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The impact of tax costs on firm value: Empirical evidence from Vietnam

Lê Thị Phương Hà: VietinBank Chi nhánh 2 Thành phố Hồ Chí Minh; Lê Ngọc Thanh: Agribank Chi nhánh Đông Gia Lai; Dương Thị Thùy An: Trường Đại học Ngân hàng Thành phố Hồ Chí Minh;
doi:10.62831/nckh.2026.176.v1

Abstract

This study examines the impact of tax costs on firm value in Vietnam using a sample of 814 listed non-financial companies over the 2016–2024 period, comprising 6,512 firm-year observations. Employing a correlated random effects model combined with Driscoll-Kraay standard errors, the results reveal that tax costs have a positive and statistically significant effect on firm value. Further industry-specific analysis indicates that this effect is heterogeneous across sectors. In particular, the pharmaceutical, healthcare, and telecommunications sectors exhibit a significantly negative effect, whereas the consumer services sector shows a distinctly positive effect; the remaining sectors do not differ significantly from the baseline. These findings suggest that the relationship between tax costs and firm value depends on industry characteristics and the way in which the market interprets tax-related information.

Keywords
tax costs effective tax rate enterprise value corporate finance

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Section Tài chính - Ngân hàng - Bảo hiểm
Issue Số 14 - Tháng 5 - 2026

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