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This research aims to examine the relationship between corporate tax aggressiveness and shareholder value in Nigerian firms.

March 15, 2026Open Access

Corporate Tax Aggressiveness and Shareholder Value of Listed Nigerian Firms

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This research aims to examine the relationship between corporate tax aggressiveness and shareholder value in Nigerian firms.
Utilized a panel dataset of 151 firms listed on the Nigerian Exchange Group from 2011 to 2025.
Operationalized tax aggressiveness using effective tax rate and book-tax difference.
Measured shareholder value through Tobin's Q, return on equity, and earnings per share.
Employed panel regression models including ordinary least squares and fixed effects with a Hausman test for estimator confirmation.
Corporate tax aggressiveness has a significant negative effect on shareholder value.
Board independence and institutional ownership positively moderate firm value.
Financial leverage negatively affects shareholder value.
Findings are robust across alternative specifications and post-estimation tests.

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Reveals corporate tax aggressiveness significantly reduces shareholder value in Nigerian firms, suggesting agency costs overshadow benefits.

Onipe Adabenege Yahaya (2026) studied this question.

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Reveals corporate tax aggressiveness significantly reduces shareholder value in Nigerian firms, suggesting agency costs overshadow benefits.