THE EFFECT OF INSTITUTIONAL OWNERSHIP ON TAX AVOIDANCE OF LISTED COMPANIES IN NIGERIA: THE MEDIATING EFFECT OF PROFITABILITY
Keywords:
Institutional ownership, profitability, ETR, HSM, listed companies in Nigeria
Abstract
This paper examined the direct and indirect effect of institutional ownership on tax avoidance of listed companies in Nigeria mediating by profitability. The sample of the study includes 121 companies listed on the Nigerian Exchange Group for twelve-year (2010-2021). Data was extracted from the annual report and accounts of the sampled firm. The descriptive statistics, correlation and Structural Equation Modeling (SEM) were used as techniques for data analysis while Monte Carlo model was used to determine the level of significance of the indirect effects. The study found that institutional ownership has insignificant effect on tax avoidance while the institutional ownership affects profitability of listed companies in Nigeria. Profitability has significant impact on tax avoidance. Finally, the relationship between institutional ownership and tax avoidance does not mediated by profitability. Hence, the study recommends among others that management of listed companies in Nigeria should adopt a series of measures to encourage institutional ownership to actively participating in corporate governance. Institutional investors and enterprises can be encouraged to obtain assistance from third-party tax consulting services. Furthermore, there should be an increase in institutional investor shareholding in order to align their interest with the interest of owners to reduce agency problems’ characteristics highlight which cause the division between management and shareholders in firms.
References
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Ibobo, B. I., Egbule A. C. S., & Arukaroha J. (2019). Effect of board characteristics, firm’s performance and effective tax planning in Nigeria food manufacturing sector. FUO Quarterly Journal of Contemporary Research, 7(3), 1-12.
Ida, F., Adi. P., & Sandria, J. (2021). The determinants of corporate tax aggressiveness of real estates and property firms in Indonesia. Estudios Economia Aplicada, 39(4), 1-9.
Iwanty, K. I., & Surjandari, D. A. (2022). Effect of sales growth, corporate social responsibility and institutional ownership on tax avoidance of manufacturing companies listed on the Indonesia Stock Exchange with profitability as moderating variable. Journal of Economics, Finance and Accounting Studies (JEFAS), 4(1), 423-436.
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Lawal, L., Suleiman, M., Adisa, A. O., & Mohammed, A. (2020). Institutional ownership, gender board diversification and corporate tax aggressiveness: Evidence from conglomerates companies in Nigeria. 3rd CITN Annual International Academic Conference on Taxation, 1-15.
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Mappadang, A. (2021). Corporate governance and corporate tax avoidance: An interactive effect (evidence from Indonesia Capital Market). Journal of Management Accounting, 25(1), 81-92.
Memon, J. A., Anwar, S., Aziz, A., Rahman, K. U., & Bhatti, A. A. (2021). Ownership structure and company’s performance of pharmaceutical companies of Pakistan. Palarch’s Journal of Archaeology of Egypt/Egyptology, 18(5), 273-289.
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Musa, Abdulrasheed, A., & Umar, H. (2020). Effect of board size and ownership structure on deposit money banks financial performance in Nigeria. Global Journal of Applied, Management and Social Sciences (GOJAMSS), 18(1), 79-90.
Nathania, C.,Wijaya, S., Hutagalung, G., & Simorangkir, E. N. (2021). The influence of company size and leverage on tax avoidance with profitability as intervening variable at mining company listed in Indonesia Stock Exchange Period 2016-2018. International Journal of Business, Economics and Law, 24(2), 132-140.
Ogundajo, G. O., & Onakoya, A. B. (2016). Tax planning and financial performance of Nigerian manufacturing companies. International Journal of Advanced Academic Research for Social and Management Sciences, 2(7), 64-79.
Omesi, I., & Appah, E. (2021). Corporate governance and tax avoidance of listed consumer and industrial goods companies in Nigeria. IOSR Journal of Economics and Finance, 12(2), 17-31. DOI:10.9790/5933-1202041731
Otuedon, A. M. (2021). Corporate governance and tax aggressiveness in non-financial quoted firms in Nigeria. Being a Thesis Submitted to the Department of Accounting, School of Post Graduate Studies in Partial Fulfillment of the Requirements for the Award of Doctor of Philosophy (Ph.D In Accounting) of Igbinedion University, Okada, Edo State, Nigeria
Overmann, J., & Velte, P. (2019). The impact of corporate governance on corporate tax avoidance: A literature review. Journal of International Accounting, Auditing and Taxation, 36(3), 1-29.
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Published
2023-07-21
Section
Articles
