The Moderating Role of Audit Quality on the Impact of Tax Planning on Company Value

Document Type : Research Paper

Authors

1 Department of Accounting and Management, College Head of Research and Innovation, College of Business, Law and Social Science, Derby University, Derby, United Kingdom.

2 Department of Accounting, Faculty of Management and Economics, Shahid Bahonar University of Kerman, Kerman, Iran.

10.22103/jak.2024.23589.4063

Abstract

Objective: This research aims to investigate the moderating role of audit quality on the effect of tax planning on company value. Investigating whether a high-quality audit can help the company increase its value by doing correct and reliable tax planning.
Method: The current research is analytical and correlational in terms of method. Also, this research is considered quantitative research based on the nature and characteristics of the data used to analyze the hypotheses. In order to collect data, the library method and the statistics provided by the Tehran Stock Exchange Organization were first used.
Results: The results obtained from the regression model on a sample of 110 companies listed on the Tehran Stock Exchange in the 8 years from 2015 to 2022 show that tax planning has a positive and significant effect on the value of the company, and also from the three indicators of the size of the audit firm, tenure The auditor and the type of audit report have been used as indicators of audit quality. It was found that the size of the audit firm and the type of audit report as audit quality indicators have a positive moderating role on the effect of tax planning on company value. Still, the audit tenure does not moderate the effect of tax planning on company value. Among the control variables of company size, internal efficiency, asset turnover, and current ratio have a positive and significant effect. In contrast, financial leverage negatively and significantly affects the company's value. Also, according to the results, the company's life has no significant effect on its value.
Conclusion: The first hypothesis stated that tax planning positively affects the company's value. The results obtained from the test of the first hypothesis show a positive and significant relationship between the effect of tax planning and the company's value. The results obtained can be considered consistent with the value creation theory, which, according to this theory, since tax planning activities, which are tax avoidance, reduce the transfer of wealth from shareholders to the government, as a result of which market participants have a positive view of these activities and an increase in stock prices accompanies their reaction. The second hypothesis stated that The type of audit report strengthens the effect of tax planning on the company's value. The results obtained from the test of the second hypothesis show that the type of audit report enhances the relationship between the effect of tax planning on the company's value. In these results, the moderating role of audit quality is evident. In conditions where the audit quality is high and the company uses skilled and expert auditing, the trust of shareholders and other entities related to the company will increase. This trust can increase the company's value in the stock market and attract new investors. In addition, a high-quality audit can have a direct impact on tax planning. An expert auditor can correctly identify and evaluate tax issues and can help or guide the company in tax planning, which leads to a reduction in tax costs, improved liquidity, and increased profitability, which will lead to an increase in the company's value. Therefore, the quality of the audit can have a significant impact on the relationship between tax planning and the company's value. The trust of shareholders and other entities related to the company is a necessary condition for the company's activity and value, and this trust can be achieved through a quality audit. Audit quality also improves tax and financial performance and increases the company's value by helping with tax planning. As a result, the second hypothesis of the research is not rejected. The results obtained for the second sub-hypothesis of the research showed that the type of audit report moderates the impact of tax planning on company value.

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Main Subjects

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  • Receive Date: 08 June 2024
  • Revise Date: 06 October 2024
  • Accept Date: 10 December 2024

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