Safa Gaaya

@article{ben_saad_4094,

title = {Corporate tax avoidance and investment efficiency: Does family control matter?},

author = {Itidel Ben Saad and Hela Garrouch and Safa Gaaya},

url = {https://doi.org/10.1108/JAAR-07-2024-0268},

year  = {2026},

date = {2026-06-01},

journal = {Journal of Applied Accounting Research},

volume = {27},

number = {3},

pages = {658-679},

abstract = {Purpose



The purpose of this paper is to examine how corporate tax avoidance influences investment efficiency and investigate whether family ownership impacts this relationship.

Design/methodology/approach



Our study focuses on French non-financial companies listed on the SBF 120 over the period 2005-2022, resulting in a final sample comprising total observations of 1,866 firm years. All financial information is extracted from the Worldscope database. All family data, such as voting rights, family identity and family CEO, are collected manually from the annual reports obtained from the Financial Market Authorities website (AMF). To identify whether a company is family owned, we analysed information on shareholders and control relationships mentioned in the reports, particularly the sections dealing with the ownership structure of the firm. We use a quantitative approach to test our hypothesis.

Findings



This paper examines the impact of corporate tax avoidance on investment efficiency. Based on a sample of French listed firms over the period 2005-2022, our results reveal that tax avoidance decreases investment efficiency. We also find that tax avoidance by family-controlled firms leads to increased underinvestment. We further find that this relationship is non-linear, suggesting that once the level of family control reaches a certain level, the relationship between tax avoidance and investment efficiency turns positive, supporting the socio-emotional wealth theory.

Research limitations/implications



One limitation of this study is that our findings may not be generalized to other developed countries, as they are contingent upon the unique characteristics of the French context.

Practical implications



The paper provides two practical implications. Firstly, it warns managers in French companies that tax avoidance may lead to investment inefficiency. Secondly, it provides valuable insights related to various aspects of family firms, specifically their engagement within the French business landscape.

Originality/value



Our research contributes to the expanding literature on family business research by investigating the impact of family control on the relationship between tax avoidance and investment efficiency. To gain a deeper understanding of the extent to which family control can influence this association, we focus on the non-linear relationship between family firms with excess control rights and the link between tax avoidance and investment.},

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@article{gaaya_4255,

title = {What about the firm's exposure to climate risk? Balancing carbon performance and tax avoidance practices},

author = {Safa Gaaya and Mouna Hamza and Faten Lakhal},

url = {DOI: 10.1504/IJAAPE.2025.10072987},

year  = {2026},

date = {2026-03-01},

journal = {International Journal of Accounting, Auditing and Performance Evaluation},

pages = {1-26},

abstract = {This paper examines the association between a firm's carbon

performance and tax avoidance. It also sheds new light on the role of climate

risk exposure on this relationship. Based on a sample of USA firms from 2005

to 2021, our finding reveals that firms with stronger carbon performance are

less likely to engage in tax avoidance, suggesting that firms that prioritise

reducing their carbon footprint are also committed to maintaining compliance

with tax regulations, supporting the stakeholder perspective. The results also

document that the negative association between carbon performance and tax

avoidance holds only during lower climate risk exposure, suggesting that

under heightened climate exposure companies focus on climate-related

concerns, making tax avoidance a lower priority. Additional evidence reveals

that high-polluting firms are more incentivised to enhance carbon performance

to respond to institutional pressure, leading to lower tax avoidance levels.},

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pubstate = {online},

tppubtype = {article}

}

@article{benkraiem_2959,

title = {Access to finance and corporate tax avoidance: International evidence},

author = {Ramzi Benkraiem and Safa Gaaya and Faten Lakhal and Merve Kilic},

url = {https://doi.org/10.1016/j.intaccaudtax.2024.100668},

year  = {2025},

date = {2025-06-01},

urldate = {2025-06-01},

journal = {Journal of International Accounting, Auditing and Taxation},

volume = {58},

pages = {100668},

abstract = {This paper investigates the relationship between access to finance and corporate tax avoidance. Using a sample of 63,443 firm-year observations from 37 countries, the results reveal that firms suffering from limited access to finance are more inclined to engage in tax avoidance practices. The results also show that increased levels of financial constraints are positively associated with tax avoidance for firms operating in countries with high economic and policy uncertainty and high government debt level. Further evidence shows that the difficulty to access finance increases tax avoidance in countries with weak investor protection. Our results are robust after addressing endogeneity concern and using different measures of financial constraints, tax avoidance, and countries' institutional environments.},

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pubstate = {published},

tppubtype = {article}

}

@article{lakhal_2414,

title = {How do socially responsible companies engage in tax avoidance practices? Evidence from France},

author = {Faten Lakhal and Itidel Ben Saad and Nadia Lakhal and Safa Gaaya},

url = {https://doi.org/10.59876/a-pwk5-4v51},

year  = {2024},

date = {2024-09-01},

urldate = {2024-09-01},

journal = {Management International},

volume = {28},

number = {5},

pages = {55-66},

abstract = {La responsabilité sociale des entreprises (RSE) fait partie du débat plus large sur la question de savoir si les entreprises s'engagent dans la RSE pour promouvoir des intérêts sociaux ou strictement pour atteindre la légitimité et sont donc implicitement impliquées dans une forme de «?greenwashing?». Cet article étudie l'effet de la RSE sur l'évasion fiscale des entreprises. Il examine également les rôles de la gouvernance d'entreprise, de l'effet de levier et de la propriété familiale dans la relation RSE-évasion fiscale. En se basant sur un échantillon des entreprises françaises cotées de 2005 à 2017, les résultats montrent que les entreprises engagées dans la RSE adoptent des pratiques d'évasion fiscale, soutenant les perspectives de gestion des risques et de la théorie de l'agence. Cela suggère que les entreprises adoptent la RSE pour se forger une réputation positive et couvrir des positions fiscales à risque. Les résultats montrent également que les rôles disciplinaires de la dette et de la gouvernance d'entreprise atténuent cet effet positif. Des preuves supplémentaires montrent que les entreprises familiales qui investissent trop dans la RSE sont peu susceptibles de s'engager dans l'évasion fiscale à des fins de richesse socio-économique. Les résultats sont robustes aux mesures alternatives de l'évasion fiscale et aux préoccupations d'endogénéité.},

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@article{benkraiem_2786,

title = {Tax avoidance, investor protection, and investment inefficiency: An international evidence},

author = {Ramzi Benkraiem and Safa Gaaya and Faten Lakhal},

url = {https://www.sciencedirect.com/science/article/pii/S0275531924000503?dgcid=author},

year  = {2024},

date = {2024-04-01},

urldate = {2024-04-01},

journal = {Research In International Business And Finance},

volume = {69},

pages = {102258},

abstract = {This paper provides new evidence on the relationship between corporate tax avoidance, and investment inefficiency. Based on a sample of 82,487 firm-year observations across 38 countries, we find that tax avoidance is positively associated with inefficient investments. Particularly, the positive effect of corporate tax avoidance is due to the underinvestment problem suggesting that firms engaging in tax saving activities suffer from exacerbated information asymmetry issues leading them to underinvest. More importantly, the results show that the relationship between tax avoidance and investment inefficiency is more prevalent during crisis periods, suggesting that in periods of economic shortfalls, the investment behavior is altered due to high external financing cost. We also find that the relation between tax avoidance activities and investment inefficiency is less prevalent in countries with strong investor protection. These findings are robust to alternative samples, measures of tax avoidance, investor protection and to endogeneity issues.},

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pubstate = {published},

tppubtype = {article}

}

@article{benkraiem_2214,

title = {Economic policy uncertainty, investor protection, and the value of excess cash: A cross-country comparison},

author = {Ramzi Benkraiem and Safa Gaaya and Faten Lakhal and Nadia Lakhal},

url = {https://doi.org/10.1016/j.frl.2022.103572},

year  = {2023},

date = {2023-03-01},

urldate = {2023-03-01},

journal = {Finance Research Letters},

volume = {52},

pages = {103572},

abstract = {This paper provides new evidence on the effect of economic policy uncertainty (EPU) on the value of excess cash. We find that EPU decreases the value of excess cash holdings. Thus, investors discount the value of excess cash held by firms that are highly exposed to uncertainty due to related agency and information asymmetry issues. We also investigate whether the value of excess cash holding in uncertain periods depends on the degree of investor protection. The findings reveal that investors penalize firms that hold excess cash during economic and political shortfalls only in countries with strong investor protection environments.},

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pubstate = {published},

tppubtype = {article}

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@article{benkraiem_1751,

title = {Corporate tax avoidance, economic policy uncertainty, and the value of excess cash: International evidence},

author = {Ramzi Benkraiem and Safa Gaaya and Faten Lakhal},

url = {https://doi.org/10.1016/j.econmod.2021.105738},

year  = {2022},

date = {2022-03-01},

urldate = {2022-03-01},

journal = {Economic Modelling},

volume = {108},

pages = {105738},

abstract = {This paper presents new evidence on the links between corporate tax avoidance, economic policy uncertainty, and the value of excess cash. Based on an international sample of 41,535 firm-year observations from 2005 to 2018, the results show that tax avoidance negatively affects the value of excess cash. This negative effect is only prevalent for firms operating in countries with strong investor protection. This study also explores the role of economic policy uncertainty and shows that tax avoidance lowers the discount on the value of excess cash in uncertain times because investors may underestimate any negative reputational and risky practices. These findings have important implications for investors, policymakers and the welfare of the overall economy.},

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pubstate = {published},

tppubtype = {article}

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@article{francoeur_1307,

title = {How Do Powerful CEOs Influence Corporate Environmental Performance?},

author = {Claude Francoeur and Faten Lakhal and Safa Gaaya and Itidel Ben Saad},

url = {https://www.sciencedirect.com/science/article/pii/S0264999320312086},

year  = {2021},

date = {2021-01-01},

urldate = {2021-01-01},

journal = {Economic Modelling},

volume = {94},

pages = {121-129},

abstract = {This study investigates how powerful chief executive officers (CEOs) affect their firm's environmental performance. Based on a sample of 5222 U.S. firm-year observations, we find that such CEOs positively influence environmental performance and that this effect is more prevalent in profitable firms. This result suggests that powerful CEOs are influential in creating sufficient resources to enhance their firms' environmental performance. They are also typically well established and enjoy the quiet life that predisposes them to prioritize environmental projects. Our results also show that, although firms in polluted industries have lower environmental performance, they are able to mitigate this negative effect when they have powerful CEOs or are more profitable. Our results are robust to a variety of econometric models, alternative measures of environmental performance, and controlling for endogeneity issues},

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@article{benkraiem_1237,

title = {Cross-Country Evidence on Earnings Quality and Corporate Tax Avoidance: The Moderating Role of Legal Institutions},

author = {Ramzi Benkraiem and Safa Gaaya and Faten Lakhal},

url = {http://www.accessecon.com/Pubs/EB/2020/Volume40/EB-20-V40-I2-P148.pdf},

year  = {2020},

date = {2020-06-01},

urldate = {2020-06-01},

journal = {Economics Bulletin},

volume = {40},

number = {2},

pages = {1714-1726},

abstract = {The purpose of this study is to investigate the relationship between earnings quality and corporate tax avoidance, while accounting for the strength of the legal institutional environment. We find robust evidence that high earnings quality mitigates corporate tax avoidance practices. Furthermore, we find that this association is particularly stronger when country-level legal institutions are powerful. Thus, this study should provide useful insights to academics, professionals as well as policy makers by emphasizing the vital role that accounting information quality could play in the fight against tax avoidance and the important support that legal institutions could provide in this regard.},

note = {revue sans doi},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{gaaya_1091,

title = {Does family ownership reduce corporate tax avoidance},

author = {Safa Gaaya and Faten Lakhal and Nadia Lakhal},

url = {https://www.emerald.com/insight/content/doi/10.1108/MAJ-02-2017-1530/full/html},

year  = {2017},

date = {2017-07-01},

urldate = {2017-07-01},

journal = {Managerial Auditing Journal},

volume = {32},

number = {7},

pages = {731-744},

abstract = {This paper aims to investigate the joint effect of board independence and gender diversity on the effectiveness of boards in monitoring CEO compensation in a continental European context, i.e. France},

keywords = {},

pubstate = {published},

tppubtype = {article}

}