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INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016 Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI) |
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| Paper Title: | Corporate Taxation and Financial Leverage of Listed Non-Oil Exporting Companies in Nigeria |
| Authors Name: | Ezeoma, Kelechi Iheonukara , Ohale L. , Nteegah Alwell |
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| Author Reg. ID: |
IJNRD_202791
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| Published Paper Id: | IJNRD2310086 |
| Published In: | Volume 8 Issue 10, October-2023 |
| DOI: | |
| Abstract: | This study investigates the extent to which both direct and indirect taxes affect corporate financial leverage for listed non-oil exporting companies in Nigeria using the panel data framework. While direct taxation is proxied by company income tax, indirect taxation is proxied by value added tax. The study involves nine (9) listed non-oil exporting companies and covers the period from 2015 to 2022. The companies are Beta Glass, Cadbury Nigeria, Dangote Cement, Flour Mills, Guinness Nigeria, Nestle, Okomu Oil Palm, PZ Cussons, and Unilever Nigeria. The empirical analysis is based on a dynamic panel data model that incorporates firm size, profitability, and corporate governance as control variables. First, we compare the performance of the three conventional panel estimation methods (pooled regression, fixed effects, and random effects) based on Likelihood Ratio and Hausman specification tests and find that the specified model is consistent with the fixed effects theory. More specifically, our findings show that cross-sectional heterogeneity, arising mainly from the differences in organizational culture, organizational leadership, and/or management style, is an important aspect of the dynamic relationship between corporate taxation and financial leverage. Further, in contrast with the trade-off theory, we find that debt capital is not significantly related to both company income tax and value added tax. Hence, we conclude that corporate taxation is not a significant explanatory factor for corporate financial leverage. |
| Keywords: | Company income tax, value added tax, financial leverage |
| Cite Article: | "Corporate Taxation and Financial Leverage of Listed Non-Oil Exporting Companies in Nigeria", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.8, Issue 10, page no.a744-a751, October-2023, Available :http://www.ijnrd.org/papers/IJNRD2310086.pdf |
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| ISSN: |
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016 An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator |
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Published Paper ID:IJNRD2310086 Registration ID: 202791 Published In: Volume 8 Issue 10, October-2023 DOI (Digital Object Identifier): Page No: a744-a751 Country: Choba, Rivers, Nigeria Research Area: Management Publisher : IJ Publication Published Paper URL : https://www.ijnrd.org/viewpaperforall?paper=IJNRD2310086 Published Paper PDF: https://www.ijnrd.org/papers/IJNRD2310086 |
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Impact Factor: 8.76 and ISSN APPROVED
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