planification travail
Logically, companies with a high gap between taxable income and accounting income should therefore be less valued by investors insofar as this would be associated with lower future performance. This point was also examined by Lev and Nissim (2004) who highlighted a negative correlation between the Price Earning Ratio(PER) of the companies considered and the difference between the taxable income and the accounting result.planification fiscale However, according to these authors, this result is valid for the period 1993-2000 but not for that between 1973 and 1992; they deduce that during the 1990s, investors acquired growing expertise in the use of information contained in taxable income or correlated information for the valuation of financial securities. 25Insofar as it is likely to contribute to the widening of the gap between tax revenue and accounting result, tax planning could therefore be at the origin of sending a signal indicating the weak present and future performance of the tax system. company concerned which would therefore lead to a lower valuation by investors and, in particular, by shareholders. This would suppose, however, that the latter do not differentiate the cases where the relatively low taxable income results from tax planning from those where it only reveals a less favorable financial situation than what the available accounting information reveals. This is also a limit that is clearly identified by Hanlon (2005), in particular, because, as we will see, 26In any case, the elements that have just been mentioned raise, it seems to us, an essential question regarding the link between accounting and taxation. Since it requires, where applicable, managers to arbitrate between an overstatement of the accounting result, for the purposes of financial communication, and an understatement of the taxable income, so as to reduce the tax burden, the connection between accounting and taxation, which prevails in France, is it not a means of limiting fraudulent practices in accounting and tax matters? Nevertheless, such reasoning quickly finds its limit in the presence of multinational groups having the possibility of consolidating their results in countries where such a connection does not exist.