Exploring the Nexus between Corporate Tax Avoidance, Organizational Capital, and Firm Characteristics

Document Type : Original Article

Authors

1 Assistant Professor of Accounting, Management and Accounting Faculty, Shahid Beheshti University, Tehran, Iran

2 Accounting Department, Management and Accounting college, Allameh Tabatabai University

3 MSC student in Accounting, Management and Accounting Faculty, Shahid Beheshti University, Tehran, Iran

4 MSC student in Auditing, Economic and Administrative Science Faculty, Ferdowsi University of Mashhad, Mashhad, Iran

Abstract

Tax avoidance practices wield a substantial influence on the fiscal landscape, shaped by the strategic decisions of businesses and their organizational capital (OC), a vital reservoir of strategic assets unique to each firm. This study delves into the nuanced relationship between corporate tax avoidance and OC within the Iranian context, while also examining the moderating effects of firm size and CEO overconfidence. Leveraging a dataset spanning from 2016 to 2021, comprising 142 firms listed on the Tehran Stock Exchange, and employing advanced multivariate regression techniques, our analysis unveils a significant and positive association between tax avoidance strategies and OC. Notably, this relationship remains consistent across firms of varying sizes, indicating that size does not significantly moderate this association. Furthermore, our investigation reveals the influential role of CEO overconfidence in shaping the intricate interplay between tax avoidance and OC. These findings contribute to the ongoing discourse on corporate tax strategies, offering insights applicable to firms of diverse sizes and magnitudes.

Keywords

Main Subjects


©2024 The author(s). This is an open access article distributed under Creative Commons Attribution 4.0 International License (CC BY 4.0)

1. Abdelfattah, T., and Aboud, A. (2020). Tax avoidance, corporate governance, and corporate social responsibility: The case of the Egyptian capital market. Journal of International Accounting, Auditing and Taxation, 38(7), A. 100304.
https://doi.org/10.1016/j.intaccaudtax.2020.100304
2. akbari, S., and Ahmadi, M. (2022). The effect of organizational capital on the value of companies listed on the Tehran Stock Exchange. Journal of Accounting and Management Vision, 4(54), pp. 98-110.
3. Aliani, K., Mhamid, I., and Rossi, M. (2017). Does CEO overconfidence influence tax planning?Evidence from Tunisian context. International Journal of Managerial and Financial Accounting, 8(3-4), pp, 197-208. https://doi.org/10.1504/IJMFA.2016.081851
4. Aminah, A., Chairina, C., and Sari, Y. Y. (2017). The influence of company size, fixed asset intensity, leverage, profitability, and political connection to tax avoidance. AFEBI Accounting Review, 2(2), pp, 107-120. https://doi.org/10.47312/aar.v2i02.88
5. Amiram, D., Bauer, A. M., Frank, M. M., Gow, I., Harris, T., Healy, P., ... and Thornock, J.(2013). Corporate tax avoidance and managerial incentives generated by shareholder dividend tax policy. In CAAA Annual Conference and the European Accounting Association, pp. 1-58. https://doi.org/10.2308/accr-52315
6. Armstrong, C. S., Blouin, J. L., Jagolinzer, A. D., and Larcker, D. F. (2015). Corporate governance, incentives, and tax avoidance. Journal of Accounting and Economics, 60(1), pp, 1-17. https://doi.org/10.1016/j.jacceco.2015.02.003
7. Arvin, M. B., Pradhan, R. P., and Nair, M. S. (2021). Are there links between institutional quality, government expenditure, tax revenue and economic growth? Evidence from low-income and lower middle-income countries. Economic analysis and policy, 70(18), pp. 468-489. https://doi.org/10.1016/j.eap.2021.03.011
8. Atkeson, A., and Kehoe, P. J. (2005). Modeling and measuring organization capital. Journal of Political Economy, 113(5), pp. 1026-1053. https://doi.org/10.1086/431289
9. Badertscher, B. A., Katz, S. P., and Rego, S. O. (2013). The separation of ownership and control and corporate tax avoidance. Journal of Accounting and Economics, 56(2-3), pp. 228-250.
10. Barbieri, B., Buonomo, I., Farnese, M. L., and Benevene, P. (2021). Organizational capital: A resource for changing and performing in public administrations. Sustainability, 13(10), A. 5436. https://doi.org/10.3390/su13105436
11. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), pp. 771–792. https://doi.org/10.1177/014920639101700108
12. Beygpanah, B., Asnaashari, H., Hoshi, A., and Assadi, G. (2021). The effect of human resource situation on the audit quality in the audit firms. Journal of Professional Auditing Research, 1, pp. 128-149. https://doi.org/ 10.30479/JFAK.2022.18054.3048
13. Bloomfield, R. (2008). Discussion of “annual report readability, current earnings, and earnings persistence”. Journal of Accounting and Economics, 45(2-3), pp. 248-252. https://doi.org/10.1016/j.jacceco.2008.04.002
14. Cai, H., and Liu, Q. (2009). Competition and corporate tax avoidance: Evidence from Chinese industrial firms. The Economic Journal, 119(537), pp. 764-795. https://doi.org/10.1111/j.1468-0297.2009.02217.x
15. Cain, M. D., McKeon, S. B., and Solomon, S. D. (2017). Do takeover laws matter? Evidence from five decades of hostile takeovers. Journal of financial economics, 124(3), pp. 464-485. https://doi.org/10.1016/j.jfineco.2017.04.003
16. Chen S., Chen X, Cheng Q., Shevlin, T. (2010) Are family firms more tax aggressive than non-family firms?. Journal of financial economics, 95(1), pp. 41–61. https://doi.org/10.1016/j.jfineco.2009.02.003
17. Chen, H. L., and Hsu, C. H. (2013). Entrepreneurial orientation and firm performance in non-profit service organizations: contingent effect of market orientation. The Service Industries Journal, 33(5), pp. 445-466. https://doi.org/10.1080/02642069.2011.622372
18. Chen, X., Hu, N., Wang, X., and Tang, X. (2014). Tax avoidance and firm value: evidence from China. Nankai Business Review International, 5(1), pp. 25-42. https://doi.org/10.1108/NBRI-10-2013-0037
19. Chyz, J. A., Gaertner, F. B., Kausar, A., and Watson, L., (2019). Overconfidence and Corporate Tax Policy, Review of Accounting Studies, 24(3), pp. 1114-1145. http://dx.doi.org/10.2139/ssrn.2408236
20. Corvino, A., Caputo, F., Pironti, M., Doni, F., and Bianchi Martini, S. (2019). The moderating effect of firm size on relational capital and firm performance: Evidence from Europe. Journal of Intellectual Capital, 20(4), pp. 510-532. https://doi.org/10.1108/JIC-03-2019-0044
21. Dierickx, I., and Cool, K. (1989). Asset stock accumulation and sustainability of competitive advantage. Management Science, 35(12), pp. 1504-1511. https://doi.org/10.1287/mnsc.35.12.1504
22. Damayanty, P., and Putri, T. (2021). The Effect of Corporate Governance on Tax Avoidance by Company Size as The Moderating Variable, ICOSMI. http://dx.doi.org/10.4108/eai.14-9-2020.2304404
23. Daneshvar M, RazaviHajiagha S H, AleshLankarani M. (2023)Identifying and Modeling Effective Factors on Tax Behavior. Journal of Tax Research, 30(56), pp. 125-148. https://doi:10.52547/taxjournal.30.56.6
24. Delgado, F. J., Fernández-Rodríguez, E., García-Fernández, R., Landajo, M., and Martínez-Arias, A. (2023). Tax avoidance and earnings management: a neural network approach for the largest European economies. Financial Innovation, 9(1), pp. 19. https://doi:10.1186/s40854-022-00424-8
25. Demeré, P., Donohoe, M. P., and Lisowsky, P. (2020). The economic effects of special purpose entities on corporate tax avoidance. Contemporary Accounting Research, 37(3), pp. 1562-1597. https://doi.org/10.1111/1911-3846.12580
26. Desai, M. and Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), pp. 145-179. https://doi.org/10.1016/j.jfineco.2005.02.002
27. Desai, M. A., and Dharmapala, D. (2009). Corporate tax avoidance and firm value. The Review of Economics and Statistics, 91(3), pp. 537-546. https://doi.org/10.1162/rest.91.3.537
28. Desai, M. A., Foley, C. F., and Hines, J. R. (2004). Economic effects of regional tax havens.Working paper, National Bureau of Economic Research. https://hdl.handle.net/2027.42/39179
29. Desai, M. A., and Hines Jr, J. R. (2004). Old rules and new realities: Corporate tax policy in a global setting. National Tax Journal, 57(4), pp. 937-960. https://doi.org/10.17310/ntj.2004.4.09
30. Dessein, W., and Prat, A. (2022). Organizational capital, corporate leadership, and firm dynamics. Journal of Political Economy, 130(6), pp.1477-1536. https://doi.org/10.1086/718985
31. Diyanti Dilami, Z., Rahnama Roodposhti, F., and Karami, S. (2015). Evaluation of the effect of tax avoidance on earnings informativeness of listed companies in the Tehran Stock Exchange. Journal of Management Accounting, 9(28), pp.15-37. (In Persian)
32. Dyreng, S., and Hanlon, M. (2021). Tax avoidance and multinational firm behavior. In chapter in the International Tax Policy Forum/Brookings Institution book: "Global Goliaths: Multinational Corporations in the 21st Century Economy.
http://dx.doi.org/10.2139/ssrn.4359219
33. Eisfeldt, A. L., and Papanikolaou, D. (2013). Organization capital and the cross‐section of expected returns. The Journal of Finance, 68(4), pp. 1365-1406. https://doi.org/10.1111/jofi.12034
34. Eisfeldt, A. L., and Papanikolaou, D. (2014). The value and ownership of intangible capital. American Economic Review, 104(5), 189-194. https://doi:10.1257/aer.104.5.189
35. Enache, L., and Srivastava, A., (2018). Should intangible investments be reported separately or commingled with operating expenses? New evidence. Management Science, 64(7), pp. 3446–3468. https://doi.org/10.1287/mnsc.2017.2769
36. Esnaashari, H. (2017). The relationship between loan financing with Expenses management and the effect of audit quality. Financial Accounting Research, 9(1), pp. 21-40. https://doi.org/10.22108/FAR.2017.21769
37. Esnaashari, H., and Nourmohammadi, M. (2018). The Relationship Between Tax Policy and Companies' Tax Burden in Inflationary Conditions. Empirical Studies in Financial Accounting, 15(58), pp. 59-78. https://doi.org/10.22054/qjma.2018.9426
38. Esnaashari, H., and Sajadi, S. A. (2018). The Effect of Size and Information Environment on the Relationship between Stock Returns and Trading Volume. Accounting and Auditing Research, 10(40), pp. 59-74. https://sid.ir/paper/365593/en
39. Esnaashari, H., and Valizadeh Larijani, A. (2018). Risk taking behavior over firm's life cycle and its relation with financial performance using generalized method of moments (GMM). Financial Accounting Research, 10(1), pp. 1-18. https://doi.org10.22108/FAR.2018.85018.0
40. Fadhila, Z. R., and Handayani, R. S. (2019). Tax amnesty effect on tax avoidance and its consequences on firm value (Empirical study on companies in Indonesia Stock Exchange). Jurnal Dinamika Akuntansi 11(1), pp. 34–47. https://doi.org/10.15294/jda.v11i1.19264
41. Fauzan, F., Dyah Ayu, A., and Nashirotun Nisa, N. (2019). The Effect of Audit Committee, Leverage, Return on Assets, Company Size, and Sales Growth on Tax Avoidance. Riset Akuntansi dan Keuangan Indonesia, 4(3). pp. 171-185. https://doi.10.23917/reaksi.v4i3.9338
42. Francis, B. B., Sun, X., Weng, C. H., and Wu, Q. (2022). Managerial ability and tax aggressiveness. China Accounting and Finance Review, 24(1), pp. 53-75. https://doi.org/10.1108/CAFR-02-2022-0002
43. Gallemore, J., and Labro, E., (2015). The importance of the internal information environment for tax avoidance. Journal of Accounting and Economics, 60(1), pp. 149–167. https://doi.org/10.1016/j.jacceco.2014.09.005
44. Goh, B. W., Lee, J., Lim, C. Y., and Shevlin, T. (2016). The effect of corporate tax avoidance on the cost of equity. The Accounting Review, 91(6), pp. 1647-1670. https://doi.org/10.2308/accr-51432
45. Graham, J. R., and Tucker, A. L. (2006) Tax shelters and corporate debt policy. Journal of financial economics, 81(3), pp. 563–594. https://doi.org/10.1016/j.jfineco.2005.09.002
46. Gupta, S., and Jalles, J. T. (2022). Do tax reforms affect income distribution? Evidence from developing countries. Economic Modelling, 110, A. 105804. https://doi.org/10.1016/j.econmod.2022.105804
47. Gurdal, T., Aydin, M., and Inal, V. (2021). The relationship between tax revenue, government expenditure, and economic growth in G7 countries: new evidence from time and frequency domain approaches. Economic Change and Restructuring, 54, pp. 305-337. https://doi.org/:10.1007/s10644-020-09280-x
48. Gurdgiev, C., and Ni, Q. (2023). Board diversity: Moderating effects of CEO overconfidence on firm financing decisions. Journal of Behavioral and Experimental Finance, 37(27),A.100783. https://doi.org/10.1016/j.jbef.2022.100783
49. Hanlon, M., and Slemrod, J. (2009). What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement. Journal of Public Economics, 93(1-2), pp.126-141. https://doi.org/10.1016/j.jpubeco.2008.09.004
50. Hanlon, M., and Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2-3), pp. 127-178. https://doi.org/10.1016/j.jacceco.2010.09.002
51. Hasan, M. M., Lobo, G. J., and Qiu, B. (2021). Organizational capital, corporate tax avoidance, and firm value. Journal of Corporate Finance, 70(1), A. 102050. https://doi.org/10.1016/j.jcorpfin.2021.102050
52. Hasan, M. M. (2018). Organization capital and firm life cycle. Journal of Corporate Finance, 48(29), pp. 556-578. https://doi.org/10.1016/j.jcorpfin.2017.12.003
53. Hasseldine, J., Holland, K., and van der Rijt, P. G. (2012). The management of tax knowledge.In Taxation (pp. 145-151). Routledge.
54. Heidarpour, F., Daghani, R., and Khodaveisi, J. (2010). The Role of Tax Auditing in Eliminating Audit Expectation Gap. TAX JOURNAL, NEW SERIES - 18(8 (56)), pp. 211-223. SID. https://sid.ir/paper/571907/en
55. Hernández, J. P. S. I., Yañez-Araque, B., and Moreno-García, J. (2020). Moderating effect of firm size on the influence of corporate social responsibility in the economic performance of micro-, small-and medium-sized enterprises. Technological Forecasting and Social Change, 151(56), A. 119774. https://doi.org/10.1016/j.techfore.2019.119774
56. Hesarzadeh R. (2022). The principles of writing theoretical foundations and testing hypotheses with moderator variables, Ferdowsi University of Mashhad publication, ISSN, pp. 978-964-386-551-1
57. Hoseini, M., and Safari Gerayli, M. (2018). The presence of women on the board and tax avoidance: evidence from Tehran stock exchange. International Journal of Finance & Managerial Accounting. 3(9), pp. 53–62. https://civilica.com/doc/1327793
58. Hosseini Mianroudi, S. M., and Imani, K. (2022). Investigating the effect of organizational capital on the relationship between tax avoidance and value of companies listed on the Tehran Stock Exchange. In Proceedings of the 5th Annual International Conference on Innovative Developments in Management, Economics, and Accounting, pp. 111-120. (In Persian)
59. Hsieh, T., Wang, Z., and Demirkan, S. (2018). Overconfidence and tax Avoidance: The role of CEO and CFO interaction. Journal of Accounting and Public Policy, 37(3), pp. 241–253. https://doi.org/10.1016/j.jaccpubpol.2018.04.004
60. Huang, H., Sun, L. and Zhang, J. (2017), Environmental Uncertainty and Tax Avoidance. In Advances in taxation, 24,. pp. 83-124. https://doi.org/10.1108/S1058-749720170000024002
61. Huang, H.H., Lobo, G.J., Wang, C., and Xie, H. (2016). Customer concentration and corporate tax avoidance. Journal of Banking & Finance. 72, pp. 184–200. https://doi.org/10.1016/j.jbankfin.2016.07.018
62. Ilaboya, O., and Aronmwan, E. (2022). Overconfident CEOs and corporate tax avoidance. Overconfident CEOs and corporate tax avoidance. Journal of Accounting and Management, 11(2), pp. 70-80. https://ssrn.com/abstract=4093039
63. Jacob, M., Rohlfing-Bastian, A., and Sandner, K. (2021). Why do not all firms engage in tax avoidance? Review of Managerial Science, 15(2), pp. 459-495. https://doi.org/10.1007/s11846-019-00346-3
64. Jbir, S., Neifar, S., and Makni Fourati, Y. (2021). CEO compensation, CEO attributes and tax aggressiveness: evidence from French firms listed on the CAC 40. Journal of Financial Crime,28(4), pp. 1141-1160. https://doi.org/10.1007/s11846-019-00346-3
65. Jihene, F., Moez, D. (2019), The Moderating Effect of Audit Quality on CEO Compensation and Tax Avoidance: Evidence from Tunisian Context. International Journal of Economics and Financial Issues, 9(1), pp. 131-139. https://doi.org/10.32479/ijefi.7355
66. Karami, S., Rahnamaei Roudposhti, F., and Dianti Delami, Z. (2016). Evaluating the impact of tax avoidance on the informativeness of reported earnings in companies listed on the Tehran Stock Exchange. Journal of Management Accounting, 9(28). (In Persian)
67. Kim, J. B., Wang, Z., and Zhang, L. (2016). CEO overconfidence and stock price crash risk. Contemporary Accounting Research, 33(4), pp. 1720-1749. https://doi.org/10.1111/1911-3846.12217
68. Lev, B., Radhakrishnan, S., and Zhang, W., .(2009). Organization capital. Abacus, 45(3), pp. 275–298. https://doi.org/10.1111/j.1467-6281.2009.00289.x
69. Li, K., Qiu, B., and Shen, R. (2018). Organization capital and mergers and acquisitions. Journal of Financial and Quantitative Analysis. 53(4), pp. 1871–1909. https://doi.org/10.1017/S0022109018000145
70. Li, Y., Al-Sulaiti, K., Dongling, W., Abbas, J., and Al-Sulaiti, I. (2022). Tax avoidance culture and employees' behavior affect sustainable business performance: the moderating role of corporate social responsibility. Frontiers in Environmental Science, 10, A. 964410. https://doi.org/10.3389/fenvs.2022.964410
71. Malik, S., Mihm, B., and Timme, F. (2018). An experimental analysis of tax avoidance policies. International Tax and Public Finance, 25, pp. 200-239.https://doi.org/10.1007/s10797-017-9448-1
72. Martín‐de‐Castro, G., Emilio Navas‐López, J., López‐Sáez, P., and Alama‐Salazar, E. (2006). Organizational capital as competitive advantage of the firm. Journal of Intellectual Capital, 7(3),pp. 324-337.https://doi.org/10.1108/14691930610681438
73. Maula, H., Saifullah, M., Nurudin, N., and Zakiy, F. S. (2019). The influence of return on assets, leverage, size, and capital intensity on tax avoidance. AFEBI Accounting Review, 4(1), pp. 50-62. https://doi.org/10.47312/aar.v4i01.223
74. Moghaddam, A., and Sahraie, B. N. (2017). The Book- Tax Conformity & Earnings Management in the Tehran Stock Exchange. Journal of Financial Analysis, 1(1), pp. 65-94.
75. Moshayekhi, B., and Seyyedifar, S. (2015). Corporate governance and tax avoidance. Journal of Financial Accounting Research, 6(20), pp. 83-103. https://doi.org/10.22103/jak.2015.964
76. Mughal, M. M. (2012). Reasons of tax avoidance and tax evasion: Reflections from Pakistan. Journal of Economics and Behavioral Studies, 4(4), pp. 217-222. https://doi.org/10.22610/jebs.v4i4.320
77. Olsen, K. J., and Stekelberg, J. (2016). CEO Narcissism and Corporate Tax Sheltering. The Journal of the American Taxation Association, 38(1), pp. 1–22. https://doi.org/10.2139/ssrn.2446128.
78. Pasternak, M., and Rico, C. (2008). Tax interpretation, planning, and avoidance: Some linguistic analysis. Akron Tax Journal, 23(1), pp.2. http://ideaexchange.uakron.edu/akrontaxjournal/vol23/iss1/2
79. Piekkola, H. (2010). Making the Difference: The Organization Capital. University of Vaasa, Department of Economics.
80. Rego, S.O., and Wilson, R.. (2012). Equity risk incentives and corporate tax aggressiveness. Journal of Accounting Research. 50(3), pp. 775–810. https://doi.org/10.1111/j.1475-679X.2012.00438.x
81. Saeedi, A. ., Daghani, R. ., and Hajian, N. (2020). Firm-Specific Characteristics And The Disclosure Level: Evidence From The Tehran Stock Exchange. Journal of Applied Business Research (JABR), 36(4), pp. 129–152. https://doi.org/10.19030/jabr.v36i4.10349
82. Sajadi, S. H., Asnaashari, H. and Shakeri, A. (2023). The Impact of Innovative Culture on the Implementation of Strategic Management Accounting Techniques. Accounting and Auditing Review, 30(1), pp. 1-27. https://doi.org/10.22059/ACCTGREV.2023.339692.1008659
83. Sajadi, S., and Ghajar Bigi, M. (2021). Examining the effect of organizational capital on cash holdings in listed companies on the Tehran Stock Exchange. Journal of Modern Research in Management and Accounting, 5(68), pp. 1-14. (In Persian).
84. Salehi, M., Khazaei, S., and Tarighi, H. (2019). Tax Avoidance and Corporate Risk: Evidence from a Market Facing Economic Sanction Country. The Journal of Asian Finance, Economics and Business, 6(4), pp. 45–52. https://doi.org/10.13106/JAFEB.2019.VOL6.NO4.45
85. Saragih, A. H., and Hendrawan, A. (2021). The moderating role of firm size on the association between managerial ability and tax avoidance. Jurnal ASET Akuntansi Riset, 13(1). https://doi.org/10.17509/jaset.v13i1.30783
86. Schrand, C.M., and Zechman, S.L.C. )2012(. Executive overconfidence and the slippery slope to financial misreporting. Journal of Accounting and Economics, 53, pp. 311–329. https://doi.org/10.1016/j.jacceco.2011.09.001
87. Seidman, J. K., and Stomberg, B. (2017). Equity compensation and tax avoidance: Disentangling managerial incentives from tax benefits and reexamining the effect of shareholder rights. The Journal of the American Taxation Association, 39(2), pp. 21-41. https://doi.org/10.2308/atax-51755
88. Shahraki, M., Asadi, G., and Asnaashari, H. (2019). An Investigation of the Moral Hazard of Controlling Shareholders and Financing Constraints. Applied Research in Financial Reporting, 7(2), pp. 73-98.(in Persian)
89. Slemrod, J. (2004). The economics of corporate tax selfishness. National Tax Journal, 57(4),pp. 877-899.https://doi.org/10.17310/ntj.2004.4.06
90. Sopiyana, M. (2022). The Effect of Leverage and Firm Size on Tax Avoidance with Profitability as Moderating. Scientific Journal Of Reflection: Economic, Accounting, Management and Business, 5(1), pp. 29-37. https://doi.org/10.37481/sjr.v5i1.422
91. Sumunar, K. I., Jannah, L., and Aulia, D. (2019). CEO overconfidence, tax avoidance, and education foundation. Jurnal Akuntansi dan Auditing Indonesia, 23, pp. 99-105. https://doi.org/10.20885/jaai.vol23.iss2.art4
92. Susanti, M. (2017). Corporate social responsibility, size and tax avoidance. Journal of Economic & Management Perspectives, 11(1), pp. 1639-1650.
93. Taufiq, M., and Tertiarto, W. (2018). The effect of transfer pricing, capital intensity and financial distress on tax avoidance with firm size as moderating variables. Modern economics, 11, pp. 122-128. https://doi.org/10.31521/modecon.V11(2018)-20
94. Tehrani, R., and Hesarzadeh, R. (2009). The effect of free cash flow and financing constraints on over-investment and under-investment. Accounting and Auditing Research, 1(3), pp. 50-67. doi: 10.22034/iaar.2009.105195
95. Wan, L., Li, R., and Chen, Y. (2022). Negative performance feedback and corporate venture capital: the moderating effect of CEO overconfidence. Applied Economics, 54(16), pp. 1829-1843. https://doi.org/10.1080/00036846.2021.1982133
96. Zhang, X., Husnain, M., Yang, H., Ullah, S., Abbas, J., and Zhang, R. (2022). Corporate business strategy and tax avoidance culture: Moderating role of gender diversity in an emerging economy. Frontiers in Psychology, 13, A. 827553. https://doi.org/10.3389/fpsyg.2022.827553
CAPTCHA Image