การเปิดเผยข้อมูล ESG กับการวางแผนภาษี : เพื่อตอบสนองผู้มีส่วนได้เสียหรือแสวงหาความชอบธรรม หลักฐานจากบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

 

ESG Disclosure and Tax Planning: Stakeholder-Responsiveness or Legitimacy-Seeking?

Evidence from Listed Companies on the Stock Exchange of Thailand

 

 

วันที่ได้รับต้นฉบับบทความ :
6 มีนาคม 2569

วันที่แก้ไขปรับปรุงบทความ :
8 พฤษภาคม 2569

วันที่ตอบรับตีพิมพ์บทความ :
18 พฤษภาคม 2569

ดร.ยอดรัก นันทพานิช
ผู้สอบบัญชีรับอนุญาต

บริษัท อาร์เค ออดิท จำกัด

(ผู้ประสานงานหลัก)
ดร.ยศวินกาญจน์ กอบกาญจนพฤติ

ผู้ช่วยศาสตราจารย์ประจำหลักสูตรบัญชีบัณฑิต

คณะบัญชี มหาวิทยาลัยหอการค้าไทย

 

 

Received:
March 6, 2026

Revised:
May 8, 2026

Accepted:
May 18, 2026

 

Dr.Yodrak Nantapanich

Certified Public Accountant,

RK Audit Limited

(Corresponding Author)
Dr.Yodsawinkan Kobkanjanapued

Assistant Professor of Department of Accounting,

School of Accountancy, University of the Thai Chamber of Commerce

 

 

คำสำคัญ :

การเปิดเผยข้อมูล ESG
การวางแผนภาษี ผลต่างถาวร
ทางภาษี ผลต่างชั่วคราวทางภาษี

บทคัดย่อ

งานวิจัยนี้มีวัตถุประสงค์เพื่อศึกษาว่า การเปิดเผยข้อมูลด้านสิ่งแวดล้อม สังคม และธรรมาภิบาล (ESG) ของบริษัทสะท้อนพันธะทางสังคมที่มีความสัมพันธ์กับการวางแผนภาษีเพื่อประโยชน์แก่ผู้มีส่วนได้เสีย หรือเพื่อแสวงหาความชอบธรรมให้แก่องค์กร โดยศึกษาบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย ช่วงปี พ.ศ. 2563 – 2567 จำนวน 755 ชุดข้อมูล ใช้การวิเคราะห์ Fixed Effects Panel Data โดยแยกการวางแผนภาษีเป็น 2 ตัวชี้วัด ประกอบด้วย ผลต่างถาวรระหว่างกำไรทางบัญชีกับกำไรทางภาษี และผลต่างชั่วคราวระหว่างกำไรทางบัญชีกับกำไรทางภาษี ผลการศึกษาพบว่า การเปิดเผยข้อมูล ESG มีความสัมพันธ์เชิงบวกกับผลต่างถาวรทางภาษี ซึ่งเกิดจากกิจกรรมเพื่อสังคม อย่างไรก็ตาม ความสัมพันธ์ของการเปิดเผยข้อมูล ESG ไม่มีความสัมพันธ์กับผลต่างชั่วคราวทางภาษี ซึ่งเน้นย้ำว่า พฤติกรรมการลดภาระค่าใช้จ่ายภาษีผ่านผลต่างชั่วคราวจากการใช้ดุลยพินิจในการจัดการกำไรทางบัญชีและกำไรทางภาษีไม่ได้เป็นผลมาจากแสวงหาความชอบธรรมหรือเพื่อผลประโยชน์ส่วนตน โดยสรุปบริษัทที่มีระดับการเปิดเผยข้อมูล ESG สูง มีความสอดคล้องกับการวางแผนภาษีโดยเลือกใช้สิทธิประโยชน์ทางภาษีมากกว่าที่จะใช้ดุลยพินิจในการจัดการกำไรทางบัญชีหรือกำไรทางภาษี ซึ่งก่อให้เกิดผลต่างชั่วคราวทางภาษี ผลการศึกษานี้มีความสำคัญต่อผู้กำหนดนโยบายโดยสนับสนุนการกำหนดกฎระเบียบที่มีประสิทธิภาพผ่านการบูรณาการการเปิดเผยข้อมูลด้าน ESG เข้าไว้กับการวางแผนภาษีของบริษัทเพื่อบรรลุวัตถุประสงค์ด้านความยั่งยืนในระยะยาว ซึ่งช่วยส่งเสริมให้บริษัทตระหนักและรับผิดชอบต่อพฤติกรรมด้านภาษีของบริษัทมากยิ่งขึ้น

 

 

Keywords:
ESG Disclosure, Tax Planning,
Permanent Book-tax Differences,
Temporary Book-tax Differences

ABSTRACT

This study aims to examine whether corporate Environmental, Social, and Governance (ESG) disclosure reflects social commitments associated with tax planning for the benefit of stakeholders or serves as a mechanism for seeking organizational legitimacy. The study investigates companies listed on the Stock Exchange of Thailand during the period 2020–2024, comprising 755 firm-year observations. A Fixed Effects Panel Data analysis is employed, and tax planning is classified into two measures: permanent book-tax differences and temporary book-tax differences. The findings reveal that ESG disclosure is positively associated with permanent tax differences, which arise from socially oriented activities. However, ESG disclosure is not associated with temporary tax differences. This finding emphasizes that tax expense reduction behavior through temporary differences resulting from managerial discretion in accounting income and taxable income is not driven by legitimacy-seeking motives or self-interested incentives. In conclusion, firms with higher levels of ESG disclosure tend to engage in tax planning through the utilization of tax incentives and tax benefits rather than through managerial discretion in accounting income or taxable income that gives rise to temporary tax differences. The findings of this study are important for policymakers as they support the development of effective regulations through the integration of ESG disclosure into corporate tax planning in order to achieve long-term sustainability objectives. Such integration may encourage firms to become more aware of and accountable for their corporate tax behavior.

 

 

 

HOW TO CITE

 

Nantapanich, Y., & Kobkanjanapued, Y. (2026). ESG disclosure and tax planning: Stakeholder-responsiveness or legitimacy-seeking? evidence from listed companies on the Stock Exchange of Thailand. Journal of Business Administration, 49(191), 24-48. https://doi.org/10.14456/jba.2026.12

 

 

 

REFERENCES

Amarna, K., López-Pérez, M. V., Garde-Sánchez, R., & Rodríguez-Ariza, L. (2025). ESG information disclosure and its relationship to tax practices: Stakeholder-friendly or legitimacy-seeking? Sustainable Development, 33(3), 3906–3917. https://doi.org/10.1002/sd.3333

Arco-Castro, M. L., López-Pérez, M. V., Rodríguez-Gómez, S., & Garde-Sánchez, R. (2020). Do stakeholders modulate philanthropic strategy? Corporate philanthropy as stakeholders’ engagement. Sustainability, 12(18), 7242. https://doi.org/10.3390/su12187242

Armstrong, C. S., Blouin, J. L., & Larcker, D. F. (2012). The incentives for tax planning. Journal of Accounting and Economics, 53(1–2), 391–411. https://doi.org/10.1016/j.jacceco.2011.04.001

Armstrong, C. S., Glaeser, S., & Kepler, J. D. (2019). Strategic reactions in corporate tax planning. Journal of Accounting and Economics, 68(1), 101232. https://doi.org/10.1016/j.jacceco.2019.101232

Badertscher, B. A., Katz, S. P., & Rego, S. O. (2013). The separation of ownership and control and corporate tax avoidance. Journal of Accounting and Economics, 56(2–3), 228–250. https://doi.org/10.1016/j.jacceco.2013.08.005

Bound, J., Jaeger, D. A., & Baker, R. M. (1995). Problems with instrumental variables estimation when the correlation between the instruments and the endogenous explanatory variable is weak. Journal of the American Statistical Association, 90(430), 443–450. https://doi.org/10.1080/01621459.1995.10476536

Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms? Journal of Financial Economics, 95(1), 41–61. https://doi.org/10.1016/j.jfineco.2009.02.003

Colasante, A., D’Adamo, I., De Massis, A., & Italiano, S. (2024). An exploratory study of stakeholder views on the sustainable development of mountain tourism. Sustainable Development, 32(4), 3722–3735. https://doi.org/10.1002/sd.2837

Comprix, J., Graham, R. C., & Moore, J. A. (2011). Empirical evidence on the impact of book-tax differences on divergence of opinion among investors. Journal of the American Taxation Association, 33(1), 51–78.

Deegan, C. (2002). The legitimising effect of social and environmental disclosures: A theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282–311. https://doi.org/10.1108/09513570210435852

Deegan, C., Rankin, M., & Tobin, J. (2002). An examination of the corporate social and environmental disclosures of BHP from 1983–1997: A test of legitimacy theory. Accounting, Auditing & Accountability Journal, 15(3), 312–343. https://doi.org/10.1108/09513570210435861

Desai, M. A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145–179. https://doi.org/10.1016/j.jfineco.2005.02.002

Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59–100. https://doi.org/10.2308/accr.00000005

Dridi, W., & Boubaker, A. (2015). The difference between the accounting result and taxable income in detecting earnings management and tax management: The Tunisian case. International Journal of Business and Management, 10(7).

Dunbar, A., Higgins, D. M., Phillips, J. D., & Plesko, G. A. (2010). What do measures of tax aggressiveness measure? National Tax Association Proceedings, 18–26.

Durbin, J. (1954). Errors in variables. The Review of the International Statistical Institute, 22(1/3), 23–32.

Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2010). The effects of executives on corporate tax avoidance. The Accounting Review, 85(4), 1163–1189. https://doi.org/10.2308/accr.2010.85.4.1163

Frank, M. M., Lynch, L. J., & Rego, S. O. (2009). Tax reporting aggressiveness and its relation to aggressive financial reporting. The Accounting Review, 84(2), 467–496.

Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.

Friedman, M. (1970). A theoretical framework for monetary analysis. Journal of Political Economy, 78(2), 193–238. https://doi.org/10.1086/259623

Friese, A., Link, S., & Mayer, S. (2008). Taxation and corporate governance—The state of the art. In W. Schön (Ed.), Tax and corporate governance (pp. 357–425). Springer. https://doi.org/10.1007/978-3-540-77276-7_12

Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425–445. https://doi.org/10.1002/smj.750

Greene, W. H. (2018). Econometric analysis (8th ed.). Pearson.

Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed.). McGraw-Hill.

Gulzar, M. A., Cherian, J., Sial, M. S., Badulescu, A., Thu, P. A., Badulescu, D., & Khuong, N. V. (2018). Does corporate social responsibility influence corporate tax avoidance of Chinese listed companies? Sustainability, 10(12), 4549. https://doi.org/10.3390/su10124549

Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate data analysis (7th ed.). Pearson Prentice Hall.

Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2–3), 127–178.

Hausman, J. A. (1978). Specification tests in econometrics. Econometrica, 46(6), 1251–1271.

Hill, C. W. L., & Jones, T. M. (1992). Stakeholder–agency theory. Journal of Management Studies, 29(2), 131–154. https://doi.org/10.1111/j.1467-6486.1992.tb00657.x

Hoi, C. K., Wu, Q., & Zhang, H. (2013). Is corporate social responsibility associated with tax avoidance? Evidence from irresponsible CSR activities. The Accounting Review, 88(6), 2025–2059. https://doi.org/10.2308/accr-50544

Huang, D. F., & Chang, M.-L. (2016). Do auditor-provided tax services improve the relation between tax-related internal control and book-tax differences? Asia-Pacific Journal of Accounting & Economics, 23(2), 177–199. https://doi.org/10.1080/16081625.2014.1003570

IASB. (2026). IAS 12 Income Taxes. IFRS Foundation.

Inger, K. K. (2014). Relative valuation of alternative methods of tax avoidance. The Journal of the American Taxation Association, 36(1), 27–55. https://doi.org/10.2308/atax-50606

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X

Kim, J. H., & Im, C. C. (2017). The study on the effect and determinants of small- and medium-sized entities conducting tax avoidance. Journal of Applied Business Research, 33(2), 375–390. https://doi.org/10.19030/jabr.v33i2.9900

Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility? The Accounting Review, 87(3), 761–796.

Laguir, I., Staglianò, R., & Elbaz, J. (2015). Does corporate social responsibility affect corporate tax aggressiveness? Journal of Cleaner Production, 107, 662–675. https://doi.org/10.1016/j.jclepro.2015.05.059

Lanis, R., & Richardson, G. (2012). Corporate social responsibility and tax aggressiveness: An empirical analysis. Journal of Accounting and Public Policy, 31(1), 86–108. https://doi.org/10.1016/j.jaccpubpol.2011.10.006

Lanis, R., & Richardson, G. (2013). Corporate social responsibility and tax aggressiveness: A test of legitimacy theory. Accounting, Auditing & Accountability Journal, 26(1), 75–100. https://doi.org/10.1108/09513571311285621

Lanis, R., & Richardson, G. (2015). Is corporate social responsibility performance associated with tax avoidance? Journal of Business Ethics, 127(2), 439–457. https://doi.org/10.1007/s10551-014-2052-8

Larcker, D. F., & Rusticus, T. O. (2010). On the use of instrumental variables in accounting research. Journal of Accounting and Economics, 49(3), 186–205. https://doi.org/10.1016/j.jacceco.2009.11.004

Lee, B. B., Dobiyanski, A., & Minton, S. (2015). Theories and empirical proxies for corporate tax avoidance. Applied Business and Economics, 17(3), 21–34.

Lev, B., Petrovits, C., & Radhakrishnan, S. (2010). Is doing good good for you? How corporate charitable contributions enhance revenue growth. Strategic Management Journal, 31(2), 182–200. https://doi.org/10.1002/smj.810

Luo, B. (2019). Effects of auditor-provided tax services on book-tax differences and on investors’ mispricing of book-tax differences. Advances in Accounting, 47, 100434. https://doi.org/10.1016/j.adiac.2019.100434

Makni, Y., Affes, H., & Trigui, I. (2019). Do socially responsible firms pay their right part of taxes? Evidence from the European Union. Journal of Applied Business and Economics, 21(1), 24–48. https://doi.org/10.33423/jabe.v21i1.655

Mao, C. X. (2019). Effect of corporate social responsibility on corporate tax avoidance: Evidence from China. Accounting & Finance, 59(4), 2929–2966. https://doi.org/10.1111/acfi.12479

Martínez-Ferrero, J., Banerjee, S., & García-Sánchez, I. M. (2016). Corporate social responsibility as a strategic shield against costs of earnings management practices. Journal of Business Ethics, 133(2), 305–324. https://doi.org/10.1007/s10551-014-2399-x

Martínez-Ferrero, J., Banerjee, S., & García-Sánchez, I.-M. (2022). ESG information disclosure and its relationship to tax practices: Stakeholder-friendly or legitimacy-seeking? Journal of Business Ethics, 177(2), 257–285. https://doi.org/10.1007/s10551-021-04896-0

Martínez-Martínez, D., Andrades, J., Larrán, M., Muriel, M. J., & Lechuga Sancho, M. P. (2021). Determinants of earnings management in Spanish SMEs and its relationship with ESG: The relevance of sector life cycle stage. Journal of Small Business and Enterprise Development, 28(3), 399–428. https://doi.org/10.1108/JSBED-09-2019-0308

Masiya, M., Hall, S., Murray, S., Etter-Phoya, R., Hannah, E., & O'Hare, B. (2024). Tax expenditures and progress to the Sustainable Development Goals. Sustainable Development, 32(6), 6144–6162. https://doi.org/10.1002/sd.3016

McGuire, S. T., Omer, T. C., & Wang, D. (2012). Tax avoidance: Does tax-specific industry expertise make a difference? Accounting Review, 87(3), 975–1003.

Moore, J. A. (2012). Empirical evidence on the impact of external monitoring on book–tax differences. Advances in Accounting, 28(2), 254–269. https://doi.org/10.1016/j.adiac.2012.06.002

Ortas, E., & Gallego-Álvarez, I. (2020). Bridging the gap between corporate social responsibility performance and tax aggressiveness: The moderating role of national culture. Accounting, Auditing & Accountability Journal, 33(4), 825–855. https://doi.org/10.1108/AAAJ-03-2018-3410

Park, S. (2017). Corporate social responsibility and tax avoidance: Evidence from Korean firms. Journal of Applied Business Research, 33(6), 1059–1068. https://doi.org/10.19030/jabr.v33i6.10045

Phillips, J., Pincus, M., & Rego, S. O. (2003). Earnings management: New evidence based on deferred tax expense. The Accounting Review, 78(2), 491–521.

Pratiwi, I. S., & Siregar, S. V. (2019). The effect of corporate social responsibility on tax avoidance and earnings management: The moderating role of political connections. International Journal of Business, 24(3), 229–248.

Reed, W. R. (2015). On the practice of lagging variables to avoid simultaneity. Oxford Bulletin of Economics and Statistics, 77(6), 897–905. https://doi.org/10.1111/obes.12092

Rego, S. O., & Wilson, R. (2012). Equity risk incentives and corporate tax aggressiveness. Journal of Accounting Research, 50(3), 775–810. https://doi.org/10.1111/j.1475-679X.2012.00438.x

Roberts, M. R., & Whited, T. M. (2013). Endogeneity in empirical corporate finance. In G. M. Constantinides, M. Harris, & R. M. Stulz (Eds.), Handbook of the economics of finance (Vol. 2, pp. 493–572). Elsevier. https://doi.org/10.1016/B978-0-44-453594-8.00007-3

Salihu, I. A., Obid, S. N. S., & Annuar, H. A. (2013). Measures of corporate tax avoidance: Empirical evidence from an emerging economy. International Journal of Business and Society, 14(3), 412–427.

Scholes, M. S., Wolfson, M. A., Erickson, M., Hanlon, M., Maydew, E., & Shevlin, T. (2015). Taxes and business strategy (5th ed.). Pearson.

Securities and Exchange Commission, Thailand. (2020). The SEC joins as a supporter of TCFD and enhances disclosure requirements. https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=8746

Securities and Exchange Commission, Thailand. (2023). Annual registration statement (Form 56-1 One Report) guidelines. https://www.sec.or.th

Shafai, N. A., Amran, N. A., & Ganesan, Y. (2018). Corporate social responsibility and tax avoidance: Evidence from Malaysia. International Journal of Business and Society, 19(3), 491–508.

Sikka, P. (2010). Smoke and mirrors: Corporate social responsibility and tax avoidance. Accounting Forum, 34(3–4), 153–168. https://doi.org/10.1016/j.accfor.2010.05.002

Stock Exchange of Thailand. (2023). Sustainability disclosure guidelines for listed companies. https://www.set.or.th

Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571–610. https://doi.org/10.5465/amr.1995.9508080331

Ullah, S., Luo, R., Adebayo, T. S., & Kartal, M. T. (2023). Dynamics between environmental taxes and ecological sustainability: Evidence from top-seven green economies by novel quantile approaches. Sustainable Development, 31(2), 825–839. https://doi.org/10.1002/sd.2436

Wahab, N. S. A., & Holland, K. (2015). The persistence of book-tax differences. The British Accounting Review, 47(4), 339–350.

Wang, F., Xu, S., Sun, J., & Cullinan, C. P. (2020). Corporate social responsibility and tax avoidance: Evidence from China. Journal of Corporate Finance, 63, 101695. https://doi.org/10.1016/j.jcorpfin.2020.101695

Wooldridge, J. M. (2020a). Econometric analysis of cross section and panel data (2nd ed.). MIT Press.

Wooldridge, J. M. (2020b). Introductory econometrics: A modern approach (7th ed.). Cengage Learning.

Wu, D.-M. (1973). Alternative tests of independence between stochastic regressors and disturbances. Econometrica, 41(4), 733–750.

Yoon, B., Lee, J. H., & Cho, J. H. (2021). The effect of ESG performance on tax avoidance—Evidence from Korea. Sustainability, 13(12), 6729. https://doi.org/10.3390/su13126729

Zeng, T. (2019). Relationship between corporate social responsibility and tax avoidance: International evidence. Social Responsibility Journal, 15(2), 244–257. https://doi.org/10.1108/SRJ-03-2018-0056