文章基本信息

标题：Corporate tax rate as a determinant of systematic risk: Evidence from Pakistani cement sector
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作者：Fawad Ahmad ; Mohsin Ali ; M. Usman Arshad 等
期刊名称：African Journal of Business Management
印刷版ISSN：1993-8233
出版年度：2011
卷号：5
期号：33
页码：12762-12767
DOI：10.5897/AJBM11.666
语种：English
出版社：Academic Journals
摘要：The main purpose of this study is to find the influence of corporate tax rate on systematic risk with three more variables (leverage, return on assets and market value of equity) by using cement sector data of Pakistan. This study used fifteen cement manufacturer data from 2004 to 2009 and fixed effect panel data random regression model. The result showed that corporate tax rate is not a determinant of systematic risk, but showed its effect through leverage, which is having statistically significant relationship with systematic risk. This study showed that leverage had significant influence in determining systematic risk and had positive relationship with systematic risk; whereas return on assets and market value of equity are positively related with systematic risk but had no significant influence on systematic risk. This study investigated the influence of corporate tax rate on systematic risk. This study also presented the managerial and policy related implications and recommendations from the study findings.
关键词：Systematic risk; corporate tax rate; leverage; returns on assets; market value of equity; debt to equity ratio