While tax burden is always one of the primary concerns for corporate management and finance, it is questionable whether tax has always been among the core factors of corporate governance. This study aims to explore the effect of corporate governance on tax planning during the adverse circumstances created by the economic crisis. The effective tax rates of a sample of 55 non-financial companies listed on the Athens stock exchange (ASE) during the 2011–2015 period were used as a proxy of tax planning and were regressed on corporate governance characteristics, controlling for firm specific attributes. Results showed a significant positive association of board independence with tax planning and a significant negative association with chief executive officer (CEO) duality and firm size. The remaining corporate governance and firm variables which included board size, audit firm size, ownership concentration, leverage and liquidity were not found to exert a significant influence on corporate tax planning of listed companies in Greece. Our results shed light on the relationship of governance with corporate tax planning in periods of financial distress, and may be of particular interest for market participants, investors, tax authorities and policy makers in their efforts to improve the efficiency of the tax system and public revenue.

中文翻译：

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公司治理机制对金融危机期间税收筹划的影响：对在雅典证券交易所上市的公司的实证研究

尽管税收负担始终是公司管理和财务工作的主要问题之一，但税收是否一直是公司治理的核心因素仍值得怀疑。本研究旨在探讨在经济危机造成的不利情况下公司治理对税收筹划的影响。2011-2015年期间，在雅典证券交易所（ASE）上市的55家非金融公司样本的有效税率被用作税收筹划的代理，并根据公司治理特征进行回归，以控制公司的特定属性。结果显示，董事会独立性与税收筹划之间存在显着的正相关，而首席执行官（CEO）对偶与公司规模之间存在显着的负相关。其余的公司治理和公司变量，包括董事会规模，审计公司规模，所有权集中度，杠杆率和流动性，并未发现对希腊上市公司的公司税收筹划有重大影响。我们的研究结果揭示了财务困境期间治理与公司税收筹划的关系，对于市场参与者，投资者，税务机关和决策者，他们在提高税收制度和公共税收效率方面所做的工作可能特别有意义。 。