The moderating effect of the board of directors on firm value and tax planning: Evidence from European listed firms

Abdul Wahab, 2012, Tax planning, corporate governance and equity value, British Accounting Review, 44, 1, 10.1016/j.bar.2012.03.005 Abdul Wahab, 2017, Political connections, corporate governance, and tax aggressiveness in Malaysia, Asian Review of Accounting, 25, 424, 10.1108/ARA-05-2016-0053 Adams, 2007, A theory of friendly boards, Journal of Finance, 62, 217, 10.1111/j.1540-6261.2007.01206.x Adams, 2009, Women in the boardroom and their impact on governance and performance, Journal of Financial Economics, 94, 291, 10.1016/j.jfineco.2008.10.007 Adams, 2010, The role of boards of directors in corporate governance: A conceptual framework and survey, Journal of Economic Literature, 48, 58, 10.1257/jel.48.1.58 Agrawal, 1996, Firm performance and mechanisms to control agency problems between managers and shareholders, Journal of Financial and Quantitative Analysis, 31, 377, 10.2307/2331397 Anderson, 2004, Board characteristics, accounting report integrity, and the cost of debt, Journal of Accounting and Economics, 37, 315, 10.1016/j.jacceco.2004.01.004 Armstrong, 2012, The incentives for tax planning, Journal of Accounting and Economics, 53, 391, 10.1016/j.jacceco.2011.04.001 Armstrong, 2010, The role of information and financial reporting in corporate governance and debt contracting, Journal of Accounting and Economics, 22, 179, 10.1016/j.jacceco.2010.10.001 Atwood, 2012, Home country tax system characteristics and corporate tax avoidance: International evidence, Accounting Review, 87, 1831, 10.2308/accr-50222 Barnhart, 2005, Board composition, managerial ownership, and firm performance: An empirical analysis, Financial Review, 33, 1, 10.1111/j.1540-6288.1998.tb01393.x Bear, 2010, The impact of board diversity and gender composition on corporate social responsibility and firm reputation, Journal of Business Ethics, 97, 207, 10.1007/s10551-010-0505-2 Beasley, 1996, An empirical analysis of the relation between board of director composition and financial statement fraud, Accounting Review, 71 Beasley, 2010, The audit committee oversight process, Contemporary Accounting Research, 26, 65, 10.1506/car.26.1.3 Brickley, 1997, Leadership structure: Separating the CEO and chairman of the board, Journal of Corporate Finance, 3, 189, 10.1016/S0929-1199(96)00013-2 Brick, 2006, CEO compensation, director compensation and firm performance: Evidence from cronyism, Journal of Corporate Finance, 12, 403, 10.1016/j.jcorpfin.2005.08.005 Buijink, 2002, Evidence of the effect of domicile on corporate average effective tax rates in the European Union, Journal of International Accounting, Auditing and Taxation, 11, 115, 10.1016/S1061-9518(02)00069-1 Bushman, 2003, Transparency, financial accounting information, and corporate governance, Economic Policy Review, 9, 65 Campbell, 2008, Gender diversity in the boardroom and firm financial performance, Journal of Business Ethics, 83, 435, 10.1007/s10551-007-9630-y Carcello, 2003, Audit committee characteristics and auditor dismissals following “new” going-concern reports, Accounting Review, 78, 95, 10.2308/accr.2003.78.1.95 Chen, 2010, Are family firms more tax aggressive than non-family firms?, Journal of Financial Economics, 95, 41, 10.1016/j.jfineco.2009.02.003 Chen, 2013, Government ownership, corporate governance and tax aggressiveness: Evidence from China, Accounting and Finance, 53, 1029, 10.1111/acfi.12043 Cox, 1991, Managing cultural diversity: Implications for organizational competitiveness, The Executive, 5, 45 de Andres, 2005, Corporate boards in OECD countries: Size composition, functioning and effectiveness, Corporate Governance An International Review, 13, 197, 10.1111/j.1467-8683.2005.00418.x Derashid, 2003, Effective tax rates and the “industrial policy” hypothesis: Evidence from Malaysia, Journal of International Accounting, Auditing and Taxation, 12, 45, 10.1016/S1061-9518(03)00003-X Desai, 2006, Corporate Tax Avoidance and High-Powered Incentives, Journal of Financial Economics, 79, 145, 10.1016/j.jfineco.2005.02.002 Desai, 2009, Corporate tax avoidance and firm value, Review of Economics and Statistics, 91, 537, 10.1162/rest.91.3.537 Desai, 2002, Expectations and expatriations: Tracing the causes and consequences of corporate inversions, National Tax Journal, 55, 409, 10.17310/ntj.2002.3.03 Devereux, 2003, Evaluating tax policy for location decisions, International Tax and Public Finance, 10, 107, 10.1023/A:1023364421914 Dey, 2008, Corporate governance and agency conflicts, Journal of Accounting Research, 46, 1143 Dhaliwal, 2011 Dhaliwal, 2010, The association between accruals quality and the characteristics of accounting experts & mix of expertise on audit committees, Contemporary Accounting Research, 27, 787, 10.1111/j.1911-3846.2010.01027.x Dyreng, 2008, Long-run corporate tax avoidance, Accounting Review, 83, 61, 10.2308/accr.2008.83.1.61 Egger, 2009, Firm-specific forward-looking effective tax rates, International Tax and Public Finance, 16, 850, 10.1007/s10797-009-9124-1 Erhardt, 2003, Board of director diversity and firm financial performance, Corporate Governance: An International Review, 11, 102, 10.1111/1467-8683.00011 Erle, 2008, Tax risk management and board responsibility, Tax and Corporate Governance, 205, 10.1007/978-3-540-77276-7_15 Fama, 1983, Separation of ownership and control, Journal of Law and Economic, 26, 301, 10.1086/467037 Florackis, 2008, Agency costs and corporate governance mechanisms: Evidence for UK firms, International Journal of Managerial Finance, 4, 37, 10.1108/17439130810837375 Graham, 2012, Research in accounting for income taxes, Journal of Accounting and Economics, 53, 412, 10.1016/j.jacceco.2011.11.006 Gupta, 1997, Determinants of the variability on corporate effective tax rates: Evidence from longitudinal data, Journal of Accounting and Public Policy, 16, 1, 10.1016/S0278-4254(96)00055-5 Hanlon, 2009, What does tax aggressiveness signal? Evidence from stock price reactions to news about tax aggressiveness, Journal of Public Economics, 93, 126, 10.1016/j.jpubeco.2008.09.004 Inger, 2014, Relative valuation of alternative methods of tax avoidance, Journal of American Taxation Association, 36, 27, 10.2308/atax-50606 Iwamoto, 1992, Effective tax rates and Tobin's q, Journal of Public Economics, 225, 10.1016/0047-2727(92)90028-E Jensen, 1993, The modern industrial revolution, exit and the failure of internal control systems, Journal of Finance, 48, 831, 10.1111/j.1540-6261.1993.tb04022.x Kastlunger, 2010, Sex differences in tax compliance: Differentiating between demographic sex, gender-role orientation, and prenatal masculinization (2D:4D), Journal of Economic Psychology, 31, 542, 10.1016/j.joep.2010.03.015 Kesner, 2017, Directors' characteristics and committee membership: An investigation of type, occupation, tenure, and gender, Academy of Management Journal, 31, 66, 10.2307/256498 Kirkulak, 2009, Value relevance of inflation-adjusted equity and income, International Journal of Accounting, 44, 363, 10.1016/j.intacc.2009.09.007 Klein, 2002, Audit committee, board of director characteristics, and earnings management, Journal of Accounting and Economics, 33, 375, 10.1016/S0165-4101(02)00059-9 Lam, 2008, CEO duality and firm performance: Evidence from Hong Kong, Corporate Governance, 8, 299, 10.1108/14720700810879187 Lanis, 2011, The effect of board of director composition on corporate tax aggressiveness, Journal of Accounting and Public Policy, 30, 50, 10.1016/j.jaccpubpol.2010.09.003 Lanis, 2016, Outside directors, corporate social responsibility performance, and corporate tax aggressiveness: An empirical analysis, Journal of Accounting, Auditing and Finance, 33, 228, 10.1177/0148558X16654834 Lazăr, 2014, Determinants of the variability of corporate effective tax rates:Evidence from the Romanian listed companies, Emerging Markets Finance and Trade, 50, 113, 10.2753/REE1540-496X5004S4007 Lee, 2012, Are multinational corporate tax rules as important as tax rates?, International Journal of Accounting, 47, 155, 10.1016/j.intacc.2012.03.001 Liu, 2007, Determinants of corporate effective tax rates: Evidence from listed companies in China, Chinese Economy, 40, 49, 10.2753/CES1097-1475400603 Mandelker, 1985, Stock returns, inflationary expectations and real activity: New evidence, Journal of Banking & Finance, 10, 377 Masulis, 2011, Are all inside directors the same? Evidence from the external directorship market, Journal of Finance, 66, 823, 10.1111/j.1540-6261.2011.01653.x McGuire, 2012, Tax avoidance: Does tax-specific industry expertise make a difference?, Accounting Review, 87, 975, 10.2308/accr-10215 Mills, 1998, Book-tax differences and internal revenue service adjustments, Journal of Accounting Research, 36, 343, 10.2307/2491481 Minnick, 2010, Do corporate governance characteristics influence tax management?, Journal of Corporate Finance, 16, 703, 10.1016/j.jcorpfin.2010.08.005 Nguyen, 2006, Impact of board size and board diversity on firm value: Australian evidence, Corporate Ownership and Control, 4, 24, 10.22495/cocv4i2p2 Orlando, 2017, Racial diversity, business strategy and firm performance: Are source-based view, Academy of Management Journal, 43, 164 Phillips, 2003, Earnings management: New evidence based on deferred tax expense, Accounting Review, 78, 491, 10.2308/accr.2003.78.2.491 Rashid, 2010, CEO duality and firm performance: Evidence from a developing country, Corporate Ownership and Control, 8, 163, 10.22495/cocv8i1c1p1 Rechner, 1991, CEO duality and organizational performance: A longitudinal analysis, Strategic Management Journal, 12, 155, 10.1002/smj.4250120206 Rees, 1997, The impact of dividends, debt and investment on valuation models, Journal of Business Finance & Accounting, 24, 1111, 10.1111/1468-5957.00154 Rego, 2003, Tax-avoidance activities of U.S. multinational corporations, Contemporary Accounting Research, 20, 805, 10.1506/VANN-B7UB-GMFA-9E6W Robinson, 1997, Building a business case for diversity, Academy of Management Executive, 11, 21 Robinson, 2010, Performance measurement of corporate tax departments, Accounting Review, 85, 1035, 10.2308/accr.2010.85.3.1035 Robinson, 2012, Vol. 8 Ryan, 2005, The glass cliff: Evidence that women are over-represented in precarious leadership positions, British Journal of Management, 16, 81, 10.1111/j.1467-8551.2005.00433.x Slemrod, 2004, The economics of corporate tax selfishness, National Tax Journal, 57, 877, 10.17310/ntj.2004.4.06 Taylor, 2014, Incentives for corporate tax planning and reporting: Empirical evidence from Australia, Journal of Contemporary Accounting and Economics, 10, 1, 10.1016/j.jcae.2013.11.003 Walsh, 1990, On the efficiency of internal and external corporate control mechanisms, Academy of Management Review, 15, 421, 10.5465/amr.1990.4308826 Walt, 2003, Board dynamics and the influence of professional background, gender and ethnic diversity of directors, Corporate Governance: An International Review, 11, 218, 10.1111/1467-8683.00320 Wang, 1991, The Relation between Firm Size and Effective Tax Rates: A Test of Firms' Political Success, The Accounting Review, 66, 158 Wang, 2011 Wilson, 2009, An examination of corporate tax shelter participants, Accounting Review, 84, 969, 10.2308/accr.2009.84.3.969 Yang, 2005, Audit committees and quarterly earnings management, International Journal of Auditing, 9, 201, 10.1111/j.1099-1123.2005.00278.x Yermack, 1996, Higher market valuation of companies with small board of directors, Journal of Financial Economics, 40, 185, 10.1016/0304-405X(95)00844-5 Zahra, 1989, Boards of directors and corporate financial performance: A review and integrative model, Journal of Management, 15, 291, 10.1177/014920638901500208 Zeng, 2009, Does taxation have a governance role?, Management World, 3, 143 Zimmerman, 1983, Taxes and firm size, Journal of Accounting and Economics, 5, 119, 10.1016/0165-4101(83)90008-3