بررسی تاثیر اجتناب از پرداخت مالیات بر هزینه سرمایه سهام عادی، با لحاظ فرصت های رشد و مالکیت نهادی

The purpose of this study is investigating the effect of tax avoidance on the cost of equity firms listed in Tehran Stock Exchange. The study sample consists of 75 Firms listed in Tehran stock Exchange during the 2001 to 2010. Effective tax rate is used as measurement of tax avoidance. In order to testing the research hypothesizes, Ordinary Least Squares regression (OLS) and Panel Data have been used. The results showed that tax avoidance reduce cost of equity. In other word, firms by investing the cash from of tax avoidance, will increase future cash flow and thereby decrease cost of equity. It was expected that negative relationship between tax avoidance and cost of equity is stronger for firms with strong external monitoring and higher growth opportunities. But the results indicate that growth opportunities and institutional ownership don’t have significant effect on the relationship between tax avoidance and cost of equity.