بررسی تأثیر سیاست های تهاجمی مالیاتی بر نقدینگی اضافی با تأکید بر نقش تعدیلی بی ثباتی محیطی و اقتصادی (دیدگاه ترکیبی) (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
این پژوهش با هدف بررسی تأثیر سیاست های تهاجمی مالیاتی بر نقدینگی اضافی با توجه به نقش بی ثباتی اقتصادی و محیطی در شرکت های پذیرفته شده بورس اوراق بهادار تهران انجام شده است. به منظور دستیابی به اهداف پژوهش، فرضیه های پژوهش بر مبنای نمونه آماری متشکل از 167 شرکت طی دوره 10 ساله از سال 1391 تا 1400 با استفاده از تحلیل همبستگی ازطریق روش تخمین داده های ترکیبی با نرم افزار Eviews آزمون شدند. یافته های پژوهش نشان می دهند سیاست های تهاجمی مالیاتی منجر به افزایش نقدینگی می شود. همچنین، بی ثباتی اقتصادی و محیطی تأثیر تشدیدکننده بر رابطه مثبت بین سیاست های تهاجمی مالیاتی و نقدینگی اضافی دارد. در زمان بی ثباتی، شرکت ها با مشکلات مربوط به تصمیم های مالیاتی مواجه می شوند. به صورت کلی مواجهه با بی ثباتی بیشتر منجر به اتخاذ سیاست های مالیاتی پرریسک تر می شود؛ از این رو، مدیران سعی می کنند با به کارگیری راهبردهای مناسب، وجوه نقد کافی را برای مواجهه با شرایط پیش بینی نشده نگهداری کنند. با توجه به نقش سیاست های مالیاتی، نتایج این پژوهش می تواند درک بهتری از عملکرد مالیاتی شرکت ها و پیامدهای مهم سیاست های تهاجمی مالیاتی برای مدیران، سرمایه گذاران و سیاست گذاران ارائه دهد.Examining the effect of aggressive tax policies on excess liquidity, taking into account the role of environmental and economic instability (combined view
This research study has been conducted to investigate the effect of aggressive tax policies on excess liquidity considering the role of economic and environmental instability in firms listed on the Tehran Stock Exchange. To achieve the research objectives, research hypotheses were tested based on a statistical sample of 167 firms for 10 years from 2012 to 2021 using correlation analysis through the panel data estimation method with Eviews. Research findings show that aggressive tax policies lead to an increase in excess liquidity. Also, economic and environmental instabilities have an intensifying effect on the positive relationship between aggressive tax policies and excess liquidity. In times of instability, firms face problems related to tax decisions. In general, facing more instability leads to the adoption of riskier tax policies, so managers try to keep enough cash to face unforeseen conditions by applying appropriate strategies. Considering the role of tax policies, the results of this study can provide a better understanding of the firm tax performance of firms and the important consequences of aggressive tax policies for managers, investors, and policymakers. IntroductionIn today's global era, economic conditions have caused organizations to experience chaotic and uncertain situations as an open social system, in such a situation, focusing on the concept of uncertainties is very important. All organizations operate within specific physical, technological, cultural, economic, and social conditions called their environment. No organization can continue to exist independently of the environment in which it is located, But the life and survival of an organization is completely related to its environment. As there are so many factors that affect the maintenance of liquidity in companies, this study has been conducted to investigate the effect of aggressive tax policies on excess liquidity about the role of economic and environmental uncertainties in companies listed on the Tehran Stock Exchange.Methods & MaterialsThe data of this study is based on figures and real information. To achieve the research objectives, research hypotheses were tested based on a statistical sample of 167 firms for 10 years from 2012 to 2021 using correlation analysis through the panel data estimation method through Eviews. In this study, the long-term (3-year) effective tax rate of the firm and the relevant industry is used as a measure of aggressive tax policies, and to measure it, in the first stage, the effective rate of liquidity tax paid as an indicator of the responsibility of each firm in the field of aggressive tax policies has been used. FindingsIn examining the significance of the research model, according to the results, it is confirmed with a 95% confidence level. The results of the estimated model show that the variable coefficient of aggressive tax policies is positive and significant. It can be said that aggressive tax policies have a positive effect on excess liquidity. Also, the results show that the variables of the interactive effect of economic uncertainty and environmental uncertainty have a significant effect on the relationship between aggressive tax policies and excess liquidity, and this effect is positive. Briefly, we find that the effect of the interactive variables is reinforcing and the second and third hypotheses of the research that economic and environmental uncertainty strengthen the effect of aggressive tax policies on excess liquidity are confirmed. To strengthen the results, the research model has also been estimated using the combined index of economic uncertainty. Due to the comprehensiveness of the composite index, environmental uncertainty is not included in the robustness test, although including environmental uncertainty does not make a difference in the overall results of the research.The results of the first research hypothesis show that aggressive tax activities can lead to an increase in the excess liquidity of companies. It is worth mentioning that the use of aggressive procedures by companies to avoid paying taxes leads to an increase in the degree of uncertainty regarding future tax payments. Therefore, it can be expected that the increase in uncertainty about the tax situation through the change in the future liquidity flows of companies creates a precautionary incentive to hold liquidity. Uncertainties reduce the return on assets and increase the cost of external financing, thereby aggravating the financial constraints of firms, which in turn increases the incentive to hold liquidity. Also, economic and environmental uncertainties can increase managerial conservatism and force companies to hold more liquidity. Since policy uncertainty is temporary, increased liquidity holdings and tax avoidance can provide firms with flexibility and allow firms to take advantage of future profitable investment opportunities when uncertainty is reduced. Conclusion & ResultsThe findings of this study may have important consequences for policymakers and investors. This research provides investors with an additional tool for evaluating potential investments. Accumulation of excess liquidity by firms provides significant signals to investors of aggressive tax policies that may destroy firm value and threaten economic stability. Also, according to the current economic conditions, policymakers and governments may create new executive laws to limit tax avoidance practices and managers' misuse of firm resources, which will be useful in boosting potential production growth and increasing investment. This may have a positive effect on the Iranian economy, but on the other hand, the existence of high uncertainties in the Iranian economy and the insistence of companies in avoiding paying taxes can complicate the situation. The fight against tax avoidance and other forms of corruption in companies will increase the government's tax revenues, which are mainly collected to finance government expenditures and essential public goods and services, thus benefiting the quality of life of citizens, but economic relations have certain complexities. Improving the country's economic conditions and reducing uncertainties can reduce the administrative and psychological costs of government policies in the field of increasing tax revenues.
تبلیغات
