Tax Planning, Financial Constraints and Investment Management: Empirical Evidence from Pakistan |
BUTT, Muhammad Naveed
(Department of Business Administration, Faculty of Management Sciences, Foundation University Islamabad)
MALIK, Qaisar Ali (Department of Business Administration, Faculty of Management Sciences, Foundation University Islamabad) WAHEED, Abdul (Department of Business Administration, Faculty of Management Sciences, Foundation University Islamabad) TABASSUM, Aftab Hussain (Department of Business Administration, Faculty of Management Sciences, Foundation University Islamabad) |
1 | Almeida, H. M., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of cash. Journal of Finance, 59(4), 1777-1804. https://doi.org/10.1111/j.1540-6261.2004.00679.x DOI |
2 | Chen, L., & Zhao, X. (2006). On the relation between the market-to-book ratio, growth opportunity, and leverage ratio. Finance Research Letters, 3(4), 253-266. https://doi.org/10.1016/j.frl.2006.06.003 DOI |
3 | Dhaliwal, D. S., Huang, S. X., Moser, W. J., & Pereira, R., (2011). Corporate tax avoidance and the level and valuation of firm cash holdings. SSRN Journal, 19, 76. http://doi.org/10.2139/ssrn.1905076 DOI |
4 | Kadapakkam, R. R., Kumar, P. C., & Riddick, L. A. (1998). The impact of cash flows and firm size on investment: the international evidence. Journal of Banking & Finance, 22, 293-320. https://doi.org/10.1016/S0378-4266(97)00059-9 DOI |
5 | Keynes, J. M. (1936). The general theory of employment, interest, and money. London: Palgrave Macmillan. |
6 | Kim, J. B., Li, V. Y., & Zhang, L. (2010). Corporate tax avoidance and stock price crash risk: Firm-level analysis. Journal of Financial Economics, 100(3), 639-662. https://doi.org/10.1016/j.jfineco.2010.07.007 DOI |
7 | Koester, A. (2011). Investor valuation of tax avoidance through uncertain tax positions. SSRN Journal, 11(2), 44-59. http://doi.org/10.2139/ssrn.1905210 DOI |
8 | Lamont, O., Polk, C., & Saa-Requejo, J. (2001). Financial constraints and stock returns. Review of Financial Studies, 14, 529-54. https://doi.org/10.2139/ssrn.113336 DOI |
9 | Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting & Economics, 50(2/3), 127-178. https://doi.org/10.1016/j.jacceco.2010.09.002 DOI |
10 | Gupta, S., & Newberry, K. (1997). Determinants of the variability in corporate effective tax rates: Evidence from a longitudinal study. Journal of Accounting and Public Policy, 16(1), 1-34. https://doi.org/10.1016/S0278-4254(96)00055-5 DOI |
11 | Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance 43(1), 1-21. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x DOI |
12 | Waheed, A., & Malik, Q. A. (2021). Institutional ownership board characteristics and firm performance a contingent theoretical approach. International Journal of Asian Business and Information Management, 12(2), 1-15. https://doi.org/10.4018/IJABIM.20210401.oa1 DOI |
13 | Kim, M, Chang, S., David, C. M., & Sherman, A. E. (1998). The determinants of corporate liquidity: Theory and evidence. Journal of Financial and Quantitative Analysis, 33, 335-359. https://doi.org/10.2307/2331099 DOI |
14 | Li, D. (2011). Financial constraints, R&D investment, and stock returns. The Review of Financial Studies, 24(9), 2974-3007. https://www.jstor.org/stable/20869332 DOI |
15 | Mayberry, M. (2012). Tax avoidance and investment: distinguishing the effects of capital rationing and overinvestment [Doctoral thesis, Texas A&M University]. Oak Trust. https://oaktrust.library.tamu.edu/handle/1969.1/148121 |
16 | Shackelford, D. A., & Shevlin, T. (2001). Empirical tax research in accounting. Journal of Accounting & Economics, 31(1-3), 321-387. https://doi.org/10.1016/S0165-4101(01)00022-2 DOI |
17 | Wang, X. (2010). Tax avoidance, corporate transparency, and firm value [Doctoral thesis, The University of Texas at Austin]. The University of Texas Libraries. http://hdl.handle.net/2152/ETD-UT-2010-12-2219 |
18 | Faulkender, M., & Wang, R. (2006). Corporate financial policy and the value of cash. Journal of Finance, 61, 1957-1990. https://doi.org/10.1111/j.1540-6261.2006.00894.x DOI |
19 | Dyreng, S., Hanlon, M., & Maydew, E. (2010). The effects of executives on corporate tax avoidance. The Accounting Review, 85(4), 1163-1189. https://www.jstor.org/stable/20744155 DOI |
20 | Kaplan, S., & Zingales, L. (1997). Do financing constraints explain why investment is correlated with cash flow? Quarterly Journal of Economics, 112, 169-215. https://www.jstor.org/stable/2951280 DOI |
21 | Graham, J. R., & Tucker, A. L. (2006). Tax shelters and corporate debt policy. Journal of Financial Economics, 81(3), 563-594. https://doi.org/10.1016/j.jfineco.2005.09.002 DOI |
22 | Dyreng, S., Hanlon, M., & Maydew, E. (2008). Long-run corporate tax avoidance. The Accounting Review, 83(1), 61-82. https://www.jstor.org/stable/30243511 DOI |
23 | Hanlon, M., & 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), 126-141. https://doi.org/10.1016/j.jfineco.2010.07.007 DOI |
24 | Livdan, D., Sapriza, H., & Zhang, L. (2009). Financially constrained stock returns. Journal of Finance, 64, 1827-62. https://doi.org/10.1111/j.1540-6261.2009.01481.x DOI |
25 | Malik, Q., Hussain, S., Ullah, N., Waheed, A., Naeem, M., & Mansoor, M. (2021). Simultaneous equations and endogeneity in corporate finance: The linkage between institutional ownership and corporate financial performance. The Journal of Asian Finance, Economics, and Business, 8(3), 69-77. https://doi.org/10.13106/jafeb.2021.vol8.no3.0069 DOI |
26 | Fazzari, S., Hubbard, R. G., & Petersen, B. C. (1988). Financing constraints and corporate investment". Brookings Papers on Economic Activity, 1, 141-206. https://www.brookings.edu/wp-content/uploads/1988/01/1988a_bpea_fazzari_hubbard_petersen_blinder_poterba.pdf |
27 | Azam, M., & Shah, S. A. (2011). Internal financial constraints, external financial constraints and investment choice: Evidence from Pakistani firms. Australian Journal of Business and Management Research, 1(8), 18-22. http://ajbmr.com/articlepdf/AJBMR_17_37i1n8a3.pdf DOI |
28 | Brainard, W. C., & Tobin, J. (1968). Pitfalls in financial model building. American Economic Review, 58(2), 99-122. https://www.jstor.org/stable/1831802 |
29 | 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), 41-61. https://doi.org/10.1016/j.jfineco.2009.02.003 DOI |
30 | Cheng, C., Huang, H., Li, Y., & Stanfield, J. (2012). The effect of hedge fund activism on corporate tax avoidance. The Accounting Review, 87(5), 1493-1526. https://doi.org/10.2308/accr-50195 DOI |
31 | Stein, J. C. (2003). Agency, information, and corporate investment. In: Constantinides, G., Harris, M., & Sultz, R. (Eds.), Handbook of the economics of finance (pp. 111-165). Amsterdams, Netherlands: Elsevier. |
32 | Modigliani, F., & Miller, M. (1958). The cost of capital, corporation finance, and the theory of investment. American Economic Review, 48(3), 261-297. https://www.jstor.org/stable/1809766 |
33 | Myers, S. C., & Majluf, N. C. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 187-222. https://doi.org/10.1016/0304-405X(84)90023-0 DOI |
34 | Slemrod, J. (2004). The economics of corporate tax selfishness. National Tax Journal, 57, 877-99. https://doi.org/10.17310/ntj.2004.4.06 DOI |
35 | Waheed, A., & Malik, Q. A. (2019). Board characteristics, ownership concentration, and firms' performance. South Asian Journal of Business Studies, 8(2), 146-165. https://doi.org/10.1108/sajbs-03-2018-0031. DOI |
36 | Whited, T., & Wu, G. (2006). Financial Constraints Risk. Review of Financial Studies, 19(2), 531-559. https://doi.org/10.1093/rfs/hhj012 DOI |