การวางแผนภาษีเงินได้นิติบุคคลภายใต้การจัดการกำไรผ่านกิจกรรมจริง:  หลักฐานเชิงประจักษ์จากบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

Aukkarawit Robkob; Jindarat  Peemanee; Kesinee  Muenthaisong; Sutana  Boonlua; Pattanapong  Kumsin

doi:10.60027/iarj.2026.e299590

Authors

Aukkarawit Robkob Mahasarakham Business School, Mahasarakham University, Thailand https://orcid.org/0000-0003-1515-9789
Jindarat Peemanee Mahasarakham Business School, Mahasarakham University, Thailand https://orcid.org/0000-0001-5813-5598
Kesinee Muenthaisong Mahasarakham Business School, Mahasarakham University, Thailand https://orcid.org/0000-0002-3415-7255
Sutana Boonlua Mahasarakham Business School, Mahasarakham University, Thailand https://orcid.org/0009-0000-3750-7903
Pattanapong Kumsin Mahasarakham Business School, Mahasarakham University, Thailand https://orcid.org/0009-0001-5534-8720

DOI:

https://doi.org/10.60027/iarj.2026.e299590

Keywords:

Corporate Income Tax Planning, Real Earnings Management, Effective Tax Rate, Multinational Firms, Tax Avoidance Behavior

Abstract

Background and Aim: Corporate income tax planning constitutes a critical organizational strategy for minimizing tax burdens and maximizing after-tax returns to shareholders. However, research within the Thai capital market context lacks systematic investigation explaining the concurrent use of real earnings management (REM) and tax planning among listed companies—particularly the theoretically grounded linkage between tax avoidance behavior and real activities manipulation within the frameworks of Agency Theory and the Political Cost Hypothesis. This study, therefore, examines the association between corporate income tax planning and REM among companies listed on the Stock Exchange of Thailand (SET).

Methodology: The study employs secondary data from SET-listed firms over the period 2016–2019, analyzed using cross-sectional multiple regression models. Tax planning is measured via the effective tax rate (ETR) and cash effective tax rate (CETR), while REM is operationalized through four proxy variables: abnormal cash flows from operations (R_CFO), abnormal production costs (R_PROD), abnormal discretionary expenditures (R_EXP), and abnormal gains on asset disposals (R_GAIN). Primary analytical weight is accorded to R_EXP and R_GAIN as proxies most meaningfully associated with tax planning-motivated REM behavior.

Findings: R_EXP and R_GAIN exhibit statistically significant negative associations with both ETR and CETR, consistent with managerial behavior involving the reduction of discretionary expenditures and strategic timing of asset disposals to simultaneously enhance reported earnings and reduce tax liability. R_CFO and R_PROD yield no significant associations, attributable to their comparatively higher economic costs of execution. Multinational firms (MNF) demonstrate more pronounced REM–tax planning associations relative to domestic firms, particularly through the R_EXP and R_PROD channels. All findings constitute associational evidence and do not support causal inference, given the cross-sectional research design.

Conclusions: The study generates actionable insights for regulators, auditors, and investors in assessing earnings quality and tax risk exposure among SET-listed firms, while advancing theoretical understanding of the intersection between tax avoidance behavior and real activities manipulation in an emerging capital market context.

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