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However, this relationship does not hold true for companies that already have a low tax rate or that have a significant difference between the accounting result and the taxable income which, for Hill they highlighted the fact that firms developing tax lobbying activities were valued more by shareholders than others. However, this relationship does not hold true for companies that already have a low tax rate or that have a significant difference between the accounting result and the taxable income which, for Hill they highlighted the fact that firms developing tax lobbying activities were valued more by shareholders than others.planification fiscale However, this relationship does not hold true for companies that already have a low tax rate or that have a significant difference between the accounting result and the taxable income which, for Hillet al. (2013), suggests that shareholders value the tax lobbying activities of firms with leeway to improve their tax situation without excessive risk. The idea that shareholders, or even, more generally, investors, would necessarily value corporate tax planning is not empirically established – even though it is often put forward, including by certain theoretical works. The risks of misappropriation of profits by managers, the potentially negative signals that lower taxable income can send or even the classic risks that surround tax planning – such as the possible sanctions imposed by tax authorities – are likely to lead shareholders to watch with suspicion operations aimed at minimizing the tax burden. According to Desai and Dharmapala (2009), this is one of the reasons why the use of tax planning is not as massive as we might expect given the effectiveness of "tax leverage" in terms of value creation. In effect,