M.A. Thesis:

roles of tax planning in market valuation of corporate social responsibility

The main purpose of this research is to determine corporate social responsibility and market value with the role of tax adjustment. Nowadays, the widespread development of corporate social responsibility reporting requirements to create transparency and accountability in the capital markets has been the focus of regulatory agencies and the stock market. The study was conducted on 155 listed companies in Tehran Stock Exchange for a period of 5 years from 93 to 97. In this study, financial leverage and company size were also used as control variables. Sample data of the companies studied were analyzed by Excel using software and analyzed by Aviv software. The results showed that there is a positive relationship between corporate responsibility and market value and this relationship is significant. Economic and social benefits are intertwined today, so that in the function of production social benefits are economic benefits, and in distributive function, if there is social culture, this function for organizations can have economic benefits. The effective tax rate also moderates the relationship between corporate responsibility and market value, and the relationship is negative and significant. Since tax itself is a social expense, so an increase in this rate can have a negative impact on other social activities of the company, thereby undermining the value of the company.

Keywords: Keywords: Corporate Social Responsibility, Market Value, Effective Tax Rate