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Determinants of the Variability of Corporate Effective Tax Rates: Evidence from Romanian Listed Companies

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  • Sebastian Lazăr

Abstract

In this paper, I investigate the determinants of firm-specific corporate tax rates for nonfinancial companies listed on the Bucharest Stock Exchange over a twelve-year period (2000-2011). Using a fixed effects panel data estimation model to account for individual firm heterogeneity, I find that capital intensity, leverage, and loss carry-forward provisions negatively affect corporate effective tax rates; company size and labor intensity have no effect; and profitability has a positive effect. Going beyond the deterministic investigation, the paper cannot provide evidence of tax-planning activities for the companies considered. Moreover, legal differences between financial and tax accounting related to provisions are found to have a positive effect on firm-specific effective tax rates.

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  • Sebastian Lazăr, 2014. "Determinants of the Variability of Corporate Effective Tax Rates: Evidence from Romanian Listed Companies," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 50(S4), pages 113-131.
    • Handle: RePEc:mes:emfitr:v:50:y:2014:i:s4:p:113-131
    DOI: 10.2753/REE1540-496X5004S4007
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