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

Abstract

This study aims to examine the investigate the audit committee characteristics on tax planning in the agro-industry listed companies in Thailand. This research used 229 firm-year data extracted from the annual financial reports (form 56-1) and data from the SET Security Market Analysis and Reporting Tool (SETSMART) database during the years 2018–2022. The descriptive analysis, correlation matrix, and multiple regression were used for the analysis. Theoretically, this research applies agency theory to explain the relationship between audit committee characteristics and tax planning. The main findings reveal that among audit committee characteristics, being female and the frequency of meetings both have significant effects on tax planning of Thailand ago-industry listed firms. In comparison, size, expertise (financial and accounting) and compensation do not have significant effects on tax planning. The findings offer valuable insights for companies to consider when selecting candidates for audit committees.