A influência do benefício fiscal do endividamento na estrutura de capital das empresas no Brasil

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Fonseca, Peter Vaz da
Jucá, Michele Nascimento
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Nakamura, Wilson Toshiro
Santos, José Odálio dos
Administração de Empresas
In finance studies taxation is recognized as having influence on corporate financing decisions. According to the trade-off theory, the company, encouraged by the debt tax shield, recourse to third-party capital up to the level where the costs, associated with the bankruptcy risks outcome that advantage. Thus, this study aims to check the existence of a positive effect of the tax shields on the indebtedness of 259 public Brazilian non-financial companies, during the period between 2008 and 2015. Considered as proxies of tax benefit are the variables marginal tax rate (MTR), kink, standardized kink and tax payment. To verify the existence of the mentioned effect, regression models are used with data in static and dynamic panels. As a result, the variables kink and standardized kink confirm the hypothesis of this research for both regression models. It means that tax benefit effectively influences the level of corporate indebtedness. As for the dynamic panel, another feature to be highlighted refers to the fact that - for all independent tax variables – there is a reversal of signals between the level variables and their lagged variables, in relation to the specific models of each one. This suggests that there is a short-term adequacy dynamic – 1 year – in relation to the capital structure of companies. On the control variables, dynamic panel shows more adherence to finance theories, presenting statistical significance for the variables intangible assets, profitability, size, business risk, growth and age. Finally, another contribution of this work is the understanding of the conservative use of debts by Brazilian companies, for capturing the benefits of tax deduction. Further studies may verify what reasons else direct financial leverage, as well as the economic feasibility of investment decisions.
estrutura de capital , benefício fiscal , alíquota de imposto marginal , Kink , painéis estático e dinâmico
FONSECA, Peter Vaz. A influência do benefício fiscal do endividamento na estrutura de capital das empresas no Brasil. 2017. 98 p. Dissertação (Administração de Empresas) - Universidade Presbiteriana Mackenzie, São Paulo.