The Moderating Effect of Board Efficiency on the Relationship Between Corporate Tax Rates and Firm Growth in Sub-Saharan Africa
Keywords:
Board efficiency; Corporate tax rates; Firm growth; sub-Sahara Africa; Return on Assets; Sales GrowthAbstract
Even though efficient boards contribute to firms' growth in diverse ways, other factors such as the corporate tax rates
in several countries tend to militate against the positive impact efficient boards may have on firms’ growth. Using
firm and country-level data of 372 non-financial listed sub-Saharan Africa firms spanning 2007 to 2017, this study
investigates the moderating effect of board efficiency on the relationship between corporate tax rates and firm growth
in sub-Sahara Africa. The study employs the difference and the two-step generalized method of moments (GMM)
techniques suggested by Blundell and Bond (1998) to estimate the dynamic panel models specified by the study for
the ten years the study covers. The choice of this estimation technique is motivated by its ability to eliminate
unobservable heterogeneity and address endogeneity problems usually associated with panel data. The results show
that, with efficient boards in place, a reduction in corporate tax rates enables firms in sub-Saharan Africa to grow by
increasing the returns on their equities, all other things being equal. Similarly, the results show that firms in sub-
Saharan Africa can increase their sales levels even when corporate taxes are raised, as long as efficient boards exist.
The implication is that, in the presence of efficient boards, an increase or decrease in corporate tax rates would
positively impact the growth of firms in sub-Saharan Africa. Therefore, consideration should be given to the effects
that corporate tax rates could have on firms’ growth if firms do not have efficient boards in place.
References
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Finance, 7(2), 78-89.
Al-Sahafi, A., Rodrigs, M., & Barnes, L. (2015). Does corporate governance affect financial
performance in the banking sector? Evidence from Saudi Arabia. International Journal of
Economics, Commerce and Management, 3(3), 1-26.
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reporting in corporate governance and debt contracting. Journal of accounting and economics,
50(2-3), 179-234.
Asimakopoulos, I., Samitas, A., & Papadogonas, T. (2009). Firm‐specific and economy wide
determinants of firm profitability: Greek evidence using panel data. Managerial Finance.
Azzam, I., Fouad, J., & Ghosh, D. K. (2013). Foreign ownership and financial performance:
evidence from Egypt. International Journal of Business, 18(3), 232.
Baik, B., Kang, J.K. and Morton, R.M. (2007) Earnings Management in Takeovers of Privately
Held Targets, SSRN: 1013639.
Bauer, R., Guenster, N., & Otten, R. (2004). Empirical evidence on corporate governance in
Europe: The effect on stock returns, firm value and performance. Journal of Asset management,
5(2), 91-104.
Baum, C. F., & Schaffer, M. E. (2013). A general approach to testing for autocorrelation.
Boston: Boston College.
Belotti, F., Di Porto, E., & Santoni, G. (2016). The effect of local taxes on firm performance:
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Beke, J (2011). International Business Accounting Standardization and Hungarian Practice. An
International Business Research. www.ecsenet.org/ibr vol.4 No.1 (2011) pp125- 131, published
by Canadian Center of Science and Education.
Bigsten, A., & Gebreeyesus, M. (2007). The small, the young, and the productive: Determinants
of manufacturing firm growth in Ethiopia. Economic Development and Cultural Change, 55(4),
813-840.
Brush, T. H., Bromiley, P., & Hendrickx, M. (2000). The free cash flow hypothesis for sales
growth and firm performance. Strategic management journal, 21(4), 455-472.
Calvo, J. L. (2006). Testing Gibrat’s law for small, young and innovating firms. Small business
economics, 26(2), 117-123.
Chen, X., Cheng, Q., & Wang, X. (2015). Does increased board independence reduce earnings
management? Evidence from recent regulatory reforms. Review of Accounting Studies, 20(2),
899–933.
Choi, Y. M., & Park, K. (2019). Foreign ownership, agency costs, and long-term firm growth:
evidence from Korea. Sustainability, 11(6), 1599.
Conheady, B., McIlkenny, P., Oppong, K. K., Pignatel, I. (2015). Board effectiveness and firm
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290–303
Corten, M., Steijvers, T., & Lybaert, N. (2017). The effect of intrafamily agency conflicts on
audit demand in private family firms: The moderating role of the board of directors. Journal of
Family Business Strategy, 8(1), 13-28.
Crespo, G., & Clark, R. A. (2012). Analyzing the determinants of profitability, Part 3: evidence
from European manufacturers. Tax Management Transfer Pricing Report, 21(6), 297-310.
Cuadrado-Ballesteros, B., Rodríguez-Ariza, L., & García-Sánchez, I. M. (2015). The role of
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International Business Review, 24(5), 890-901.
Dang, C., Li, Z. F., & Yang, C. (2018). Measuring firm size in empirical corporate finance.
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evidence from Malaysia. Journal of international accounting, auditing and taxation, 12(1), 45-
62.
Dewi, N. L. P. S., & Novitasari, N. L. G. (2021). Effect of Return on Assets and Company
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Stock Exchange). International Journal of Accounting & Finance in Asia Pasific (IJAFAP),
4(2), 1-11.
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long‐run corporate tax avoidance. The
accounting review, 83(1), 61-82.
Elsayed, K. (2011). ‘Board size and corporate performance: The missing role of board
leadership structure’. Journal of Management & Governance, Vol. 15 No. 3, 415-446.
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firm-level panel data. Cogent Economics & Finance, 3(1), 1012435.
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evidence from the S&P 500 futures market. Applied Economics Letters, 9(6), 369-372.
Fisman, R., & Svensson, J. (2007). Are corruption and taxation really harmful to growth? Firm
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Fu, L., Singhal, R., & Parkash, M. (2016). Tobin's q ratio and firm performance. International
research journal of applied finance, 7(4), 1-10.
García-Meca, E., García-Sánchez, I. M., & Martínez-Ferrero, J. (2015). Board diversity and its
effects on bank performance: An international analysis. Journal of banking & Finance, 53, 202-
214.
Gavrea, C., Stegerean, R., & Ilieş, L. (2012). Business strategy, structure and organizational
performance. Studia Universitatis Babes-Bolyai, Negotia, 57(3).
Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The
quarterly journal of economics, 118(1), 107-156.
Hakkert, R., & Kemp, R. G. M. (2006). An Ambition to Grow. Netherlands, Zoetemeer, Scales,
(s 26), 27.
Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of accounting and
Economics, 50(2-3), 127-178.
Islam, M. T., & Alam, M. J. (2019). The relationship between informal economy and GDP
growth: a study on south-asian developing countries. Can. J. Bus. Inf. Stud, 1(5), 01-09.
Jon N. K. (2012). The Real Effects of Opacity: Evidence from Tax Avoidance. Current Version:
November 2012.
Jusoh, M. A. (2016). Foreign ownership and firm performance: Evidence from Malaysia. Asian
Journal of Accounting and Governance, 6, 49-54.
Kammler, E. L. & Alves, T. W., 2009. Análise da capacidade explicativa do investimento pelo
"Q" de Tobin em empresas Brasileiras de capital aberto [Analysis of the explanatory capacity of
the investment by Tobin's q in publicly traded Brazilian companies]. RAEEletrônica, 8, 1-19.
Kaufmann, D., Kraay, A., Mastruzzi, M. (2011). The worldwide governance indicators:
methodology and analytical issues. Hague Journal on the Rule of Law, 3(2), 220-246
Kitiwong, W. (2014). Earnings management and audit quality: Evidence from Southeast Asia
(Doctoral dissertation, University of York).
Kijewska, A. (2016). Determinants of the return on equity ratio (ROE) on the example of
companies from metallurgy and mining sector in Poland. Metalurgija, 55(2), 285-288.
Kyereboah‐Coleman, A. (2007). The impact of capital structure on the performance of
microfinance institutions. The Journal of Risk Finance.
Lazˇar, S. and Istrate, C. (2018). Corporate tax-mix and firm performance. a comprehensive
assessment for Romanian listed companies. Economic Research-Ekonomska Istraˇzivanja,
31(1):1258–1272.
Lee, N., & Swenson, C. (2012). Are multinational corporate tax rules as important as tax rates?
International Journal of Accounting, 47, 155-167.
Mihai, I. O., & Mihai, C. (2013). The impact of foreign ownership on the performance of
Romanian liste manufacturing companies. The International Journal of Management Science
and Information Technology (IJMSIT), (10-(Dec)), 106-123.)
Minton, B. A., & Schrand, C. (1999). The impact of cash flow volatility on discretionary
investment and the costs of debt and equity financing. Journal of financial economics, 54(3),
423-460.
Nickell, S., Nicolitsas, D., & Dryden, N. (1997). What makes firms perform well? European
economic review, 41(3-5), 783-796.
Park, K., & Jang, S. S. (2011). Mergers and acquisitions and firm growth: Investigating
restaurant firms. International Journal of Hospitality Management, 30(1), 141-149.
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Rego, S. O., & Wilson, R. (2012). Equity risk incentives and corporate tax aggressiveness.
Journal of Accounting Research, 50(3), 775-810.
Richardson, G. and Lanis, R. (2007). Determinants of the variability in corporate effective tax
rate and tax reform: Evidence from Australia. Journal of Accounting and Public Policy, 26(6):
690-704.
Ritter, J. R. (2005). Economic growth and equity returns. Pacific-Basin Finance Journal, 13(5),
489-503.
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Meetings 2006 (No. 8). Stata Users Group.
Salamon, L. M., & Siegfried, J. J. (1977). Economic power and political influence: The impact
of industry structure on public policy. American Political Science Review, 71(3), 1026-1043.
Segarra, A., & Teruel, M. (2014). High-growth firms and innovation: an empirical analysis for
Spanish firms. Small Business Economics, 43(4), 805-821.
Selvaggi, M., & Upton, J. (2008). Governance and performance in corporate Britain. Report
from the Association of British Insurers Research and Investment Affairs Departments, 461-
488.
Stotsky, M. J. G., & WoldeMariam, M. A. (1997). Tax effort in sub-Saharan Africa.
International Monetary Fund.
Towery, E. M. (2012). How do disclosures of tax aggressiveness to tax authorities affect
reporting decisions? Evidence from Schedule UTP. The University of Texas at Austin Red
McCombs School of Business.
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http://www.africa.undp.org/content/rba/en/home/regioninfo.html
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papers, 8(2), 23-50.
Wooldridge, J. 2010. Econometric Analysis of Cross Section and Panel Data. Cambridge, MA:
MIT Press.
Wu, L., Wang, Y., Luo, W., & Gillis, P. (2012). State ownership, tax status and size effect of
effective tax rate in China. Accounting and Business Research, 42(2), 97-114.
Yazdanfar, D. (2013). Profitability determinants among micro firms: evidence from Swedish
data. International Journal of Managerial Finance.
Yoon, B., & Chung, Y. (2018). The effects of corporate social responsibility on firm
performance: A stakeholder approach. Journal of hospitality and tourism management, 37,
Yusoff, W. F., & Alhaji, I. A. (2012). ‘Corporate Governance and Firm Performance of Listed
Companies in Malaysia’. Journal of Trends and Development in Management Studies, Vol. 1
No. 2, pp.43-65.
Zabria, S. M., Ahmadb, K., & Wahc, K. K. (2015). ‘Corporate Governance Practices and Firm
Performance: Evidence from Top 100 Public Listed Companies in Malaysia’. Procedia
Economics and Finance, Vol. 35 No. 1, pp. 287 – 296.
Zhao, B. W.P Wijewardana .(2012) Financial Leverage, Firm growth and Financial strength in
the listed companies in Sri Lanka, social and Behavioral Sciences, Vol.40, pp: 709-715.
Zhang, Q. (2016). Corporate governance, institutional investors and firm performance: A
comparative study of South Africa and China. Stellenbosch: Stellenbosch University.
International Journal of Scientific and Research Publications, 9(6), 561-564.
Al-Ghamdi, M., & Rhodes, M. (2015). Family ownership, corporate governance and
performance: Evidence from Saudi Arabia. International Journal of Economics and
Finance, 7(2), 78-89.
Al-Sahafi, A., Rodrigs, M., & Barnes, L. (2015). Does corporate governance affect financial
performance in the banking sector? Evidence from Saudi Arabia. International Journal of
Economics, Commerce and Management, 3(3), 1-26.
Armstrong, C. S., Guay, W. R., & Weber, J. P. (2010). The role of information and financial
reporting in corporate governance and debt contracting. Journal of accounting and economics,
50(2-3), 179-234.
Asimakopoulos, I., Samitas, A., & Papadogonas, T. (2009). Firm‐specific and economy wide
determinants of firm profitability: Greek evidence using panel data. Managerial Finance.
Azzam, I., Fouad, J., & Ghosh, D. K. (2013). Foreign ownership and financial performance:
evidence from Egypt. International Journal of Business, 18(3), 232.
Baik, B., Kang, J.K. and Morton, R.M. (2007) Earnings Management in Takeovers of Privately
Held Targets, SSRN: 1013639.
Bauer, R., Guenster, N., & Otten, R. (2004). Empirical evidence on corporate governance in
Europe: The effect on stock returns, firm value and performance. Journal of Asset management,
5(2), 91-104.
Baum, C. F., & Schaffer, M. E. (2013). A general approach to testing for autocorrelation.
Boston: Boston College.
Belotti, F., Di Porto, E., & Santoni, G. (2016). The effect of local taxes on firm performance:
evidence from geo-referenced data.
Beke, J (2011). International Business Accounting Standardization and Hungarian Practice. An
International Business Research. www.ecsenet.org/ibr vol.4 No.1 (2011) pp125- 131, published
by Canadian Center of Science and Education.
Bigsten, A., & Gebreeyesus, M. (2007). The small, the young, and the productive: Determinants
of manufacturing firm growth in Ethiopia. Economic Development and Cultural Change, 55(4),
813-840.
Brush, T. H., Bromiley, P., & Hendrickx, M. (2000). The free cash flow hypothesis for sales
growth and firm performance. Strategic management journal, 21(4), 455-472.
Calvo, J. L. (2006). Testing Gibrat’s law for small, young and innovating firms. Small business
economics, 26(2), 117-123.
Chen, X., Cheng, Q., & Wang, X. (2015). Does increased board independence reduce earnings
management? Evidence from recent regulatory reforms. Review of Accounting Studies, 20(2),
899–933.
Choi, Y. M., & Park, K. (2019). Foreign ownership, agency costs, and long-term firm growth:
evidence from Korea. Sustainability, 11(6), 1599.
Conheady, B., McIlkenny, P., Oppong, K. K., Pignatel, I. (2015). Board effectiveness and firm
performance of Canadian listed firms. The British Accounting Review, Vol. 47, No. 3, p.
290–303
Corten, M., Steijvers, T., & Lybaert, N. (2017). The effect of intrafamily agency conflicts on
audit demand in private family firms: The moderating role of the board of directors. Journal of
Family Business Strategy, 8(1), 13-28.
Crespo, G., & Clark, R. A. (2012). Analyzing the determinants of profitability, Part 3: evidence
from European manufacturers. Tax Management Transfer Pricing Report, 21(6), 297-310.
Cuadrado-Ballesteros, B., Rodríguez-Ariza, L., & García-Sánchez, I. M. (2015). The role of
independent directors at family firms in relation to corporate social responsibility disclosures.
International Business Review, 24(5), 890-901.
Dang, C., Li, Z. F., & Yang, C. (2018). Measuring firm size in empirical corporate finance.
Journal of banking & finance, 86, 159-176.
Derashid, C., & Zhang, H. (2003). Effective tax rates and the “industrial policy” hypothesis:
evidence from Malaysia. Journal of international accounting, auditing and taxation, 12(1), 45-
62.
Dewi, N. L. P. S., & Novitasari, N. L. G. (2021). Effect of Return on Assets and Company
Growth on Company Value (A Case Study of Manufacturing Companies Listed on Indonesia
Stock Exchange). International Journal of Accounting & Finance in Asia Pasific (IJAFAP),
4(2), 1-11.
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long‐run corporate tax avoidance. The
accounting review, 83(1), 61-82.
Elsayed, K. (2011). ‘Board size and corporate performance: The missing role of board
leadership structure’. Journal of Management & Governance, Vol. 15 No. 3, 415-446.
Farooq, M. A., & Masood, A. (2016). Impact of financial leverage on value of firms: Evidence
from cement sector of Pakistan. Research Journal of Finance and Accounting, 7(9), 73-77.
Federici, D., & Parisi, V. (2015). Do corporate taxes reduce investments? Evidence from Italian
firm-level panel data. Cogent Economics & Finance, 3(1), 1012435.
Ferris, S. P., Park, H. Y., & Park, K. (2002). Volatility, open interest, volume, and arbitrage:
evidence from the S&P 500 futures market. Applied Economics Letters, 9(6), 369-372.
Fisman, R., & Svensson, J. (2007). Are corruption and taxation really harmful to growth? Firm
level evidence. Journal of development economics, 83(1), 63-75.
Fu, L., Singhal, R., & Parkash, M. (2016). Tobin's q ratio and firm performance. International
research journal of applied finance, 7(4), 1-10.
García-Meca, E., García-Sánchez, I. M., & Martínez-Ferrero, J. (2015). Board diversity and its
effects on bank performance: An international analysis. Journal of banking & Finance, 53, 202-
214.
Gavrea, C., Stegerean, R., & Ilieş, L. (2012). Business strategy, structure and organizational
performance. Studia Universitatis Babes-Bolyai, Negotia, 57(3).
Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The
quarterly journal of economics, 118(1), 107-156.
Hakkert, R., & Kemp, R. G. M. (2006). An Ambition to Grow. Netherlands, Zoetemeer, Scales,
(s 26), 27.
Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of accounting and
Economics, 50(2-3), 127-178.
Islam, M. T., & Alam, M. J. (2019). The relationship between informal economy and GDP
growth: a study on south-asian developing countries. Can. J. Bus. Inf. Stud, 1(5), 01-09.
Jon N. K. (2012). The Real Effects of Opacity: Evidence from Tax Avoidance. Current Version:
November 2012.
Jusoh, M. A. (2016). Foreign ownership and firm performance: Evidence from Malaysia. Asian
Journal of Accounting and Governance, 6, 49-54.
Kammler, E. L. & Alves, T. W., 2009. Análise da capacidade explicativa do investimento pelo
"Q" de Tobin em empresas Brasileiras de capital aberto [Analysis of the explanatory capacity of
the investment by Tobin's q in publicly traded Brazilian companies]. RAEEletrônica, 8, 1-19.
Kaufmann, D., Kraay, A., Mastruzzi, M. (2011). The worldwide governance indicators:
methodology and analytical issues. Hague Journal on the Rule of Law, 3(2), 220-246
Kitiwong, W. (2014). Earnings management and audit quality: Evidence from Southeast Asia
(Doctoral dissertation, University of York).
Kijewska, A. (2016). Determinants of the return on equity ratio (ROE) on the example of
companies from metallurgy and mining sector in Poland. Metalurgija, 55(2), 285-288.
Kyereboah‐Coleman, A. (2007). The impact of capital structure on the performance of
microfinance institutions. The Journal of Risk Finance.
Lazˇar, S. and Istrate, C. (2018). Corporate tax-mix and firm performance. a comprehensive
assessment for Romanian listed companies. Economic Research-Ekonomska Istraˇzivanja,
31(1):1258–1272.
Lee, N., & Swenson, C. (2012). Are multinational corporate tax rules as important as tax rates?
International Journal of Accounting, 47, 155-167.
Mihai, I. O., & Mihai, C. (2013). The impact of foreign ownership on the performance of
Romanian liste manufacturing companies. The International Journal of Management Science
and Information Technology (IJMSIT), (10-(Dec)), 106-123.)
Minton, B. A., & Schrand, C. (1999). The impact of cash flow volatility on discretionary
investment and the costs of debt and equity financing. Journal of financial economics, 54(3),
423-460.
Nickell, S., Nicolitsas, D., & Dryden, N. (1997). What makes firms perform well? European
economic review, 41(3-5), 783-796.
Park, K., & Jang, S. S. (2011). Mergers and acquisitions and firm growth: Investigating
restaurant firms. International Journal of Hospitality Management, 30(1), 141-149.
Penrose ET. 1959a. The Theory of the Growth of the Firm. Oxford University Press: Oxford.
Rego, S. O., & Wilson, R. (2012). Equity risk incentives and corporate tax aggressiveness.
Journal of Accounting Research, 50(3), 775-810.
Richardson, G. and Lanis, R. (2007). Determinants of the variability in corporate effective tax
rate and tax reform: Evidence from Australia. Journal of Accounting and Public Policy, 26(6):
690-704.
Ritter, J. R. (2005). Economic growth and equity returns. Pacific-Basin Finance Journal, 13(5),
489-503.
Roodman, D. (2006, July). How to Do xtabond2. In North American Stata Users' Group
Meetings 2006 (No. 8). Stata Users Group.
Salamon, L. M., & Siegfried, J. J. (1977). Economic power and political influence: The impact
of industry structure on public policy. American Political Science Review, 71(3), 1026-1043.
Segarra, A., & Teruel, M. (2014). High-growth firms and innovation: an empirical analysis for
Spanish firms. Small Business Economics, 43(4), 805-821.
Selvaggi, M., & Upton, J. (2008). Governance and performance in corporate Britain. Report
from the Association of British Insurers Research and Investment Affairs Departments, 461-
488.
Stotsky, M. J. G., & WoldeMariam, M. A. (1997). Tax effort in sub-Saharan Africa.
International Monetary Fund.
Towery, E. M. (2012). How do disclosures of tax aggressiveness to tax authorities affect
reporting decisions? Evidence from Schedule UTP. The University of Texas at Austin Red
McCombs School of Business.
UNCTAD. (2015). World Investment Report. New York: United Nations.
United Nations Development Programme (2018). About Sub-Saharan Africa.
http://www.africa.undp.org/content/rba/en/home/regioninfo.html
Wagenvoort, R. (2003). Are finance constraints hindering the growth of SMEs in Europe? EIB
papers, 8(2), 23-50.
Wooldridge, J. 2010. Econometric Analysis of Cross Section and Panel Data. Cambridge, MA:
MIT Press.
Wu, L., Wang, Y., Luo, W., & Gillis, P. (2012). State ownership, tax status and size effect of
effective tax rate in China. Accounting and Business Research, 42(2), 97-114.
Yazdanfar, D. (2013). Profitability determinants among micro firms: evidence from Swedish
data. International Journal of Managerial Finance.
Yoon, B., & Chung, Y. (2018). The effects of corporate social responsibility on firm
performance: A stakeholder approach. Journal of hospitality and tourism management, 37,
Yusoff, W. F., & Alhaji, I. A. (2012). ‘Corporate Governance and Firm Performance of Listed
Companies in Malaysia’. Journal of Trends and Development in Management Studies, Vol. 1
No. 2, pp.43-65.
Zabria, S. M., Ahmadb, K., & Wahc, K. K. (2015). ‘Corporate Governance Practices and Firm
Performance: Evidence from Top 100 Public Listed Companies in Malaysia’. Procedia
Economics and Finance, Vol. 35 No. 1, pp. 287 – 296.
Zhao, B. W.P Wijewardana .(2012) Financial Leverage, Firm growth and Financial strength in
the listed companies in Sri Lanka, social and Behavioral Sciences, Vol.40, pp: 709-715.
Zhang, Q. (2016). Corporate governance, institutional investors and firm performance: A
comparative study of South Africa and China. Stellenbosch: Stellenbosch University.
Published
2021-11-17
How to Cite
Okofo-Dartey, E. (2021). The Moderating Effect of Board Efficiency on the Relationship Between Corporate Tax Rates and Firm Growth in Sub-Saharan Africa: Array. Acta Universitatis Danubius. Œconomica, 17(6). Retrieved from https://dj.univ-danubius.ro/index.php/AUDOE/article/view/1452
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