Page 90 - CITN 2017 Journal

value. Secondly, they found evidence that board diversity (Age and Bstudy of member
director) could increase the positive influence of TP into firm value, except for Minority
could decrease the positive influence of TP into firm value. Finally, the results of the
sensitivity test with the full model and the full sample suggested that TP had robust positive
effect in increasing firm value, then the moderating influence of board diversity (Bstudy
and Minority) on the relationship between TP and firm value was consistent but other
variables of board diversity (Age) are not consistent.

In Nigeria, Okoye and Akenbor (2010) investigated the impact of accounting policies on
efficient corporate tax planning in Nigeria. The population of the study consists of quoted
companies operating in the South-East region of Nigeria. A well-structured questionnaire
was administered on fifty-seven (57) financial controllers of the selected companies.
Descriptive Statistical measures were used in analyzing the data generated from the study.
Their findings indicates that accounting policies are appropriate in specific situations e.g.
for the minimization of tax liability.

Uwuigbe and Olowe (2013) in their work titled “The Effects of Company Income Tax on
Dividend Policy of Firms in Nigeria” only examined the effects of company income tax on
the dividend policy of firms in Nigeria. To achieve the objective of this study, a total of 40
listed firms in the Nigerian stock exchange market were selected for the study using the
judgmental sampling technique. They modeled the effects of company income tax on the
dividend policy of firms in Nigeria using the regression analysis method. Their findings
observed that there is a significant positive relationship between the company income tax
and the dividend payout of the sampled firms in Nigeria.

Also, Fakile and Uwuigbe (2013) examined the interactions between corporate
governance and taxation are bilateral and biunique: in fact, on one side, the manner in
which corporate governance rules are structured affects the way a corporation fulfils its tax
obligations; on the other hand, the way tax designs (from the government perspective) and
related tax strategies (from the corporation perspective) are planned influences corporate
governance dynamics. For example, allowing corporations to keep two different and
separate sets of books (one for accounting purposes, the other for tax purposes) makes it
easier for tax managers to obtain both tax savings and promising financial statements even
though a critical financial status is present. Therefore, the purpose of their research is to
analyse the connection between corporate governance and strategic tax behaviours,
investigating how corporate governance rules can reach a higher level of corporate
compliance with the tax system.

Also, Kiabel and Akenbor (2014) investigated tax planning with a view to determine its
impact on corporate governance in Nigerian banks. To achieve this purpose, hypotheses
were raised and a review of extant literature was made. The population of the study
consisted of the twenty-one (21) recapitalized banks in Nigeria. Data for the study were
generated from the companies' annual reports and statements of account for a five-year
period; 2007–2011. The stated hypotheses were statistically tested with regression
analysis and Pearson Product Moment Co-efficient of Correlation. Their findings revealed
that tax planning has a positive significant impact on corporate governance in Nigerian
banks, but the accruable tax savings do not significantly outweigh tax planning costs.

However, Jim-Suleiman (2015) examined the impact of competition on tax avoidance
activities among Nigerian Deposit Money Banks. The study used panel regression model
to analyse the data obtained from the financial statement of 15 banks operating on the
Nigerian Stock Exchange for a period of 10 years. The data collected were estimated by

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