Research Article Published 5 January 2025

Tax Behavior and Earnings Behavior of Corporate Managers: Case of Banks and Decentralized Financial Systems in Benin

How to Cite

How to Cite

Agossadou, S. T. M. D. C. (2025). Tax Behavior and Earnings Behavior of Corporate Managers: Case of Banks and Decentralized Financial Systems in Benin. Journal of Business Management and Accounting, 15(1), 30-54. https://doi.org/10.32890/jbma2025.15.1.3
Stanislas Théodule Médard Dèwanou Comlan Agossadou
Faculty of Economics and Management (FASEG), University of Abomey-Calavi (UAC)-Benin, Africa, Benin
Full text
PDF View full text 998 KB · 25 pages XML JATS full text 139 KB · machine readable HTML Read online 86 KB
DOI 10.32890/jbma2025.15.1.3 Cite this article
Share this article
Citations
0
No citations recorded yet
Reads
243 +2
Abstract + full text
Downloads
273 +1
PDF and XML

Article

Abstract

This research looks at the influence of tax behavior on the earnings behavior of corporate managers in Republic of Benin, a West African country. The author uses the generalized method of moments (GMM) on dynamic panel data. The sample consists of 21 firms, i.e. 11 banks for the period 2011 to 2020 and 10 DFSs for the period 2016 to 2021. It turns out that earnings behavior is influenced more
positively by corporate income tax (CIT), then by tax savings due to debt interest deduction (EIDID); and negatively by interest on debt (INTEREST), by dividends (DIVIDEND) and by past earnings before interest and tax (EBIT(-1)). This paper is one of the first to extend the literature by identifying the main determinants of earnings behavior, notably the positive effect of corporate income tax (CIT).

Keywords
Corporate income tax savings corporate income tax behavior earnings behavior financial objectives tax objectives

Metrics & impact

Citations by source

Harvested 08-09-2026

Counts differ by index because each source crawls a different corpus. Crossref counts only registered reference lists; Google Scholar includes theses, preprints and grey literature.

OpenAlex
0
Open corpus, updated daily View →
OpenCitations
0
Open references only View →
Crossref
0
Deposited reference lists only View →
Scopus
0 Not indexed
Indexed titles only View →
Google Scholar
Publishes no citation count that can be read automatically.
Includes theses and preprints Search →
Dimensions
Publishes no citation count that can be read automatically.
Includes policy documents Search →

Reads & downloads

Abstract views 243
PDF downloads 273
XML downloads 0
Full-text HTML 0
Counted under COUNTER Release 5 rules; known robots excluded.

Attention beyond citation

Field-weighted citation impact 0.00

From OpenAlex. A field-weighted impact of 1.00 is the world average for work of the same field, type and year. No Altmetric key is configured, so news, policy and social attention are not shown.

Identifiers
DOI · 10.32890/jbma2025.15.1.3
OpenAlex · W6908791688

References

References 109
Deposited to Crossref with the article DOI
  1. Agossadou, S. T. M. D. C. (2023). Incidence of Debt Interest Deduction in Computing Corporate Income Tax-CIT. Revue Française d’Economie et de Gestion, 4(12), Article 12. https://doi.org/10.5281/zenodo.10429196
  2. Ahmeti, F., & Prenaj, B. (2015). A Critical Review of Modigliani and Miller’s Theorem of Capital Structure (SSRN Scholarly Paper 2623543). https://papers.ssrn.com/abstract=2623543
  3. Albouy, M. (1997). Structure financière et coût du capital. In Encyclopédie de gestion (2è éd., article n°165, 3129–3146). Economica.
  4. Alifani, G. A., & Nugroho, A. B. (2013). Proving Modigliani and Miller Theories of Capital Structure: The Research on Indonesia’s Cigarette Companies (SSRN Scholarly Paper 3393045). https://doi.org/10.2139/ssrn.3393045
  5. Al-Ttaffi, L. H. A., Bin-Nashwan, S. A., & Amrah, M. R. (2020). The Influence of Tax Knowledge on Tax Compliance Behaviour: A Case of Yemeni Individual Taxpayers. Journal of Business Management and Accounting, 10(2), Article 2. https://doi.org/10.32890/jbma2020.10.2.2
  6. Amihud, Y., & Mendelson, H. (1986). Liquidity and Stock Returns. Financial Analysts Journal, 42(3), 43–48.
  7. Asquith, P., & Mullins, D. W. (1983). The Impact of Initiating Dividend Payments on Shareholders’ Wealth. The Journal of Business, 56(1), 77–96.
  8. Baker, M., & Wurgler, J. (2003). A Catering Theory of Dividends. NBER Working Papers, Article 9542. https://ideas.repec.org//p/nbr/nberwo/9542.html
  9. Baxter, N. D. (1967). Leverage, Risk of Ruin and the Cost of Capital. The Journal of Finance, 22(3), 395–403. https://doi.org/10.1111/j.1540-6261.1967.tb02975.x
  10. Berens, J. L., & Cuny, C. J. (1995). The Capital Structure Puzzle Revisited. The Review of Financial Studies, 8(4), 1185–1208. https://doi.org/10.1093/rfs/8.4.1185
  11. Berger, A., & Bonaccorsi di Patti, E. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry. Journal of Banking & Finance, 30(4), 1065–1102.
  12. Berle, A. A., & Means, G. C. (1933). The modern corporation and private property. Macmillan. http://books.google.com/books?id=zaZZAAAAYAAJ
  13. Bessler, W., Drobetz, W., & Grüninger, M. C. (2011). Information Asymmetry and Financing Decisions*. International Review of Finance, 11(1), 123–154. https://doi.org/10.1111/j.1468-2443.2010.01122.x
  14. Bhattacharya, S. (1979). Imperfect Information, Dividend Policy, and “The Bird in the Hand” Fallacy. The Bell Journal of Economics, 10(1), 259–270. https://doi.org/10.2307/3003330
  15. Black, F., & Scholes, M. (1974). The effects of dividend yield and dividend policy on common stock prices and returns. Journal of Financial Economics, 1(1), 1–22.
  16. Boyle, G. W., & Eckhold, K. R. (1997). Capital structure choice and financial market liberalization: Evidence from New Zealand. Applied Financial Economics, 7(4), 427–437. https://doi.org/10.1080/096031097333547
  17. Bradley, M., Jarrell, G. A., & Kim, E. H. (1984). On the Existence of an Optimal Capital Structure: Theory and Evidence. The Journal of Finance, 39(3), 857–878. https://doi.org/10.2307/2327950
  18. Brennan, M. (1971). A Note on Dividend Irrelevance and the Gordon Valuation Model. The Journal of Finance, 26(5), 1115–1121. https://doi.org/10.2307/2326087
  19. Brounen, D., de Jong, A., & Koedijk, K. (2006). Capital structure policies in Europe: Survey evidence. Journal of Banking & Finance, 30(5), 1409–1442.
  20. Chakraborty, I. (2010). Financial Development and Economic Growth in India An Analysis of the Post-reform Period. South Asia Economic Journal, 11, 287–308. https://doi.org/10.1177/ 139156141001100206
  21. Croquet, M., Heldenbergh, A., & Pozniak, L. (2013). Profils de financement des grandes entreprises. Le cas de la Belgique. La Revue des Sciences de Gestion, 259–260(1–2), 111–118. https://doi.org/10.3917/rsg.259.0111
  22. Dannon, H., Bangaké, C., & Eggoh, J. (2019). Structure de marché et performance économique des institutions de microfinance dans l’UEMOA: Cas du Bénin et du Togo. Mondes en développement, 185(1), 29–44. https://doi.org/10.3917/med.185.0029
  23. Dao, B. T. T., & Ta, T. D. N. (2020). A meta-analysis: Capital structure and firm performance. Journal of Economics and Development, 22(1), 111–129. https://doi.org/10.1108/JED-12-2019-0072
  24. Dao, T. T. B., & Le, T. H. (2023). Optimal capital structure of Vietnamese listed firms—Finance industry and consumer discretionary industry. Cogent Social Sciences, 9(2), 2245238. https://doi.org/10.1080/23311886.2023.2245238
  25. Dayı, F., Esmer, Y., & Kukus, B. A. (2019). An Investigation of Financial Management Behaviors of Managers: Example of KOSGEB. İşletme Araştırmaları Dergisi, 11(1), Article 1.
  26. de Wet, J. H. vH. (2006). Determining the optimal capital structure: A practical contemporary approach. Meditari Accountancy Research, 14(2), 1–16. https://doi.org/10.1108/10222529200600009
  27. DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of Financial Economics, 8(1), 3–29. https://doi.org/10.1016/0304-405X(80)90019-7
  28. Desai, M. A., Dyck, A., & Zingales, L. (2007). Theft and taxes. Journal of Financial Economics, 84(3), 591–623. https://doi.org/10.1016/j.jfineco.2006.05.005
  29. Durand, D. (1952). Costs of Debt and Equity Funds for Business: Trends and Problems of Measurement (215–262) [NBER Chapters]. National Bureau of Economic Research, Inc. https://econpapers.repec.org/bookchap/nbrnberch/4790.htm
  30. Eichfelder, S., Jacob, M., Kalbitz, N., & Wentland, K. (2020). Tax-Induced Earnings Management and Book-Tax Conformity: International Evidence from Unconsolidated Accounts. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3523388
  31. Flannery, M., & Rangan, K. P. (2006). Partial adjustment toward target capital structures. Journal of Financial Economics, 79(3), 469–506.
  32. Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217–248. https://doi.org/10.1016/S0304-405X(02)00252-0
  33. Frank, M. Z., & Goyal, V. K. (2009). Capital Structure Decisions: Which Factors Are Reliably Important? Financial Management, 38(1), 1–37.
  34. Geraldina, I., & Jasmine, R. (2019). Tax Amnesty and Earnings Management: An Initial Evidence. Jurnal Dinamika Akuntansi, 11(1), Article 1.
  35. Ghosh, A. (Al), & Moon, D. (2010). Corporate Debt Financing and Earnings Quality. Journal of Business Finance & Accounting, 37(5–6), 538–559. https://doi.org/10.1111/j.1468-5957.2010.02194.x
  36. Glickman, M. (1996). Modigliani-Miller on Capital Structure: A Post-Keynesian Critique (SSRN Scholarly Paper 46904). https://doi.org/10.2139/ssrn.46904
  37. Gordon, M. J. (1963). Optimal Investment and Financing Policy*. The Journal of Finance, 18(2), 264–272. https://doi.org/10.1111/j.1540-6261.1963.tb00722.x
  38. Greenwald, B., Stiglitz, J., & Weiss, A. (1984). Informational Imperfections in the Capital Market and Macroeconomic Fluctuations. American Economic Review, 74(2), 194–199.
  39. Grossman, S. J., & Hart, O. D. (1986). The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration. Journal of Political Economy, 94(4), 691–719.
  40. Grullon, G., Michaely, R., & Swaminathan, B. (2002). Are Dividend Changes a Sign of Firm Maturity? The Journal of Business, 75(3), 387–424. https://doi.org/10.1086/339889
  41. Guenther, D. A. (1994). Earnings Management in Response to Corporate Tax Rate Changes: Evidence from the 1986 Tax Reform Act. The Accounting Review, 69(1), 230–243.
  42. Hakansson, N. H. (1982). To Pay or Not to Pay Dividend. Journal of Finance, 37(2), 415–428.
  43. Hart, O. (1996). Theories of Optimal Capital Structure: A Managerial Discretion Perspective. In B. Allen (Ed.), Economics in a Changing World: Volume 2 Microeconomics (pp. 204–235). Palgrave Macmillan UK. https://doi.org/10.1007/978-1-349-25168-1_10
  44. Harvey, C., Lins, K., & Roper, A. H. (2004). The effect of capital structure when expected agency costs are extreme. Journal of Financial Economics, 74(1), 3–30.
  45. Hasseldine, J., & Morris, G. (2013). Corporate social responsibility and tax avoidance: A comment and reflection. Accounting Forum, 37(1), 1–14. https://doi.org/10.1016/j.accfor.2012.05.001
  46. Helwege, J., & Liang, N. (1996). Is there a pecking order? Evidence from a panel of IPO firms. Journal of Financial Economics, 40(3), 429–458.
  47. Hirigoyen, G., & Jobard, J.-P. (1997). Financement de l’entreprise: Évolution récente et perspectives nouvelles (2è éd, pp. 1356–1373). Economica.
  48. Horne, J. C. V. (1974). Corporate Liquidity and Bankruptcy Costs. STANFORD Business, Working Paper No. 205. https://www.gsb.stanford.edu/faculty-research/working-papers/corporate-liquidity-bankruptcy-costs
  49. Hunjra, A. I., Ijaz, M., Chani, D. M. I., ul Hassan, S., & Mustafa, U. (2014). Impact of Dividend Policy, Earning Per Share, Return on Equity, Profit after Tax on Stock Prices (SSRN Scholarly Paper 3229692). Social Science Research Network. https://papers.ssrn.com/abstract=3229692
  50. Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323–329.
  51. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/ 0304-405X(76)90026-X
  52. John, K., & Williams, J. (1985). Dividends, Dilution, and Taxes: A Signalling Equilibrium. The Journal of Finance, 40(4), 1053–1070. https://doi.org/10.1111/j.1540-6261.1985.tb02363.x
  53. Kim, E. H. (1978). A Mean-Variance Theory of Optimal Capital Structure and Corporate Debt Capacity. The Journal of Finance, 33(1), 45–63. https://doi.org/10.2307/2326349
  54. Kim, W. S., & Sorensen, E. H. (1986). Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy. The Journal of Financial and Quantitative Analysis, 21(2), 131–144. https://doi.org/10.2307/2330733
  55. Koester, A., Shevlin, T., & Wangerin, D. (2017). The Role of Managerial Ability in Corporate Tax Avoidance. Management Science, 63(10), 3285–3310. https://doi.org/10.1287/mnsc.2016.2510
  56. Kontuš, E., Šorić, K., & Šarlija, N. (2023). Capital structure optimization: A model of optimal capital structure from the aspect of capital cost and corporate value. Economic Research-Ekonomska Istraživanja, 36(2), 2147565. https://doi.org/10.1080/1331677X.2022.2147565
  57. Kraus, A., & Litzenberger, R. H. (1973). A State-Preference Model of Optimal Financial Leverage. The Journal of Finance, 28(4), 911–922. https://doi.org/10.1111/j.1540-6261.1973.tb01415.x
  58. Kumar, P., & Yerramilli, V. (2018). Optimal Capital Structure and Investment with Real Options and Endogenous Debt Costs. The Review of Financial Studies, 31(9), 3452–3490. https://doi.org/10.1093/rfs/hhx093
  59. Landry, S., Deslandes, M., & Fortin, A. (2013). TAX AGGRESSIVENESS, CORPORATE SOCIAL RESPONSIBILITY, AND OWNERSHIP STRUCTURE. Journal of Accounting, Ethics & Public Policy, JAEPP, 14(3), 611–611.
  60. Leary, M. T., & Roberts, M. (2010). The pecking order, debt capacity, and information asymmetry. Journal of Financial Economics, 95(3), 332–355.
  61. Leland, H. E., & Pyle, D. H. (1977). Informational Asymmetries, Financial Structure, and Financial Intermediation. The Journal of Finance, 32(2), 371–387. https://doi.org/10.2307/2326770
  62. Leuz, C., Nanda, D., & Wysocki, P. (2003). Earnings management and investor protection: An international comparison. Journal of Financial Economics, 69(3), 505–527.
  63. Lintner, J. (1962). Dividends, Earnings, Leverage, Stock Prices and the Supply of Capital to Corporations. The Review of Economics and Statistics, 44(3), 243–269. https://doi.org/10.2307/1926397
  64. Machado, C., & Pereira, A. E. (2023). Optimal Capital Structure with Stock Market Feedback*. Review of Finance, 27(4), 1329–1371. https://doi.org/10.1093/rof/rfac056
  65. Masulis, R. W., & Korwar, A. N. (1986). Seasoned equity offerings: An empirical investigation. Journal of Financial Economics, 15(1), 91–118. https://doi.org/10.1016/0304-405X(86)90051-6
  66. Maydew, E. L. (1997). Tax-Induced Earnings Management by Firms with Net Operating Losses. Journal of Accounting Research, 35(1), 83–96. https://doi.org/10.2307/2491468
  67. Mbulawa, S., Okurut, N. F., Ntsosa, M., & Sinha, N. (2020). Optimal Capital Structure and Speed of Adjustment under Hyperinflation and Dollarization. Global Journal of Emerging Market Economies, 12(2), 158–177. https://doi.org/10.1177/0974910120919023
  68. McCrea, P. R., Grundy, T. P., & Hay, D. (1990). Tax shields: Their implications for farm project investment, risk and return. Lincoln University. Agribusiness and Economics Research Unit. https://digitalnz.org/records/211788
  69. Mikkelson, W. H., & Partch, M. M. (1986). Valuation effects of security offerings and the issuance process. Journal of Financial Economics, 15(1), 31–60. https://doi.org/10.1016/0304-405X(86)90049-8
  70. Miller, M. H., & Modigliani, F. (1961). Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4), 411–433.
  71. Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261–297.
  72. Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. The American Economic Review, 53(3), 433–443.
  73. Mulyadi, M. S., & Anwar, Y. (2015). Corporate Governance, Earnings Management and Tax Management. Procedia - Social and Behavioral Sciences, 177, 363–366. https://doi.org/10.1016/j.sbspro.2015.02.361
  74. Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147–175. https://doi.org/10.1016/0304-405X(77)90015-0
  75. Myers, S. C. (2001). Capital Structure. Journal of Economic Perspectives, 15(2), 81–102. https://doi.org/10.1257/jep.15.2.81
  76. Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
  77. Naitram, S. M., & Weinzierl, M. C. (2021). The Incidence of the Corporate Income Tax is Irrelevant for its (Benefit-Based) Justification. NBER Working Papers, Article 29547. https://ideas.repec.org//p/nbr/nberwo/29547.html
  78. Nissim, D., & Penman, S. H. (2003). The Association between Changes in Interest Rates, Earnings, and Equity Values. Contemporary Accounting Research, 20(4), 775–804. https://doi.org/10.1506/ YKRX-HUQU-9V28-EA16
  79. Pettit, R. R. (1977). Taxes, transactions costs and the clientele effect of dividends. Journal of Financial Economics, 5(3), 419–436. https://doi.org/10.1016/0304-405X(77)90046-0
  80. Pinegar, J. M., & Wilbricht, L. (1989). What Managers Think of Capital Structure Theory: A Survey. Financial Management, 18(4), 82. https://doi.org/10.2307/3665800
  81. Popescu, L., & Visinescu, S. (2009). A REVIEW OF THE CAPITAL STRUCTURE THEORIES. Annals of the University of Oradea : Economic Science, 3.
  82. Poretti, C., Schatt, A., & Jérôme, T. (2020). Impact of Leverage on Financial Information Quality: International Evidence from the Hospitality Industry. https://hdl.handle.net/20.500. 14394/31050
  83. Poterba, J., Rao, N., & Seidman, J. (2007). Deferred Tax Positions and Incentives for Corporate Behavior Around Corporate Tax Changes. NBER Working Papers, Article 12923. https://ideas.repec.org//p/nbr/nberwo/12923.html
  84. Princen, S. (2012). Determining the impact of taxation on corporate financial decision-making. Reflets et perspectives de la vie économique, LI(3), 161–170. https://doi.org/10.3917/rpve.513.0161
  85. Rajan, R. G., & Zingales, L. (1995). What Do We Know about Capital Structure? Some Evidence from International Data. Journal of Finance, 50(5), 1421–1460.
  86. Righi, R., Pedrazzoli, A., Righi, S., & Venturelli, V. (2024). The Clientele Effects in Equity Crowdfunding: A Complex Network Analysis. Journal of Behavioral and Experimental Finance, 42, 1–13. https://doi.org/10.1016/j.jbef.2024.100907
  87. Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23–40. https://doi.org/10.2307/3003485
  88. Sabbar, F. A. A., & Sabri, T. M. M. (2021). The impact of taxation on the value of companies. African Journal of Business Management, 15(3), 110–121. https://doi.org/10.5897/AJBM2020.9177
  89. Schnabel, J. A. (1984). Bankruptcy, interest tax shields and ‘optimal’ capital structure: A cash flow formulation. Managerial and Decision Economics, 5(2), 116–119. https://doi.org/10.1002/mde.4090050210
  90. Scholes, M. S., Wilson, G. P., & Wolfson, M. A. (1992). Firms’ Responses to Anticipated Reductions in Tax Rates: The Tax Reform Act of 1986. Journal of Accounting Research, 30, 161–185. https://doi.org/10.2307/2491200
  91. Seifert, B., & Gonenc, H. (2010). Pecking Order Behavior in Emerging Markets*. Journal of International Financial Management & Accounting, 21, 1–31. https://doi.org/10.1111/j.1467-646X.2009.01034.x
  92. Shabani, V., Mir Aghaei, S. M., & Shabani, V. (2014). Investigating the relationship between earnings and stock prices in companies accepted in the stock exchange: A case study in Iran (2000-2010). European Online Journal of Natural and Social Sciences, 2(3(s)), Article 3(s).
  93. Shah, S. A., & Noreen, U. (2016). Stock Price Volatility and Role of Dividend Policy: Empirical Evidence from Pakistan. International Journal of Economics and Financial Issues, 6(2).
  94. Shyam-Sunder, L., & Myers, C. S. (1999). Tester un compromis statique par rapport aux modèles hiérarchiques de structure du capital1. Journal of Financial Economics, 51(2), 219–244. https://doi.org/10.1016/S0304-405X(98)00051-8
  95. Solomon, E. (1963). Leverage And The Cost Of Capital. Journal of Finance, 18(2), 273–279.
  96. Sritharan, N., Salawati, S., Sharon, C. C. S., & Syubaili, M. A. (2023). CORPORATE TAX COMPLIANCE AND MEDIATING ROLE OF PERSONAL TAX COMPLIANCE AMONG MALAYSIAN IN-HOUSE TAX PROFESSIONALS. Journal of Business Management and Accounting, 13(2), Article 2. https://doi.org/10.32890/jbma2023.13.2.4
  97. Stiglitz, J. (1969). A Re-Examination of the Modigliani-Miller Theorem. American Economic Review, 59(5), 784–793.
  98. Stiglitz, J. E. (1973). Taxation, corporate financial policy, and the cost of capital. Journal of Public Economics, 2(1), 1–34. https://doi.org/10.1016/0047-2727(73)90008-X
  99. Sundvik, D. (2016). Earnings management around Swedish corporate income tax reforms. International Journal of Accounting, Auditing and Performance Evaluation, 12(3), 261–286. https://doi.org/10.1504/IJAAPE.2016.077892
  100. Thietart, R.-A. (2014). Méthodes de recherche en management—4ème édition—Labellisation FNEGE -2015 (4e édition). Dunod.
  101. van Binsbergen, J. H., Graham, J. R., & Yang, J. (2011). An Empirical Model of Optimal Capital Structure (SSRN Scholarly Paper 1975682). https://doi.org/10.1111/j.1745-6622.2011.00351.x
  102. Vilasuso, J., & Minkler, A. (2001). Agency costs, asset specificity, and the capital structure of the firm. Journal of Economic Behavior & Organization, 44(1), 55–69.
  103. Wali, K. (2021). The detection of earnings management through a decrease of corporate income tax. Future Business Journal, 7(1), 36. https://doi.org/10.1186/s43093-021-00083-8
  104. Wang, H., Xu, Z., & Huang, H. (2019). Operating Cash Flow, Earnings Management and Tax Aggressiveness: Evidence from Listed Companies in China. In J. Xu, F. L. Cooke, M. Gen, & S. E. Ahmed (Eds.), Proceedings of the Twelfth International Conference on Management Science and Engineering Management (1069–1080). Springer International Publishing. https://doi.org/10.1007/978-3-319-93351-1_84
  105. Wang, J., Fan, W., & Wang, Z. (2024). Tax incentives and earnings management: A study based on accelerated depreciation policy in China. Economic Analysis and Policy, 81, 281–296. https://doi.org/10.1016/j.eap.2023.11.
  106. Warner, J. B. (1977). Bankruptcy Costs: Some Evidence. The Journal of Finance, 32(2), 337–347. https://doi.org/10.2307/2326766
  107. Watson, D., & Head, A. (2007). Corporate finance: Principles and practice (4th ed). FT/Pearson Education.
  108. Weisbach, D. (2001). Ten Truths about Tax Shelters. Tax Law Review, 55. https://doi.org/10.2139/ssrn.268831
  109. Ya’u, A., Saad, N., & Mas’ud, A. (2019). Effect of Tax Rates, Penalty Rate, Detection Probability, Cost of Compliance, Royalty Rates, Environmental Regulations, and Petroleum Profit Tax Compliance the Moderating Role of Trust in Government: A Conceptual Framework. Journal of Business Management and Accounting, 9(2), https://doi.org/10.32890/jbma2019.9.2.8720