Issue: Số 6 - Tháng 3 - 2026Tài chính - Ngân hàng - Bảo hiểm
Impact of corporate tax avoidance and excess cash holdings on the firm value of service companies listed on the Ho Chi Minh City Stock Exchange
Published: August 3, 2026
Abstract
This study examines the effects of tax avoidance and excess cash holdings on firm value among service companies listed on the Ho Chi Minh City Stock Exchange (HoSE). The analysis is based on a panel dataset of 47 firms over the period 2007–2024 and employs the valuation framework of Fama and French (1998). The empirical findings indicate that both tax avoidance behavior and excess cash reserves exert positive and statistically significant impacts on firm value, suggesting that capital markets assign a premium to tax optimization strategies as a means of enhancing internal financial capacity. These results provide robust evidence on the role of financial management practices in shaping market valuation within the service sector.
Keywords
enterprise valuecorporate tax avoidance practicesand the level of excess cash holdings
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