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-5 , October 2023, URL: https://www.ijtsrd.com/papers/ijtsrd59931.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/59931/tax-planning-strategies-and-financial-performance-of-listed-deposit-money-banks-in-nigeria/eke-robert-ike
Financial Distress, Earnings Management, and Tax Avoidance: evidence from Ind...AJHSSR Journal
ABSTRACT: This study aims to verify the correlation between financial distress and earnings management of
tax avoidance. The population in this study are primary and non-primary consumer goods companies listed on
the Indonesia Stock Exchange (IDX) for the period 2019 to 2021. Sample collection was performed using a
purposive sampling method, resulting in a total of 94 companies that published complete financial reports and
recorded a positive value on profit before tax. This study was tested by using the Multiple Regression Analysis
test. The results show that financial distress has a significant positive effect on tax avoidance, meanwhile
earnings management has no significant effect on tax avoidance. This research used several control variables as
well, which are profitability, leverage, liquidity, sales growth, firm size, and the results show that profitability
and firm size has a significant negative effect on tax avoidance, leverage has a significant positive effect on tax
avoidance, while liquidity, sales growth have no significant effect on tax avoidance.
KEYWORDS : tax avoidance, financial distress, earning management
The Effect ofDebt Restructuring and Tax Avoidance on Cost of Debt with Growth...AJHSSR Journal
ABSTRACT : Pandemic covid-19 makes limitation of company productivity, so it’s hard for company to pay
their debt. Creditors also provide various waivers, such as restructuring debt.The company's efforts in increasing
the high trust of creditors will be low risk, so the company can improve the effectiveness of controlling action
that is in company. The debt will increase the company's expenses, but the company can finance it by
calculating the cost of its taxation. The purpose of this study was to obtain empirical evidence about the effect of
tax avoidance, good corporate governance, and debt restructuring on the cost of debt with growth opportunity as
a moderating variable during pandemic COVID-19. The objects of this research are the sectors of various
consumption goods companies listed on the IDX for 2019–2021. The results of the study show that debt
restructuring has an effect on the cost of debt.Tax avoidance and growth have no effect on the cost of debt.
KEYWORDS :Debt Restructuring ;Tax Avoidance;Cost of Debt; Growth
THE EFFECT OF TAX AVOIDANCE AND GOOD CORPORATEGOVERNANCE ON THE COST OF DEBT ...AJHSSR Journal
ABSTRACT : This study aims to analyze the effect of tax avoidance, institutional ownership, managerial
ownership, independent commissioners on the cost of debt in consumer goods and industrial companies listed on the
Indonesia Stock Exchange for the 2016-2020 period (IDX). Tax avoidance, institutional ownership, managerial
ownership, and independent board of commissioners are set as independent variables while the dependent variable is
the cost of debt. A total of 6 companies were used as the research population by taking data on financial statements
that exist in industrial goods and consumption companies listed on the IDX. Sampling using purposive sampling
obtained a number of 30 samples. Here the research uses a quantitative approach, the type of research is descriptive.
The technique used is purposive sampling technique. Statistical analysis used is multiple linear regression.The results
show that the independent board of commissioners individually has an effect on the cost of debt, while tax
avoidance, institutional ownership, and managerial ownership do not affect the cost of debt. Simultaneously tax
avoidance, institutional ownership, managerial ownership, the board of commissioners have a significant and
significant effect on the cost of debt.
KEYWORDS: Cost of Debt, Tax Avoidance, Institutional Ownership, Managerial Ownership, Independent Board
of Commissioners
Respond to... Companies often try to keep accounting earnings .docxwilfredoa1
Respond to...
Companies often try to keep accounting earnings growing at a relatively steady pace in an effort to avoid large swings in earnings from period to period. They also try to manage earnings targets. Reflect on these practices and discuss the following in your discussion post.
Are these practices ethical?
According to Ortega & Grant (2003), “earnings management occurs when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of the company to influence contractual outcomes” (p. 51). Because these practices are used to alter the financials of a firm from actuality, then, no, these practices are not ethical, however there are common practice and, in some circumstances, acceptable.
What are two tactics that a financial manager can use to manage earnings?
Financial managers at times will use certain tactics to manage earnings. Two tactics that financial managers use to manage earnings are the Big Bath technique and the cookie jar reserve. The big-bath technique consists of taking a one-time, large write-offs or restructuring charges against income in order to reduce assets to further lower future expenses (Hope & Wang, 2018). The use of the big bath method can affect a firms’ competitiveness as it is essentially reporting a loss, which can have negative results on stock prices. The other method is the cookie jar reserve occurs when a company saves money from successful years and draws from that money and applies it to bad years in order to bolster earnings reports (CPA Journal, 1999). The method is used as way to smooth income and appear financially better when in actuality the company is having a bad year.
What are the implications for cash flow and shareholder wealth?
Ultimately, financial manager’s job is to maximize profit, because of this conflict of interest may occur. According to Chalak & Mohammadnezhad (2012), “with respect to increase shareholder wealth, free cash flows are of importance because allow managers to seek growth opportunities which increase share value” (p. 430). Therefore, the use of the techniques in the regards to implications for cash flow and shareholder wealth can be detrimental due to unreliable and inaccurate information, which occurs from managers intentionally influencing actual financials.
Using the financial balance sheet as displayed in the text, provide an example of how purchasing an asset or issuing stocks or bonds could potentially impact earnings targets.
When purchasing an asset or issuing stocks earnings targets are impacted due the changes in cash flow. For instance, when purchasing assets, the cash accounts will decrease the purchase amount, while issuing stocks or bonds increases by the amount received for the purchased stocks. These actions can a company to miss or exceed its earnings targets by the amounts of cash flow coming in or going ou.
Financial Statements Analysis: Wealth Creation and Wealth Maximisation at Tel...iosrjce
Information technology revolution has gained popularity with companies’ success depending
virtually on the exchange of information. As a result, it has brought to consideration the need to create and
sustain technologies through which information can be transmitted and received, and the telecommunication
industry has been a major development. The research paper seeks to analyse the financial statements of a
telecom company to determine whether the company created wealth and suggesting ways to improve wealth
creation. Factors such as operational results, key economic variables and customer satisfaction were explored.
A questionnaire survey was employed to collect primary data. The questionnaires were distributed by hand and
some were emailed. Results of the survey were reported and customer suggestions and concerns were noted.
Secondary data was obtained from the financial statements as well as operational reviews available on the
website. Data was analysed and it was discovered that the company has revolved significantly and its
performance has improved over the years. However, it was highlighted that a lot still needs to be done.
Therefore recommendations to pave way for future studies have been suggested.
Similar to Effect of Corporate Tax Aggressiveness on Firm Growth in Nigeria An Empirical Analysis (20)
‘Six Sigma Technique’ A Journey Through its Implementationijtsrd
The manufacturing industries all over the world are facing tough challenges for growth, development and sustainability in today’s competitive environment. They have to achieve apex position by adapting with the global competitive environment by delivering goods and services at low cost, prime quality and better price to increase wealth and consumer satisfaction. Cost Management ensures profit, growth and sustainability of the business with implementation of Continuous Improvement Technique like Six Sigma. This leads to optimize Business performance. The method drives for customer satisfaction, low variation, reduction in waste and cycle time resulting into a competitive advantage over other industries which did not implement it. The main objective of this paper ‘Six Sigma Technique A Journey Through Its Implementation’ is to conceptualize the effectiveness of Six Sigma Technique through the journey of its implementation. Aditi Sunilkumar Ghosalkar "‘Six Sigma Technique’: A Journey Through its Implementation" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64546.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64546/‘six-sigma-technique’-a-journey-through-its-implementation/aditi-sunilkumar-ghosalkar
Edge Computing in Space Enhancing Data Processing and Communication for Space...ijtsrd
Edge computing, a paradigm that involves processing data closer to its source, has gained significant attention for its potential to revolutionize data processing and communication in space missions. With the increasing complexity and data volume generated by modern space missions, traditional centralized computing approaches face challenges related to latency, bandwidth, and security. Edge computing in space, involving on board processing and analysis of data, offers promising solutions to these challenges. This paper explores the concept of edge computing in space, its benefits, applications, and future prospects in enhancing space missions. Manish Verma "Edge Computing in Space: Enhancing Data Processing and Communication for Space Missions" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64541.pdf Paper Url: https://www.ijtsrd.com/computer-science/artificial-intelligence/64541/edge-computing-in-space-enhancing-data-processing-and-communication-for-space-missions/manish-verma
Dynamics of Communal Politics in 21st Century India Challenges and Prospectsijtsrd
Communal politics in India has evolved through centuries, weaving a complex tapestry shaped by historical legacies, colonial influences, and contemporary socio political transformations. This research comprehensively examines the dynamics of communal politics in 21st century India, emphasizing its historical roots, socio political dynamics, economic implications, challenges, and prospects for mitigation. The historical perspective unravels the intricate interplay of religious identities and power dynamics from ancient civilizations to the impact of colonial rule, providing insights into the evolution of communalism. The socio political dynamics section delves into the contemporary manifestations, exploring the roles of identity politics, socio economic disparities, and globalization. The economic implications section highlights how communal politics intersects with economic issues, perpetuating disparities and influencing resource allocation. Challenges posed by communal politics are scrutinized, revealing multifaceted issues ranging from social fragmentation to threats against democratic values. The prospects for mitigation present a multifaceted approach, incorporating policy interventions, community engagement, and educational initiatives. The paper conducts a comparative analysis with international examples, identifying common patterns such as identity politics and economic disparities. It also examines unique challenges, emphasizing Indias diverse religious landscape, historical legacy, and secular framework. Lessons for effective strategies are drawn from international experiences, offering insights into inclusive policies, interfaith dialogue, media regulation, and global cooperation. By scrutinizing historical epochs, contemporary dynamics, economic implications, and international comparisons, this research provides a comprehensive understanding of communal politics in India. The proposed strategies for mitigation underscore the importance of a holistic approach to foster social harmony, inclusivity, and democratic values. Rose Hossain "Dynamics of Communal Politics in 21st Century India: Challenges and Prospects" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64528.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/history/64528/dynamics-of-communal-politics-in-21st-century-india-challenges-and-prospects/rose-hossain
Assess Perspective and Knowledge of Healthcare Providers Towards Elehealth in...ijtsrd
Background and Objective Telehealth has become a well known tool for the delivery of health care in Saudi Arabia, and the perspective and knowledge of healthcare providers are influential in the implementation, adoption and advancement of the method. This systematic review was conducted to examine the current literature base regarding telehealth and the related healthcare professional perspective and knowledge in the Kingdom of Saudi Arabia. Materials and Methods This systematic review was conducted by searching 7 databases including, MEDLINE, CINHAL, Web of Science, Scopus, PubMed, PsycINFO, and ProQuest Central. Studies on healthcare practitioners telehealth knowledge and perspectives published in English in Saudi Arabia from 2000 to 2023 were included. Boland directed this comprehensive review. The researchers examined each connected study using the AXIS tool, which evaluates cross sectional systematic reviews. Narrative synthesis was used to summarise and convey the data. Results Out of 1840 search results, 10 studies were included. Positive outlook and limited knowledge among providers were seen across trials. Healthcare professionals like telehealth for its ability to improve quality, access, and delivery, save time and money, and be successful. Age, gender, occupation, and work experience also affect health workers knowledge. In Saudi Arabia, healthcare professionals face inadequate expert assistance, patient privacy, internet connection concerns, lack of training courses, lack of telehealth understanding, and high costs while performing telemedicine. Conclusions Healthcare practitioners telehealth perceptions and knowledge were examined in this systematic study. Its collection of concerned experts different personal attitudes and expertise would help enhance telehealths implementation in Saudi Arabia, develop its healthcare delivery alternative, and eliminate frequent problems. Badriah Mousa I Mulayhi | Dr. Jomin George | Judy Jenkins "Assess Perspective and Knowledge of Healthcare Providers Towards Elehealth in Saudi Arabia: A Systematic Review" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64535.pdf Paper Url: https://www.ijtsrd.com/medicine/other/64535/assess-perspective-and-knowledge-of-healthcare-providers-towards-elehealth-in-saudi-arabia-a-systematic-review/badriah-mousa-i-mulayhi
The Impact of Digital Media on the Decentralization of Power and the Erosion ...ijtsrd
The impact of digital media on the distribution of power and the weakening of traditional gatekeepers has gained considerable attention in recent years. The adoption of digital technologies and the internet has resulted in declining influence and power for traditional gatekeepers such as publishing houses and news organizations. Simultaneously, digital media has facilitated the emergence of new voices and players in the media industry. Digital medias impact on power decentralization and gatekeeper erosion is visible in several ways. One significant aspect is the democratization of information, which enables anyone with an internet connection to publish and share content globally, leading to citizen journalism and bypassing traditional gatekeepers. Another aspect is the disruption of conventional media industry business models, as traditional organizations struggle to adjust to the decrease in advertising revenue and the rise of digital platforms. Alternative business models, such as subscription models and crowdfunding, have become more prevalent, leading to the emergence of new players. Overall, the impact of digital media on the distribution of power and the weakening of traditional gatekeepers has brought about significant changes in the media landscape and the way information is shared. Further research is required to fully comprehend the implications of these changes and their impact on society. Dr. Kusum Lata "The Impact of Digital Media on the Decentralization of Power and the Erosion of Traditional Gatekeepers" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64544.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/political-science/64544/the-impact-of-digital-media-on-the-decentralization-of-power-and-the-erosion-of-traditional-gatekeepers/dr-kusum-lata
Online Voices, Offline Impact Ambedkars Ideals and Socio Political Inclusion ...ijtsrd
This research investigates the nexus between online discussions on Dr. B.R. Ambedkars ideals and their impact on social inclusion among college students in Gurugram, Haryana. Surveying 240 students from 12 government colleges, findings indicate that 65 actively engage in online discussions, with 80 demonstrating moderate to high awareness of Ambedkars ideals. Statistically significant correlations reveal that higher online engagement correlates with increased awareness p 0.05 and perceived social inclusion. Variations across colleges and a notable effect of college type on perceived social inclusion highlight the influence of contextual factors. Furthermore, the intersectional analysis underscores nuanced differences based on gender, caste, and socio economic status. Dr. Kusum Lata "Online Voices, Offline Impact: Ambedkar's Ideals and Socio-Political Inclusion - A Study of Gurugram District" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64543.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/political-science/64543/online-voices-offline-impact-ambedkars-ideals-and-sociopolitical-inclusion--a-study-of-gurugram-district/dr-kusum-lata
Problems and Challenges of Agro Entreprenurship A Studyijtsrd
Noting calls for contextualizing Agro entrepreneurs problems and challenges of the agro entrepreneurs and for greater attention to the Role of entrepreneurs in agro entrepreneurship research, we conduct a systematic literature review of extent research in agriculture entrepreneurship to overcome the study objectives of complications of agro entrepreneurs through various factors, Development of agriculture products is a key factor for the overall economic growth of agro entrepreneurs Agro Entrepreneurs produces firsthand large scale employment, utilizes the labor and natural resources, This research outlines the problems of Weather and Soil Erosions, Market price fluctuation, stimulates labor cost problems, reduces concentration of Price volatility, Dependency on Intermediaries, induces Limited Bargaining Power, and Storage and Transportation Costs. This paper mainly devoted to highlight Problems and challenges faced for the sustainable of Agro Entrepreneurs in India. Vinay Prasad B "Problems and Challenges of Agro Entreprenurship - A Study" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64540.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64540/problems-and-challenges-of-agro-entreprenurship--a-study/vinay-prasad-b
Comparative Analysis of Total Corporate Disclosure of Selected IT Companies o...ijtsrd
Disclosure is a process through which a business enterprise communicates with external parties. A corporate disclosure is communication of financial and non financial information of the activities of a business enterprise to the interested entities. Corporate disclosure is done through publishing annual reports. So corporate disclosure through annual reports plays a vital role in the life of all the companies and provides valuable information to investors. The basic objectives of corporate disclosure is to give a true and fair view of companies to the parties related either directly or indirectly like owner, government, creditors, shareholders etc. in the companies act, provisions have been made about mandatory and voluntary disclosure. The IT sector in India is rapidly growing, the trend to invest in the IT sector is rising and employment opportunities in IT sectors are also increasing. Therefore the IT sector is expected to have fair, full and adequate disclosure of all information. Unfair and incomplete disclosure may adversely affect the entire economy. A research study on disclosure practices of IT companies could play an important role in this regard. Hence, the present research study has been done to study and review comparative analysis of total corporate disclosure of selected IT companies of India and to put forward overall findings and suggestions with a view to increase disclosure score of these companies. The researcher hopes that the present research study will be helpful to all selected Companies for improving level of corporate disclosure through annual reports as well as the government, creditors, investors, all business organizations and upcoming researcher for comparative analyses of level of corporate disclosure with special reference to selected IT companies. Dr. Vaibhavi D. Thaker "Comparative Analysis of Total Corporate Disclosure of Selected IT Companies of India" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64539.pdf Paper Url: https://www.ijtsrd.com/other-scientific-research-area/other/64539/comparative-analysis-of-total-corporate-disclosure-of-selected-it-companies-of-india/dr-vaibhavi-d-thaker
The Impact of Educational Background and Professional Training on Human Right...ijtsrd
This study investigated the impact of educational background and professional training on human rights awareness among secondary school teachers in the Marathwada region of Maharashtra, India. The key findings reveal that higher levels of education, particularly a master’s degree, and fields of study related to education, humanities, or social sciences are associated with greater human rights awareness among teachers. Additionally, both pre service teacher training and in service professional development programs focused on human rights education significantly enhance teacher’s knowledge, skills, and competencies in promoting human rights principles in their classrooms. Baig Ameer Bee Mirza Abdul Aziz | Dr. Syed Azaz Ali Amjad Ali "The Impact of Educational Background and Professional Training on Human Rights Awareness among Secondary School Teachers" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64529.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/education/64529/the-impact-of-educational-background-and-professional-training-on-human-rights-awareness-among-secondary-school-teachers/baig-ameer-bee-mirza-abdul-aziz
A Study on the Effective Teaching Learning Process in English Curriculum at t...ijtsrd
“One Language sets you in a corridor for life. Two languages open every door along the way” Frank Smith English as a foreign language or as a second language has been ruling in India since the period of Lord Macaulay. But the question is how much we teach or learn English properly in our culture. Is there any scope to use English as a language rather than a subject How much we learn or teach English without any interference of mother language specially in the classroom teaching learning scenario in West Bengal By considering all these issues the researcher has attempted in this article to focus on the effective teaching learning process comparing to other traditional strategies in the field of English curriculum at the secondary level to investigate whether they fulfill the present teaching learning requirements or not by examining the validity of the present curriculum of English. The purpose of this study is to focus on the effectiveness of the systematic, scientific, sequential and logical transaction of the course between the teachers and the learners in the perspective of the 5Es programme that is engage, explore, explain, extend and evaluate. Sanchali Mondal | Santinath Sarkar "A Study on the Effective Teaching Learning Process in English Curriculum at the Secondary Level of West Bengal" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd62412.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/education/62412/a-study-on-the-effective-teaching-learning-process-in-english-curriculum-at-the-secondary-level-of-west-bengal/sanchali-mondal
The Role of Mentoring and Its Influence on the Effectiveness of the Teaching ...ijtsrd
This paper reports on a study which was conducted to investigate the role of mentoring and its influence on the effectiveness of the teaching of Physics in secondary schools in the South West Region of Cameroon. The study adopted the convergent parallel mixed methods design, focusing on respondents in secondary schools in the South West Region of Cameroon. Both quantitative and qualitative data were collected, analysed separately, and the results were compared to see if the findings confirm or disconfirm each other. The quantitative analysis found that majority of the respondents 72 of Physics teachers affirmed that they had more experienced colleagues as mentors to help build their confidence, improve their teaching, and help them improve their effectiveness and efficiency in guiding learners’ achievements. Only 28 of the respondents disagreed with these statements. With majority respondents 72 agreeing with the statements, it implies that in most secondary schools, experienced Physics teachers act as mentors to build teachers’ confidence in teaching and improving students’ learning. The interview qualitative data analysis summarized how secondary school Principals use meetings with mentors and mentees to promote mentorship in the school milieu. This has helped strengthen teachers’ classroom practices in secondary schools in the South West Region of Cameroon. With the results confirming each other, the study recommends that mentoring should focus on helping teachers employ social interactions and instructional practices feedback and clarity in teaching that have direct measurable impact on students’ learning achievements. Andrew Ngeim Sumba | Frederick Ebot Ashu | Peter Agborbechem Tambi "The Role of Mentoring and Its Influence on the Effectiveness of the Teaching of Physics in Secondary Schools in the South West Region of Cameroon" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64524.pdf Paper Url: https://www.ijtsrd.com/management/management-development/64524/the-role-of-mentoring-and-its-influence-on-the-effectiveness-of-the-teaching-of-physics-in-secondary-schools-in-the-south-west-region-of-cameroon/andrew-ngeim-sumba
Design Simulation and Hardware Construction of an Arduino Microcontroller Bas...ijtsrd
This study primarily focuses on the design of a high side buck converter using an Arduino microcontroller. The converter is specifically intended for use in DC DC applications, particularly in standalone solar PV systems where the PV output voltage exceeds the load or battery voltage. To evaluate the performance of the converter, simulation experiments are conducted using Proteus Software. These simulations provide insights into the input and output voltages, currents, powers, and efficiency under different state of charge SoC conditions of a 12V,70Ah rechargeable lead acid battery. Additionally, the hardware design of the converter is implemented, and practical data is collected through operation, monitoring, and recording. By comparing the simulation results with the practical results, the efficiency and performance of the designed converter are assessed. The findings indicate that while the buck converter is suitable for practical use in standalone PV systems, its efficiency is compromised due to a lower output current. Chan Myae Aung | Dr. Ei Mon "Design Simulation and Hardware Construction of an Arduino-Microcontroller Based DC-DC High-Side Buck Converter for Standalone PV System" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64518.pdf Paper Url: https://www.ijtsrd.com/engineering/mechanical-engineering/64518/design-simulation-and-hardware-construction-of-an-arduinomicrocontroller-based-dcdc-highside-buck-converter-for-standalone-pv-system/chan-myae-aung
Sustainable Energy by Paul A. Adekunte | Matthew N. O. Sadiku | Janet O. Sadikuijtsrd
Energy becomes sustainable if it meets the needs of the present without compromising the ability of future generations to meet their own needs. Some of the definitions of sustainable energy include the considerations of environmental aspects such as greenhouse gas emissions, social, and economic aspects such as energy poverty. Generally far more sustainable than fossil fuel are renewable energy sources such as wind, hydroelectric power, solar, and geothermal energy sources. Worthy of note is that some renewable energy projects, like the clearing of forests to produce biofuels, can cause severe environmental damage. The sustainability of nuclear power which is a low carbon source is highly debated because of concerns about radioactive waste, nuclear proliferation, and accidents. The switching from coal to natural gas has environmental benefits, including a lower climate impact, but could lead to delay in switching to more sustainable options. “Carbon capture and storage” can be built into power plants to remove the carbon dioxide CO2 emissions, but this technology is expensive and has rarely been implemented. Leading non renewable energy sources around the world is fossil fuels, coal, petroleum, and natural gas. Nuclear energy is usually considered another non renewable energy source, although nuclear energy itself is a renewable energy source, but the material used in nuclear power plants is not. The paper addresses the issue of sustainable energy, its attendant benefits to the future generation, and humanity in general. Paul A. Adekunte | Matthew N. O. Sadiku | Janet O. Sadiku "Sustainable Energy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64534.pdf Paper Url: https://www.ijtsrd.com/engineering/electrical-engineering/64534/sustainable-energy/paul-a-adekunte
Concepts for Sudan Survey Act Implementations Executive Regulations and Stand...ijtsrd
This paper aims to outline the executive regulations, survey standards, and specifications required for the implementation of the Sudan Survey Act, and for regulating and organizing all surveying work activities in Sudan. The act has been discussed for more than 5 years. The Land Survey Act was initiated by the Sudan Survey Authority and all official legislations were headed by the Sudan Ministry of Justice till it was issued in 2022. The paper presents conceptual guidelines to be used for the Survey Act implementation and to regulate the survey work practice, standardizing the field surveys, processing, quality control, procedures, and the processes related to survey work carried out by the stakeholders and relevant authorities in Sudan. The conceptual guidelines are meant to improve the quality and harmonization of geospatial data and to aid decision making processes as well as geospatial information systems. The established comprehensive executive regulations will govern and regulate the implementation of the Sudan Survey Geomatics Act in all surveying and mapping practices undertaken by the Sudan Survey Authority SSA and state local survey departments for public or private sector organizations. The targeted standards and specifications include the reference frame, projection, coordinate systems, and the guidelines and specifications that must be followed in the field of survey work, processes, and mapping products. In the last few decades, there has been a growing awareness of the importance of geomatics activities and measurements on the Earths surface in space and time, together with observing and mapping the changes. In such cases, data must be captured promptly, standardized, and obtained with more accuracy and specified in much detail. The paper will also highlight the current situation in Sudan, the degree to which survey standards are used, the problems encountered, and the errors that arise from not using the standards and survey specifications. Kamal A. A. Sami "Concepts for Sudan Survey Act Implementations - Executive Regulations and Standards" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63484.pdf Paper Url: https://www.ijtsrd.com/engineering/civil-engineering/63484/concepts-for-sudan-survey-act-implementations--executive-regulations-and-standards/kamal-a-a-sami
Towards the Implementation of the Sudan Interpolated Geoid Model Khartoum Sta...ijtsrd
The discussions between ellipsoid and geoid have invoked many researchers during the recent decades, especially during the GNSS technology era, which had witnessed a great deal of development but still geoid undulation requires more investigations. To figure out a solution for Sudans local geoid, this research has tried to intake the possibility of determining the geoid model by following two approaches, gravimetric and geometrical geoid model determination, by making use of GNSS leveling benchmarks at Khartoum state. The Benchmarks are well distributed in the study area, in which, the horizontal coordinates and the height above the ellipsoid have been observed by GNSS while orthometric heights were carried out using precise leveling. The Global Geopotential Model GGM represented in EGM2008 has been exploited to figure out the geoid undulation at the benchmarks in the study area. This is followed by a fitting process, that has been done to suit the geoid undulation data which has been computed using GNSS leveling data and geoid undulation inspired by the EGM2008. Two geoid surfaces were created after the fitting process to ensure that they are identical and both of them could be counted for getting the same geoid undulation with an acceptable accuracy. In this respect, statistical operation played an important role in ensuring the consistency and integrity of the model by applying cross validation techniques splitting the data into training and testing datasets for building the geoid model and testing its eligibility. The geometrical solution for geoid undulation computation has been utilized by applying straightforward equations that facilitate the calculation of the geoid undulation directly through applying statistical techniques for the GNSS leveling data of the study area to get the common equation parameters values that could be utilized to calculate geoid undulation of any position in the study area within the claimed accuracy. Both systems were checked and proved eligible to be used within the study area with acceptable accuracy which may contribute to solving the geoid undulation problem in the Khartoum area, and be further generalized to determine the geoid model over the entire country, and this could be considered in the future, for regional and continental geoid model. Ahmed M. A. Mohammed. | Kamal A. A. Sami "Towards the Implementation of the Sudan Interpolated Geoid Model (Khartoum State Case Study)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63483.pdf Paper Url: https://www.ijtsrd.com/engineering/civil-engineering/63483/towards-the-implementation-of-the-sudan-interpolated-geoid-model-khartoum-state-case-study/ahmed-m-a-mohammed
Activating Geospatial Information for Sudans Sustainable Investment Mapijtsrd
Sudan is witnessing an acceleration in the processes of development and transformation in the performance of government institutions to raise the productivity and investment efficiency of the government sector. The development plans and investment opportunities have focused on achieving national goals in various sectors. This paper aims to illuminate the path to the future and provide geospatial data and information to develop the investment climate and environment for all sized businesses, and to bridge the development gap between the Sudan states. The Sudan Survey Authority SSA is the main advisor to the Sudan Government in conducting surveying, mappings, designing, and developing systems related to geospatial data and information. In recent years, SSA made a strategic partnership with the Ministry of Investment to activate Geospatial Information for Sudans Sustainable Investment and in particular, for the preparation and implementation of the Sudan investment map, based on the directives and objectives of the Ministry of Investment MI in Sudan. This paper comes within the framework of activating the efforts of the Ministry of Investment to develop technical investment services by applying techniques adopted by the Ministry and its strategic partners for advancing investment processes in the country. Kamal A. A. Sami "Activating Geospatial Information for Sudan's Sustainable Investment Map" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63482.pdf Paper Url: https://www.ijtsrd.com/engineering/information-technology/63482/activating-geospatial-information-for-sudans-sustainable-investment-map/kamal-a-a-sami
Educational Unity Embracing Diversity for a Stronger Societyijtsrd
In a rapidly changing global landscape, the importance of education as a unifying force cannot be overstated. This paper explores the crucial role of educational unity in fostering a stronger and more inclusive society through the embrace of diversity. By examining the benefits of diverse learning environments, the paper aims to highlight the positive impact on societal strength. The discussion encompasses various dimensions, from curriculum design to classroom dynamics, and emphasizes the need for educational institutions to become catalysts for unity in diversity. It highlights the need for a paradigm shift in educational policies, curricula, and pedagogical approaches to ensure that they are reflective of the diverse fabric of society. This paper also addresses the challenges associated with implementing inclusive educational practices and offers practical strategies for overcoming barriers. It advocates for collaborative efforts between educational institutions, policymakers, and communities to create a supportive ecosystem that promotes diversity and unity. Mr. Amit Adhikari | Madhumita Teli | Gopal Adhikari "Educational Unity: Embracing Diversity for a Stronger Society" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64525.pdf Paper Url: https://www.ijtsrd.com/humanities-and-the-arts/education/64525/educational-unity-embracing-diversity-for-a-stronger-society/mr-amit-adhikari
Integration of Indian Indigenous Knowledge System in Management Prospects and...ijtsrd
The diversity of indigenous knowledge systems in India is vast and can vary significantly between different communities and regions. Preserving and respecting these knowledge systems is crucial for maintaining cultural heritage, promoting sustainable practices, and fostering cross cultural understanding. In this paper, an overview of the prospects and challenges associated with incorporating Indian indigenous knowledge into management is explored. It is found that IIKS helps in management in many areas like sustainable development, tourism, food security, natural resource management, cultural preservation and innovation, etc. However, IIKS integration with management faces some challenges in the form of a lack of documentation, cultural sensitivity, language barriers legal framework, etc. Savita Lathwal "Integration of Indian Indigenous Knowledge System in Management: Prospects and Challenges" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63500.pdf Paper Url: https://www.ijtsrd.com/management/accounting-and-finance/63500/integration-of-indian-indigenous-knowledge-system-in-management-prospects-and-challenges/savita-lathwal
DeepMask Transforming Face Mask Identification for Better Pandemic Control in...ijtsrd
The COVID 19 pandemic has highlighted the crucial need of preventive measures, with widespread use of face masks being a key method for slowing the viruss spread. This research investigates face mask identification using deep learning as a technological solution to be reducing the risk of coronavirus transmission. The proposed method uses state of the art convolutional neural networks CNNs and transfer learning to automatically recognize persons who are not wearing masks in a variety of circumstances. We discuss how this strategy improves public health and safety by providing an efficient manner of enforcing mask wearing standards. The report also discusses the obstacles, ethical concerns, and prospective applications of face mask detection systems in the ongoing fight against the pandemic. Dilip Kumar Sharma | Aaditya Yadav "DeepMask: Transforming Face Mask Identification for Better Pandemic Control in the COVID-19 Era" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd64522.pdf Paper Url: https://www.ijtsrd.com/engineering/electronics-and-communication-engineering/64522/deepmask-transforming-face-mask-identification-for-better-pandemic-control-in-the-covid19-era/dilip-kumar-sharma
Streamlining Data Collection eCRF Design and Machine Learningijtsrd
Efficient and accurate data collection is paramount in clinical trials, and the design of Electronic Case Report Forms eCRFs plays a pivotal role in streamlining this process. This paper explores the integration of machine learning techniques in the design and implementation of eCRFs to enhance data collection efficiency. We delve into the synergies between eCRF design principles and machine learning algorithms, aiming to optimize data quality, reduce errors, and expedite the overall data collection process. The application of machine learning in eCRF design brings forth innovative approaches to data validation, anomaly detection, and real time adaptability. This paper discusses the benefits, challenges, and future prospects of leveraging machine learning in eCRF design for streamlined and advanced data collection in clinical trials. Dhanalakshmi D | Vijaya Lakshmi Kannareddy "Streamlining Data Collection: eCRF Design and Machine Learning" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-8 | Issue-1 , February 2024, URL: https://www.ijtsrd.com/papers/ijtsrd63515.pdf Paper Url: https://www.ijtsrd.com/biological-science/biotechnology/63515/streamlining-data-collection-ecrf-design-and-machine-learning/dhanalakshmi-d
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
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Effect of Corporate Tax Aggressiveness on Firm Growth in Nigeria An Empirical Analysis
1. International Journal of Trend in Scientific Research and Development (IJTSRD)
International Open Access Journal | www.ijtsrd.com
ISSN No: 2456 - 6470 | Volume - 2 | Issue – 6 | Sep – Oct 2018
@ IJTSRD | Available Online @ www.ijtsrd.com | Volume – 2 | Issue – 6 | Sep-Oct 2018 Page: 1628
Effect of Corporate Tax Aggressiveness on Firm Growth in Nigeria:
An Empirical Analysis
Ifurueze, Meshack S.
Faculty of management sciences,
Department of Accountancy,
Chukwuemeka Odumegwu
Ojukwu University,
Igbariam, Nigeria
John-Akamelu, Racheal C.
Faculty of management sciences,
Department of Entrepreneur
Studies Unit,
Nnamdi Azikiwe University,
Awka, Nigeria
Iyidiobi, Felicia C.
Faculty of management sciences,
Department of Accountancy,
Enugu State University of Science
and Technology,
Enugu, Nigeria
ABSTRACT
The main objective of this study is to investigate the
effect of corporate tax aggressiveness strategies on
firm growth in Nigeria. The specific objectives were
to; investigate the effect of leverage tax
aggressiveness strategy on firm growth in Nigeria and
evaluate the effect of effective tax rate aggressiveness
strategy on firm growth in Nigeria. Ex post Facto
research design was adopted and the data were
collected from annual reports and accounts of
Nigerian food production companies. Pooled multiple
regression analysis was employed to test the
formulated hypotheses. The study found that
Leverage (LEV) to impact positively on our
dependent variable, Firm Growth. This impact was
not statistically significant. The study found that
Effective tax rate (ETR) to impact positive on our
dependent variable, Firm Growth, but this impact was
statistically significant. Since the influence of
effective tax rate is not statistically significant and so,
should be ignored as a determinant of firm growth in
Nigeria. Therefore on the basis of efficient use of tax
rate to generate growth should be encouraged.
KEY WORDS: Corporate tax aggressiveness,
leverage tax, effective tax rate and firm growth
INTRODUCTION
The concept of taxation is as old as mankind. It has
been an effective way of getting money from people
and institution to effectively run a society, at the same
time; it can be seen as a great way to take value and
income away from the people. It has been opined by
Leory and Babra (2008) that tax benefits cannot be
estranged from the tax system and that the benefit
cannot be separated away from equilibrium concern
and eventual business evaluation. However, the
modern tax as defined by Omotoso (2001) is the
compulsory charge imposed by a public authority on
the income of individuals and income of companies as
stipulated by the government decrees, acts or laws
irrespective of the exact amount of services rendered
to the payer in return. Tax administration on the other
hand can be described as the process of assessing and
collecting taxes from individuals and companies by
relevant tax authorities in such a way that the correct
amount is collected efficiently and effectively with
minimum tax avoidance or evasion.
The degree of tax aggressiveness will depend on the
characteristics of the owners of family firms and the
managers of non-family firms with respect to the costs
and benefits of corporate tax planning policies.
However, the relationship between the characteristic
of being a family firm and tax aggressiveness cannot
be clearly identified. Due to the greater block
holdings and longer investment horizons, the owners
of family firms need to be more concerned with the
potential penalties and the reduction of the share price
that can be caused by overly aggressive tax planning
(Antonio & Giliard , 2014).
Tax has been a crucial topic of discussion in the
literature. However, it focused more on economic side
than corporate side (Oboh, Yeye & Isa, 2003; Ifeuko
2008).Bulk of these studies has been looking at the
macro aspect of taxation with very little concentration
on the micro or corporate aspect of taxation .This is
one area the study is going to be more specific as it
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tries to look to tax more precisely from the corporate
or micro aspect.
The studies have empirically tested the relationship
with inconclusive results. While some found
improvement in the accounting information quality of
some countries that adopted international accounting
standards which then helps to reduce tax
aggressiveness? Such studies include: Hanlon and
Slemrod (2009): Chenhall and Carla,(2010),Chun,
Hamid and Daniel (2012) While others like: Kao and
Wei, (2014) ,Lise and Roberto (2015) think otherwise.
Some researchers such as Leuz (2003) further argue
that, managers and controlling owners have the ability
to manage taxes in order to mask true firm
performance and to conceal their private control
benefits from outsiders.
In addition, most of these prior studies were carried
out in foreign countries in relation to the changes in
international financial reporting standard, this
however create gap in which this study set up to fill,
hence to domesticate the study in Nigerian corporate
firms.
The main objective of this study is to investigate the
effect of corporate tax aggressiveness strategies on
firm growth in Nigeria. The specific objectives were
to:
1. Investigate the effect of leverage tax
aggressiveness strategy on firm growth in Nigeria.
2. Evaluate the effect of effective tax rate
aggressiveness strategy on firm growth in Nigeria.
REVIEW OF RELATED LITERATURE
Conceptual Framework
Tax Aggressiveness
However, more of these works have been in
developed countries and the effect of accounting
reporting system has become very important as
different recording systems can give rise to loopholes
that can help company managers to aggressively hide
tax away from both the state and the shareholders.
Mills and News berry (2001) suggests that managers
have a more direct access to financial reporting than
to tax reporting, influencing accounting income rather
than tax income. Consequently, deferred taxation can
be increased or decreased according to management
earnings targets and how aggressive they choose to go
about it.
Every company that wants to operate more profitably
must equip herself with external source of funding
.This mostly and primarily comes from leverage more
than equity, since leverage is preferred to equity due
to the less complex and expensive process of getting
it. It can also be noted that most of the time,
corporation tax rates influences debt financing since
debt interest payments are typically tax deductible,
whereas dividend payments are not, as pointed out by
(Beke,2011).
It is, therefore, logical to believe that companies can
use debt induced strategies like debt inflation to
increase their tax reductions more aggressively than
companies that doesn’t have such debt, Joe-veer,
(2013), This, then suggests that a company with
interest tax advantage could increase or reduce its
debt profile in a way that it gives them some sort of
huge tax advantage. Tax aggressiveness can be proxy
by leverage, effective tax rate, book tax value, market
value and firm size.
Leverage
Leverage is the result of using borrowed capital as a
source of funding when investing to expand the firm’s
asset base and generate returns on risk capital.
Leverage is an investment strategy of using borrowed
money: specifically, the use of various financial
instruments or borrowed capital to increase the
potential return of an investment. Leverage can also
refer to the amount of debt used to finance assets.
When one refers to something (a company, a property
or an investment) as "highly leveraged," it means that,
the item has more debt than equity (Towery, 2012).
In finance, leverage (sometimes referred to, as gearing
in the United Kingdom and Australia) is any
technique involving the use of borrowed funds in the
purchase of an asset, with the expectation that the
after tax income from the asset and asset price
appreciation will exceed the borrowing cost.
Normally, the finance provider would set a limit on
how much risk, he is prepared to take and will set a
limit on how much leverage it will permit, and would
require the acquired asset to be provided as collateral
security for the loan. For example, for a residential
property, the finance provider may lend up to, say,
80% of the property's market value, for a commercial
property it may be up to 70%, while on shares it may
lend up to, say, 60% or none at all, on some shares.
3. International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470
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Leveraging enables gains and losses to be multiplied.
On the other hand, there is a risk that leveraging will
result in a loss — i.e., when actually it turns out that
financing costs exceed the income from the asset, or
because the value of the asset has fallen.
While leverage magnifies profits when the returns
from the asset is more to offset the costs of
borrowing, leverage may also magnify losses. A
corporation that borrows too much money might face
bankruptcy or default during a business downturn,
while a less-leveraged corporation might survive. An
investor who buys a stock on 50% margin will lose
40% if the stock declines 20 % (Leory & Babra,
2008).
This may happen exactly when there is little market
liquidity and sales by others at depressing prices. It
means that as things get bad, leverage goes up,
multiplying losses as things continue to go down. This
can lead to rapid ruin, even if the underlying asset
value decline is mild or temporary. Leory and Babra
(2008) noted that the risk can be mitigated by
negotiating the terms of leverage, by maintaining
unused room for additional borrowing, and by
leveraging only liquid assets (Heitzman & Michelle,
2010).
On the other hand, the extreme level of leverage
affordable in forex trading presents relatively low risk
per unit due to its relative stability when compared
with other markets. Compared with other trading
markets, forex traders must trade at much higher
volume of units in order to make any considerable
profit. For example, many brokers offer 100:1
leverage for investors, meaning that someone bringing
₦1,000 can control ₦100,000 while taking
responsibility for any losses or gains their investments
incur. This intense level of leverage presents equal
parts to risk and reward.
There is an implicit assumption in that account, such
that the underlying levered asset is the same as the
unlevered one. If a company borrows money to
modernize, or add to its product line, or expand
internationally, the additional diversification might be
more to offset the additional risk from leverage
(Leory & Babra, 2008). Or if an investor uses a
fraction of his or her portfolio to manage stock index
futures and puts the rest in a money market fund, he
or she might have the same volatility and expected
return as an investor in an unlevered equity index
fund, with a limited downside Heitzman, (2010). Or if
both long and short positions are held by a pair-
trading stock strategy, the matching and off-setting
economic leverage may lower overall risk level.
So when adding leverage to a given asset always adds
risk, it is not also the case that a levered company or
investment is always riskier than an unlevered one. In
fact, many highly levered hedge funds have less
return volatility than unlevered bond funds, and public
utilities with lots of debt are usually less risky stocks
than unlevered technology companies (Leory & Babra
2008).
Effective Tax Rate: The effective tax rate is the
average taxation rate for a corporation or individual.
The effective tax rate for individuals is the average
rate at which their earned income is taxed, and the
effective tax rate for a corporation is the average rate
at which its pre-tax profits are taxed.(Jon 2012).
The effective tax rate is the average rate at which an
individual is taxed on earned income, or the average
rate at which a corporation is taxed on pre-tax profits
It is important to note that the amount of tax payments
in cash that an individual or corporation actually pays
out may differ materially from the amount of tax
expense in a given period. This is because most
companies prepare two different sets of financial
statements: one for reporting purposes and one for tax
purposes.
Economic Growth
Economic growth is the increase in the inflation-
adjusted market value of the goods and services
produced by an economy over time. It is
conventionally measured as the percent rate of
increase in real gross domestic product, or real GDP,
usually in per capita terms.
Growth is usually calculated in real terms – i.e.,
inflation-adjusted terms – to eliminate the distorting
effect of inflation on the price of goods produced.
Measurement of economic growth uses national
income accounting. Since economic growth is
measured as the annual percent change of gross
domestic product (GDP), it has all the advantages and
drawbacks of that measure. The "rate of economic
growth" refers to the geometric annual rate of growth
in GDP between the first and the last year over a
period of time. Implicitly, this growth rate is the trend
in the average level of GDP over the period, which
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implicitly ignores the fluctuations in the GDP around
this trend.
An increase in economic growth caused by more
efficient use of inputs (such as labor productivity,
physical capital, energy or materials) is referred to as
intensive growth. GDP growth caused only by
increases in the amount of inputs available for use
(increased population, new territory) is called
extensive growth (Wikipedia, 2017).
Three waves of interest have currently emerged in
studying economic growth. The first wave is
associated with the work of Harrods (1900-1978) and
Domar (1914-1997) in what was termed the “Harrods
– Domar Model”. The theory presupposed that growth
depended on a country’s savings rate, capital/output
ratio, and capital depreciation. This theory has been
criticized for three reasons. Firstly, it centers on the
assumption of exogeneity for all key parameters.
Secondly, it ignores technical change, and lastly, it
does not allow for diminishing returns when one
factor expands relative to another (Essien, 2002).
The second began with the neoclassical (Solow)
model, which contained the thinking that growth
reflected technical progress and key inputs, (labour
and capital). It allowed for diminishing returns,
perfect competition but not externalities. In the
neoclassical growth process, savings were needed to
increase capital stock, capital accumulation had limits
to ensure diminishing marginal returns, and capital
per unit of labour was limited. It postulates that
growth also depended on population growth rate and
that growth rate amongst countries was supposed to
converge to a steady state in the long-run. Despite the
modifications, the basic problems associated with the
neoclassical thinking are that it hardly explains the
sources of technical change (Essien & Bawa, 2007).
Empirical Review
Lots of research has been conducted to assess the
extent tax aggressiveness affect firm growth.
Dhaliwal, Gleason, and Mills (2004) investigated
whether income tax expense is regularly used to
achieve earnings targets and concluded that
aggressive tax expense provides a final opportunity to
meet earnings targets after the firm has agreed to any
pre-tax adjusting entries required by the independent
auditors.
Similarly, Desai and Dharmapala (2006) supported
this argument. It is believe that the reporting quality
alone cannot provide sufficient support that will help
reduce tax aggressiveness of companies. Chen, Chen,
Chen et al. (2010) study the relationship between tax
aggressiveness and agency conflicts present in family
firms and non-family firms. The reason to deal with
these two types of companies separately is that,
according to the authors, the presence of members of
the founding family in the ownership structure implies
a greater potential for conflict between majority and
minority shareholders and a lesser one between
owners and managers in comparison to non-family
firms. This difference can impact the costs and
benefits of implementing more or less aggressive tax
policies.
Donohue (2011) examined why derivatives are
appealing for tax avoidance, how they reduce explicit
taxes, and which firms use them to avoid taxes. Using
multiple regression analysis, he finds that derivatives
are useful for avoiding taxes because they enable the
replication of economic positions, which blurs
economic substance and industrial ambiguity in tax
reporting, also tax aggressiveness derivatives users
have several commonalties which includes foreign
operators, more capital assets, and the use of auditor-
provided tax security and industry-specialist auditors.
Towery (2012) examined the effect of mandatory
disclosures of tax aggressiveness to tax authorities on
firms’ reporting decisions. Schedule UTP requires
firms to disclose federal income tax positions to the
Internal Revenue Service that have been classified as
‘uncertain’ for financial reporting purposes. In
showing how Schedule UTP disclosure requirements
affect private and public reporting decisions, the study
provide insights into the usefulness of these
disclosures. Using confidential tax return data and
public financial statement data, the study find that
after imposition of Schedule UTP reporting
requirements, firms report lower financial reporting
reserves for uncertain income tax positions, but do not
claim fewer income tax benefits on their federal tax
returns. These findings suggest that some firms
changed their financial reporting for uncertain tax
positions to avoid Schedule UTP reporting
requirements without changing the underlying
positions.
Jon (2012) provided evidence on a significant real
consequence of an opaque financial reporting
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information environment: increased corporate tax
aggressiveness. Using an inter- national sample of
firms, the study find that firms with a more opaque
information environment, as measured at both the
firm and country level, exhibit higher levels of firm-
specific tax avoidance. Similarly, the results from
tests using the initial enforcement of insider trading
laws provide additional support for a directional
hypothesis. In support of the firm-level findings, also
find evidence in the aggregate that opacity is
associated with countries collecting less corporate tax
revenues as a percentage of gross domestic products.
Blaufus and Zinowsky (2013) analyzed how the Big
Five personality traits and professional experience
affect the aggressiveness of tax preparers’
recommendations. To this aim, they conduct a survey
among tax professionals of a Big Four accounting
firms. Using treatment-effects regressions, the study
find that personality traits have direct and indirect
effects on tax aggressiveness. Personality traits affect
the decision to remain in the organizational
environment of the Big Four accounting firm, and the
experience in this firm is significantly related to tax
aggressiveness. Their data suggest that enhancing
work experience at the accounting firm leads to lower
tax aggressiveness and that the organizational culture
appears to be an important determinant of tax
aggressiveness. Moreover, they provide evidence that
the danger of potential reputation losses reduces
subjects to tax aggressiveness regardless of whether
the subject is highly experienced or not.
Fuest, Spengel, Finke, et al (2013) discussed the issue
of profit shifting and “aggressive” tax planning by
multinational firms. The paper makes two
contributions. First, it provides some background
information to the debate by giving a brief overview
of existing empirical studies on profit shifting and by
describing arrangements for IP-based profit shifting
which are used by the companies currently accused of
avoiding taxes. The study shows that preventing this
type of tax avoidance is, in principle, straightforward.
Second, they argue that, in the short term, policy
makers should focus on extending withholding taxes
in an internationally coordinated way.
Guenther, Matsunaga and Williams (2013)
distinguished between the concepts of tax avoidance,
tax aggressiveness, and tax risk and examine which, if
any, of those concepts is related to overall firm risk.
Prior research has argued that aggressive corporate
tax avoidance, as measured by low cash effective tax
rates or high reserves for unrecognized tax benefits,
increases firm risk, thereby requiring firms to provide
risk-taking incentives to managers. They found a
significantly positive relationship between tax risk
and firm risk, but do not find evidence of a significant
association between either tax avoidance or tax
aggressiveness and firm risk.
Razak and Adafula (2013) examined the influence of
attitudes of individual taxpayers on tax compliance
decisions. Descriptive and inferential statistics were
applied to analyze survey responses and firm
questionnaires administered to operators of SMEs in
Tamahe. They found that individuals are highly
concerned with the amount of taxes they pay. Again,
it was revealed that, the level of governmental
accountability and transparency did not significantly
impact taxpayer’s attitudes.
Fukofuka (2013) examined the prediction of tax
evasion and their usefulness for identifying tax
evasion. Through presentation of contextual
framework of corporate income tax evasion,
structured with twelve ideas and twenty-five dynamic
with sample game theory model. They found that in
order to promote the tax audit cut-off policy that
incorporates reward programme for agent of
government, you must ensure that audit frequency and
tasks independence of the agent of government are put
in place.
Chyz, Gaertner, Kausar et al (2014) investigated
whether firms with overconfident CEOs pursue more
aggressive tax positions and yet assign high
expectations of their final reliability, even if these
positions were to be audited by a relevant taxing
authority. In their empirical tests they first document
positive associations between proxies for the
aggressiveness of firms’ tax positions and
overconfidence. They then test for associations
between overconfidence and the financial reporting of
uncertain tax benefits under FIN 48. Prior tax
aggressiveness research leads to the expectation of a
similarly positive association with uncertain tax
benefits. Instead, the study found that the same group
of firms with overconfident CEOs report lowers
uncertain tax benefits in the financial statements.
Saratu (2015) examined the impact of competition on
tax avoidance activities among Nigerian Deposit
Money Banks. The study used panel regression model
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to analyze the data obtained from the financial
statements of 15 banks operating on the Nigerian
Stock Exchange for a period of 10 years. The result of
the random effect revealed that competition has a
positive and an insignificant impact on tax avoidance.
Watson (2015) investigated the influence of pre-tax
earnings performance on the relationship between
corporate social responsibility (CSR) and tax
avoidance. Using slack resource theory of
Penrose1959, he found that the relationship between
CSR and tax avoidance in firms is moderated by
earnings performance.
Aumeenon, Jufurnath and Soondrun (2016) measured
the impact of the tax evasion on the Gross Domestic
Product (GDP) per-capita of Sub- Saharan Africa. The
relationship between the GDP per capita and tax
evasion is tested using the generalized least squared.
They found that there is a positive impact of tax
evasion on GDP per capita.
Kourdoumpalou (2016) examined the association
between corporate governance practices and the
extent of tax evasion for the Greek. Using multiple
regression analysis, the researcher found that tax
evasion is lower when the chairman of board is also
the owner of the company and also that tax evasion is
higher when board members are also employees of the
company.
Abubakar (2017) examined why taxes in Harari were
multifaceted. Using literatures and accounts written
by different historians and various tax related
documents. It was found that taxes from Islamic view
point and manifestation of civilization in Harari were
responsible for taxes in Harari being multifaceted.
Babatunde, Ibukun and Oyeyemi (2017) examined the
impact of taxation on economic growth in Africa from
2004-2013.Descriptive statistics and stationary tests
using Augmented Dickey Fuslew (ADF) test, Leven
et al model and Shin Stat test. The study indicated that
tax revenue is positively related to GDP and promote
economic growth in Africa.
Chen and Lin (2017) investigate the effect of
information asymmetry on corporate tax avoidance,
using a difference-in- differences matching estimator
to assess the effects of changes in analyst coverage
caused by broker closures and mergers. They found
that firms avoid tax more aggressively after a
reduction in analyst coverage, also that the effect is
normally driven by firms with higher existing tax-
planning capacity eg. Smaller initial average and
smaller number of peer firms. The effect is more
prevalent in industries where reputation matters more
and in firms subject to less monitoring from tax
authorities.
Koutoupis, Drogalas and Pazarskus (2017) examined
the merger effects on the accounting performance of
Greek firms in parallel with their taxation impact,
during the period of economic crisis in Greece. The
study analyses twelve (12) accounting measures from
financial statements and financial ratios of a sample of
Greek listed firms in Athens Exchange from 2010-
2015. The study found that there is evidence that there
is some effect from the new GITC and it provides
function opportunities for capital gains, not subject to
tax from mergers, during the period of the economic
crisis in Greece.
Lisa De, Jordan and Jeri (2017) Assessed whether
common empirical tests reliably identify tax
avoidance. In order to determine the tax avoidance
largely depends on results generated using such tests.
They address this question by using a controlled
environment to examine the effectiveness of empirical
tests that use effective tax rates (ETR) and book-tax
differences (BTD) as tax avoidance proxies. They
used Comp -stat data with three tax avoidance
strategies and examine how reliably empirical tests
identify this incremental simulated tax avoidance, all
things being equal. They found that power varies with
the proxy and the type of tax avoidance.
Khan, Srinivasan and Tan (2017) examined new
evidence on the agency theory of corporate tax
aggressiveness, using the Russell index reconstitution
setting to isolate exogenous stocks to institutional
ownership and regression discontinuity design that
facilitates sharper identification of treatment effects.
They found that significant and discontinuous
increase in tax avoidance following Russell 2000,
increase ownership concentration in tax avoidance.
Vythelinqum, Soondram & Jugurnath (2017) assessed
the level of tax and identified factors that shape tax
morale in Mauritius, using a self-developed
questionnaire was distributed to 250 randomly
respondents and a logistic regression analysis was
used to analyze the data collected. The study found
that Socio-demographic and Socio-economic factors
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have an impact on tax morale and it can be seen that
social norms, fairness and equity, trust in government
and in tax authority are determinants that shape tax
morale.
Wegener and Labelle (2017) examined the
relationship between business ethics and tax
aggressiveness. Building on the conceptual model of
corporate moral development, they hypothesize and
found a negative association between the level of
business ethics and tax aggressiveness. For our
sample of U.S. firms, companies with a higher level
of business ethics are less likely to be tax aggressive.
Our results are robust to the use of two proxies for tax
aggressiveness: the ‘mainstream’ effective-tax-rate
measure and the unrecognized tax benefit, which have
been identified as capturing them least and the most
aggressive tax positions respectively. While they
support their business ethics prediction in both their
models, they also found a positive relationship
between the quality of corporate governance
(measured without ethical characteristics generally
associated with good corporate governance) and tax
aggressiveness. Their interpretation of these results is
that, while ethical firms are concerned about paying
their fair share of taxes, shareholders’ interest still
comes first.
Abdul and Wang’ombe (2018) examined the
influences of measures of tax compliance costs on tax
compliance behavior among medium and large
taxpayers in Kenya. Using the structural equation
modeling (SEM) technique to establish the key cost
drivers built through survey data of 40% variations in
tax compliance behavior. The study found that tax
compliance in Kenya significantly declines with
increase in tax compliance costs.
Oduro, Asiedu and Tackie (2018) investigated the
factors that determine whether a tax payer would
evade tax or not. A cross-sectional survey, using
structural equation and modeling with bootstrapping
analysis and data from a sample of 1,052 tax payers
was analyzed. It was found that traditional factors and
institutional factors positively influenced tax evasion.
It is believed that the reporting quality alone cannot
provide sufficient support that will help reduce tax
aggressiveness of companies. Intention to manage
taxes aggressively is driven by some underlying
motives such as window dressing of financial reports
prior to public offering, to meet bonus targets in order
to increase regulatory benefits.
Dhaliwa, Gleason and Mills (2004) found that
aggressive tax expense provides a final opportunity to
meet earnings target. Desai and Dharmapala (2006)
supported the argument of Dhaliwa, Gleason and
Mills (2004) they stated that reporting quality alone
cannot provide sufficient support that will help reduce
tax aggressiveness of companies. Chen et al (2010)
found evidence that aggressiveness and agency
conflicts present in family firms and non-family firms
can impact that costs and benefits of implementing
more or less aggressive tax policies.
Lanis and Richardson (2013) showed that is a positive
and statistically significant association between
corporate tax aggressiveness and CSR disclosure.
Antonio and Giliard (2014) opined that there is a
significant relationship between classification as a
family firm and tax aggressiveness.
Harvey (2014) found that the degree of corporate tax
aggressiveness can ebb and flow depending upon the
legal environment. Lee, Alfreda and Minton (2015)
agreed that tax shelters and uncertain tax benefits can
be used as proxies for aggressive tax avoidance.
Watson (2015) and Amidu, Kwakye, Harvey and
Yorke (2016) found that the relationship between
CSR and tax avoidance in firms is moderated by
earnings performance. Chen and Lin (2017) found
that firms avoid tax more aggressively after a
reduction in analyst coverage. Mgbame, Chijioke-
Mgbame and Yekini (2017) found that there is a
negative relationship between CSR performance, firm
size and tax aggressiveness in Nigeria. Khan,
Srinivasan and Tan (2017) agreed that there is a
significant and discontinuous increase in tax
avoidance following Russell 2000, increase ownership
concentration in tax avoidance. Jeongho and
Chaechang (2017) believed that tax authorities can
regulate firms that engaged in tax avoidance and
encourage firms to conduct CSR activities. Wegner
and Labelle (2017) found a negative association
between the level of business ethics and tax
aggressiveness. Oduro, Asiedu and Tackie (2018)
established that traditional factors and institutional
factors positively influenced tax evasion.
From the above review, it is obvious that most of
these empirical studies were conducted in developed
8. International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470
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countries, with only one or two study(s) in developing
nations like Nigeria.
METHODOLOGY
Research Design
Due to the nature of this study, Ex-Post facto research
design will be adopted. This is appropriate because
the study aims at measuring the relationship between
one variable and another in which the variables are
not manipulated.
Population of the Study
This study makes use of seven manufacturing
companies that are under foods product in Nigeria.
The study covered ten years annual reports and
accounts of these companies from 2007 to 2016.The
name of these companies under foods production in
Nigerian manufacturing companies are:
1. Big treat Nigerian plc,
2. Dangote Four Nigerian Plc,
3. Dangote Sugar Nigerian Plc,
4. Honeywell Flour mill Nigerian plc,
5. Nestle Nigerian Plc,
6. Cadbury Nigerian Plc,
7. UAC Nigerian plc.
In chosen the sample size, the researcher used
Stratified Random Sampling to select six foods
production in Nigeria for the sample size of the study.
This company (Big treat Nigerian Plc.) were not
selected for lack of availability of annual reports and
audited accounts.
Method of Data Analysis
To achieve the objectives of this study, the data
required were those of the discriminating variables
that include: effective tax rate and book-tax
difference. Hypotheses formulated for the study were
tested with the pooled multiple regression using E-
view 9.0 software package.
Decision rule:
Using SPSS, 5% is considered a normal significance
level. The accept reject criterion was based on the p-
value, alternative hypothesis will be accepted.
Model specification
The predicted probability the firm is engaged in tax
sheltering, computed as follows:
FMGRTH = β1LEVit + β2ETRit ……..……….…et
FMGRTH = β1LEVit …………….……...….……et
FMGRTH = β2ETRit ...……… ……………….…et
Where:
FMGRTH = Firm Growth
LEVit = Long term debt (DLTT) scaled by total assets
(AT) in year t;
ETR – effective tax rate = Total income tax expense /
earnings before income tax
Data analysis
Table 1: Descriptive statistics of the sampled companies
Variables Mean Max Min Std. Dev JB (P-value)
FMGRTH 5531891 2223564 -9113036 7432987 1.36(0.51)*
LEV 0.492625 0.777000 0.038000 0.203860 6.2625(0.04)*
ETR 0.243450 1.328000 -0.636000 -0.636000 107.80(0.00)*
Source: Researcher’s computation (2018)
Note: 1% level of significance
Table 1 shows the mean (average) for each of the
variables, their maximum values, minimum values,
standard deviation and Jarque-Bera (JB) Statistics
(normality test). The results in table 1 provided some
insight into the nature of the selected Nigerian quoted
companies that were used in this study.
Firstly, it was observed that on the average over the
ten (10) years periods (2007-2016), the sampled
quoted companies in Nigeria were characterized by
positive Firm Growth (PAT =5531891). However, it
was observed that during the period under study, that
the effective tax rate was approximately 24%.
Moreover, in table 1, the Jarque-Bera (JB) which test
for normality or the existence of outliers or extreme
values among the variables, shows that most of the
variables are normally distributed at 1% level of
significance except Leverage (LEV) is distributed at
5%. This means that any variables with outlier are not
likely to distort our conclusion and are therefore
reliable for drawing generalization. This also implies
that the least square estimate can be used to estimate
the pooled regression model.
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Correlation Analysis
In examining the association among the variables, we
employed the Pearson correlation coefficient
(correlation matrix) and the results are presented in
table 2
Table 2: Correlation Analysis Matrix
FMGRTH LEV ETR
FMGRTH 1.00 0.21 0.47
LEV 0.21 1.00 0.12
ETR 0.05 0.12 1.00
Source: researcher’s computation (2018)
The use of correlation matrix in most regression
analysis is to check for multi-co linearity and to
explore the association between each explanatory
variable (LEV and ETR) and the dependent variable
(FMGRTH) proxy as Profit after tax (PAT). Table 2
focused on the correlation between Firm Growth
measured as FMGRTH and the independent variables
(LEV and ETR).
Finding from the correlation matrix table shows that
all our independent variable, (LEV=0.05) were
observed to be positively and weakly associated with
Firm Growth. In checking for multi-colinearity, we
notice that no teo explanatory variables were perfectly
correlated. This means that there is no problem of
multi-colinearity between the explanatory variables.
Multi-colinearity may result to wrong signs or
implausible magnitudes in the estimated model
coefficients, and the bias of the standard errors of the
coefficients.
Testing of Hypotheses formulated
In other to examine the impact relationships between
the dependent variable FMGRTH and the independent
variables (LEV and ETR) and to also test our
formulated hypotheses, we used a pooled multiple
regression analysis since the data had both time series
(2007-2016) and cross sectional properties (8 quoted
companies). The pooled interaction based multiple
regression results are presented and discussed in
Table 3 below.
Table 3: FMGRTH Pooled Regression Results
Variables t-statistics Prob
C -0.372199 0.71
LEV 0.997048 0.33
ETR 0.343832 0.73
R-squared 0.63
Adjusted R-squared 0.59 Akika Info Criterion 33.72
F-Statistics 14.75521 Schwarz Criterion 33.93
Prob (F-Statistics) 0.00 Durbin-Watson stat 1.86
Source: Researcher’s computation through E-view
9.0 statistical package
In Table 3, R-squared and adjusted Squared values
were (0.63) and (0.59) respectively. The indicates that
all the independent variables jointly explain about
63% of the systematic variations in Firm Growth
(FMGRTH) of our samples companies over the eight
years periods (2007-2016). The F-statistics (14.76)
and its P-value (0.00) show that the FMGRTH
regression model is well specified.
Test of Autocorrelation: using Durbin-Waston (DW)
statistics which we obtained from our regression
result in table 4.3, it is observed that DW statistics is
1.86 and an Akika Info Criterion and Schwarz
Criterion which are 33.72 and 33.93 respectively also
further confirms that our model is well specified. In
addition to the above, the specific findings from each
explanatory variable are provided as follows:
Leverage Tax Aggressiveness (LEV), based on the t-
value of 0.997048 and p-value of 0.33, was found to
have a positive influence on our sampled quoted
companies Firm Growth and this influence is not
statistically significant as its p-value is more than 0.10
value. This result, therefore suggests that we should
accept our null hypothesis one (Ho1) which states that
the leverage tax aggressiveness strategies has no
significant effect on firm growth in Nigeria. This
means that on the basis of effective use of leverage to
generate firm growth, firms with high leverage value
performs better as the analysis reveals that for every
#1 increase in leverage value of firms in Nigeria, will
lead to about #1.00 decrease on Firm growth rate.
However, this result is not statistically significant and
therefore should not be used for any policy
consideration.
10. International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456-6470
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Effective tax rate aggressiveness (ETR), based on
the t-value of 0.343832 and p-value of 0.73 was found
to have a positive influence on our sampled quoted
company’s firm growth and this influence was not
statistically significant since its p-value was more
than 10%. This result therefore suggests that we
should reject our null hypothesis two (Ho2) which
states that effective tax rate aggressiveness strategies
have no significant effect on firm growth in Nigeria.
This means that effective tax rate impact positively on
firm growth. However, this influence is not
statistically significant and so, should be ignored as a
determinant of firm growth in Nigeria. Therefore on
the basis of efficient use of tax rate to generate
growth, those firms with high effective tax rate
perform better.
Discussion of Findings
Leverage tax aggressiveness (LEV) based on
findings, was found to impact positively on our
dependent variable, Firm Growth. This impact was
not statistically significant. This finding therefore
supports our aprori expectation and the findings of
Clive, Petro and Jeffres (2013) and negates the view
of Akanksha and Costanza (2016).
Effective tax rate (ETR) based on findings, was
found to impact positive on our dependent variable,
Firm Growth, but this impact was statistically
significant. This finding therefore supports the finding
of Clive, Petro and Jeffres (2013) and negates our
aprori expectation and the view of Antonio and
Giliord (2014).
Conclusion and Recommendation
In order to maximize the value of the firm,
shareholders would like to minimize corporate tax
payments net of the private costs of doing so; in other
words they want the company to be optimally
aggressive. There has been little rigorous empirical
analysis of the benefits and costs to corporations of
being tax aggressive. In this study, we attempt to fill
this void, at least in part, by investigating the market
reaction to an initial press mention that a firm was
involved in a corporate tax shelter. The study found
that leverage (LEV) impact positively on Firm
Growth. This impact was not statistically significant.
However, the study found that Effective tax rate
(ETR) impact positive on Firm Growth, but this
impact was statistically significant.
This means that on the basis of effective use of
leverage and market value to generate firm growth,
firms with high leverage value performs better as the
analysis reveals that for every #1 increase in leverage
value of firms in Nigeria, will lead to about #1.00 and
#0.32 decrease respectively on Firm growth rate.
Meanwhile, with different IFRS implementation and
convergence process between one country to another
lead to different response of taxation issue. Based on
the findings of the study, the researcher recommends
that since the influence of effective tax rate is not
statistically significant and so, should be ignored as a
determinant of firm growth in Nigeria. Therefore on
the basis of efficient use of tax rate to generate growth
should be encouraged.
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