Does Good corporate governance matter in corporate tax avoidance? A case of Chinese stock market

Cai Yun Chen; Dan Li; Ling Fang

doi:10.31893/multiscience.2026263

Keywords:

good corporate governance

corporate tax avoidance

China

panel data

manufacturing sectors

Abstract

This study demonstrates that poor governance standards contributed to the global financial crisis and company financial scandals, leading to an increase in tax avoidance. Research in China analyzing the relationship between tax avoidance information and good corporate governance is a relatively new and inconsistent approach and is the primary focus of this study. The study utilized the avoidance tax rate proxy to calculate the extent of tax avoidance by firms. The study population consisted of manufacturing industries listed on the Chinese Stock Exchange from 2019--2023 that were presumed to have engaged in tax avoidance. A total of 112 companies were selected for the study via purposive sampling. The indicators of good corporate governance are identified via qualitative techniques through interviews with CEOs or top management. The dynamic panel analysis revealed that the audit committee, board diversity, independent directors and board size had the most significant negative effects on tax avoidance, whereas CEO duality had a significant positive effect on tax avoidance. This study suggests that the combined impact of corporate governance and tax avoidance leads to improved corporate governance as a control mechanism and balancing power. Poor corporate governance mechanisms facilitate corporations in engaging in tax avoidance practices.
References
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How to cite

Chen, C. Y., Li, D., & Fang, L. (2025). Does Good corporate governance matter in corporate tax avoidance? A case of Chinese stock market. Multidisciplinary Science Journal, 8(4). https://doi.org/10.31893/multiscience.2026263

[1] Abdelfattah, T., & Aboud, A. (2020). Tax avoidance, corporate governance, and corporate social responsibility: The case of the Egyptian capital market. Journal of International Accounting, Auditing and Taxation, 38. https://doi.org/10.1016/j.intaccaudtax.2020.100304

[2] Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2). https://doi.org/10.1016/j.jfineco.2008.10.007

[3] Ain, Q. U., Yuan, X., Javaid, H. M., Usman, M., & Haris, M. (2020). Female directors and agency costs: evidence from Chinese listed firms. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-10-2019-0818

[4] Alhejji, H. A., & Thomas N. Garavan. (2021). Human Resource Development in North Africa. In Global Human Resource Development. https://doi.org/10.4324/9781315818177-15

[5] Allam, B. S. (2018). The impact of board characteristics and ownership identity on agency costs and firm performance: UK evidence. Corporate Governance (Bingley), 18(6). https://doi.org/10.1108/CG-09-2016-0184

[6] Amri, K., Ben Mrad Douagi, F. W., & Guedrib, M. (2023). The impact of internal and external corporate governance mechanisms on tax aggressiveness: evidence from Tunisia. Journal of Accounting in Emerging Economies, 13(1). https://doi.org/10.1108/JAEE-01-2021-0019

[7] Aparicio, K., & Kim, R. (2023). External capital market frictions, corporate governance, and tax avoidance: Evidence from the TED spread. Finance Research Letters, 52. https://doi.org/10.1016/j.frl.2022.103381

[8] Armstrong, C. S., Blouin, J. L., Jagolinzer, A. D., & Larcker, D. F. (2015). Corporate governance, incentives, and tax avoidance. Journal of Accounting and Economics, 60(1). https://doi.org/10.1016/j.jacceco.2015.02.003

[9] Bachas, P., & Soto, M. (2021). Corporate Taxation under Weak Enforcement†. American Economic Journal: Economic Policy, 13(4). https://doi.org/10.1257/pol.20180564

[10] Badertscher, B. A., Katz, S. P., Rego, S. O., & Wilson, R. J. (2019). Conforming tax avoidance and capital market pressure. Accounting Review, 94(6). https://doi.org/10.2308/accr-52359

[11] Boussaidi, A., & Hamed-Sidhom, M. (2021). Board’s characteristics, ownership’s nature and corporate tax aggressiveness: new evidence from the Tunisian context. EuroMed Journal of Business, 16(4). https://doi.org/10.1108/EMJB-04-2020-0030

[12] Campbell, K., & Mínguez-Vera, A. (2008). Gender Diversity in the Boardroom and Firm Financial Performance. Journal of Business Ethics, 83(3), 435–451. https://doi.org/10.1007/s10551-007-9630-y

[13] Chen, R., Ghoul, S. El, Guedhami, O., Wang, H., & Yang, Y. (2022). Corporate Governance and Tax Avoidance: Evidence from U.S. Cross-Listing. Accounting Review, 97(7). https://doi.org/10.2308/TAR-2019-0296

[14] Choi, J., & Park, H. (2022). Tax Avoidance, Tax Risk, and Corporate Governance: Evidence from Korea. Sustainability (Switzerland), 14(1). https://doi.org/10.3390/su14010469

[15] Dakhli, A. (2022). Do women on corporate boardrooms have an impact on tax avoidance? The mediating role of corporate social responsibility. Corporate Governance (Bingley), 22(4). https://doi.org/10.1108/CG-07-2021-0265

[16] Dewinta, I., & Setiawan, P. (2016). Pengaruh Ukuran Perusahaan, Umur Perusahaan, Profitabilitas, Leverage, Dan Pertumbuhan Penjualan Terhadap Tax Avoidance. E-Jurnal Akuntansi Universitas Udayana, 14(3).

[17] Elad, F. L., Wong, M. N., & Bongbee, N. S. (2018). The Role of Board Characteristics in Effective Corporate Governance: The Case of Airbus Group. International Journal of Social Sciences Perspectives, 2(1). https://doi.org/10.33094/7.2017.2018.21.87.95

[18] Endarto, B., Taufiqurrahman, Suhartono, S., Setyadji, S., Abadi, S., Aji, R. B., Kurniawan, W., Daim, N. A., Ismono, J., Alam, A. S., Purwati, A., Wijaya, A. U., Chamdani, Widianto, R. M., Kusnadi, S. A., Saleh, F., Indriastuti, D. E., Setiabudi, W., Prasetyo, I., … Kalbuana, N. (2021). The Obligations Of Legal Consultants In The Independent Legal Diligence Of The Capital Market Supporting Proportion Of Legal Prepparement. Journal of Legal, Ethical and Regulatory Issues, 24(Special Issue 1).

[19] Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26. https://doi.org/10.1086/467037

[20] Gaaya, S., Lakhal, N., & Lakhal, F. (2017). Does family ownership reduce corporate tax avoidance? The moderating effect of audit quality. Managerial Auditing Journal, 32(7). https://doi.org/10.1108/MAJ-02-2017-1530

[21] Garcia-Blandon, J., Argilés-Bosch, J. M., Ravenda, D., & Castillo-Merino, D. (2022). Board gender quotas, female directors and corporate tax aggressiveness: A causal approach. International Review of Financial Analysis, 79. https://doi.org/10.1016/j.irfa.2021.102010

[22] Guedrib, M., Rossignol, J.-L., & Omri, M. (2015). Tax Risk and Internal Governance Mechanisms: An Empirical Analysis in Tunisian Context. Global Review of Accounting and Finance, 6(1). https://doi.org/10.21102/graf.2015.03.61.03

[23] Gull, A. A., Nekhili, M., Nagati, H., & Chtioui, T. (2018). Beyond gender diversity: How specific attributes of female directors affect earnings management. British Accounting Review, 50(3). https://doi.org/10.1016/j.bar.2017.09.001

[24] Gunawan, Y.-, Christy, Y.-, Se Tin, S. T.-, & Jonathan, L.-. (2021). The Influence Of Independent Board Of Commissioners, Audit Committee, And Audit Quality On Tax Avoidance. BALANCE: Economic, Business, Management and Accounting Journal, 18(1). https://doi.org/10.30651/blc.v18i1.6495

[25] Habib, A., Murtaza, S., & Hadi, M. (2022). THE CORPORATE SOCIAL RESPONSIBILITY AND THE CORPORATE FINANCIAL PERFORMANCE BY MODERATING ROLE OF BOARD GENDER DIVERSITY. Journal of Social Research Development, 3(02). https://doi.org/10.53664/jsrd/03-02-2022-02-128-142

[26] Halioui, K., Neifar, S., & Abdelaziz, F. Ben. (2016). Corporate governance, CEO compensation and tax aggressiveness: Evidence from American firms listed on the NASDAQ 100. In Review of Accounting and Finance (Vol. 15, Issue 4). https://doi.org/10.1108/RAF-01-2015-0018

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