Audit committee characteristics and tax planning: evidence from the ago-industry in listed companies in Thailand

Figures & data

Table 1. Variable measurements.

Variable	Acronym/Abbreviation	Definition
Audit committee (AC) characteristics
AC size	AC size	Number of members serving on the AC
AC Gender diversity	AC women	Number of AC women members
AC expertise	AC expertise	Number of AC members with a finance or accounting education
AC meeting	AC meet	The frequency of AC meetings held in one year
AC compensation	AC compens	Natural logarithm of AC compensation
Tax planning
Effective tax rate	ETR	Current tax expense/Pre-tax income
Control variables
Firm size	Firm size	Natural logarithm of total assets
Leverage	LEV	Total liabilities to total assets

Table 2. Descriptive analysis of variables used in this study.

Variables	Obs	Mean	Standard deviation	Min	Max
AC size	229	3.214	0.497	3.000	5.000
AC women	229	0.777	0.775	0.000	3.000
AC expertise	229	0.856	0.719	0.000	3.000
AC meet	229	4.983	1.364	3.000	9.000
AC compens	229	5.851	0.427	4.875	7.081
ETR	229	0.151	0.131	0.000	1.118
Firm size	229	6.956	3.121	2.842	11.802
LEV	229	0.407	0.208	0.003	0.961

Note: This table reports some summary statistics for 229 firm-years from 54 listed firms in the agro-industry sector over the period 2018–2022. See Table 1 for variable definitions.

Table 3. Correlation matrix.

	1	2	3	4	5	6	7	8
AC size	1.000
AC women	0.022*	1.000
AC expertise	−0.025	0.041	1.000
AC meet	−0.111	0.009	0.232*	1.000
AC compens	0.021	−0.175**	−0.008	0.192**	1.000
ETR	−0.058	0.172**	0.136	0.191**	0.048	1.000
Firm size	0.042	0.85	−0.103	−0.243**	0.029	−0.004	1.000
LEV	−0.082	0.137*	−0.021	−0.006	0.241**	−0.004	0.070	1.000

Note: *, ** are indicate statistical significance at the 1%, 5% and 10% level respectively. See Table 1 for variable definitions.

Table 4. Multiple regression.

Variable	Coeff	t-stat
(Constant)	−0.025	−0.190
AC size	−0.013	−0.736
AC women	0.029	2.546**
AC expertise	0.015	1.078
AC meet	0.016	2.450**
AC compens	0.017	0.803
Firm size	0.001	0.470
LEV	−0.032	−0.730
R Square	0.076
Adj R Square	0.047
F-value (sig.)	2.610**
Max VIF	1.179
N	229

Note: *, is **,*** indicate statistical significance at the 1%, 5% and 10% level respectively. See Table 1 for variable definitions.

Table 5. Robustness test.

	Include control variables. (Added 2 control variables)		Exclude control variables
	Coeff	t-stat	Coeff	t-stat
(Constant)	−0.043	−0.323	−0.009	−0.072
AC size	−0.013	−0.721	−0.011	−0.661
AC women	0.027	2.273**	0.028	2.529**
AC expertise	0.019	1.353	0.014	1.010
AC meet	0.016	2.314**	0.016	2.485**
AC compens	0.018	0.847	0.014	0.673
Control variables
Firm size	0.000	−0.061
LEV	−0.032	−0.694
FirmAge	0.001	1.382
Big4	−0.016	−0.711

Note: *, is **,*** indicate statistical significance at the 1%, 5% and 10% level respectively.

Data availability statement

No datasets were generated or analyzed during the current study.