Benefício fiscal da dívida e custo de falência: uma análise do nível de conservadorismo das empresas brasileiras

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Ricca, Leandro Telles
Hadad Junior, Eli
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Nakamura, Wilson Toshiro
Silva, Edison Simoni da
Administração de Empresas
Different theories seek to justify the main determinants of the capital structure of companies. For the trade-off theory, there may be an optimal capital structure in which firms seek a balance between the risk of bankruptcy and the tax benefits generated by the deduction of interest on debt. Despite the relevance of both aspects, their joint analysis is still little explored in international and local studies. Thus, this study tries to understand why the companies do not use all the fiscal benefit associated to the indebtedness, presenting an apparent conservative behavior in relation to its low level of leverage. It is also intended to verify if a possible nonoptimization of the tax benefits arising from the indebtedness is due to a higher cost of ex ante bankruptcy of the company or due to the existence of other tax benefits not related to the debts. The resulting hypotheses are verified using descriptive statistics, correlation, simultaneous, ordered probit and tobit regressions. The sample of interest considers 38 Brazilian nonfinancial companies. The analyzed data comprise the period from 2009 to 2018, that have been obtained from the databases of Standard & Poor's (S&P) - Capital IQ - and Bloomberg. In order to infer if companies present a conservative behavior, the tax benefit and the ex-ante bankruptcy cost associated to the increase in indebtedness are calculated, considering a one level rating downgrade based on as ordered probit model. If the tax benefit is higher than the bankruptcy cost, it can be inferred that companies have a conservative behavior. The evidence of this work points to a conservative behavior of Brazilian companies. In order to evaluate whether companies use other tax benefits not associated with debt, a tobit model is developed in which the kink variable (EBIT / interest paid) is the dependent one. The results of the models indicate that the variables carryover losses and deferred taxes are statistically significant and present the signs according to what was expected by the theory. That is, companies use these benefits to reduce the tax base, confirming the hypothesis of using non-debt benefits. Thus, the evidence indicates that companies present a conservative behavior when the relationship between the tax benefit of the debt and the bankruptcy cost are considered, and that non debt tax shields are relevant in the definition of the ratio of EBIT and interest paid.
trade-off-theory , benefícios fiscais , risco de falência , equações simultâneas , regressões ordered probit e Tobit
Assuntos Scopus
RICCA, Leandro Telles. Benefício fiscal da dívida e custo de falência: uma análise do nível de conservadorismo das empresas brasileiras. 2019. 76 f. Dissertação (Mestrado em Administração de Empresas) - Universidade Presbiteriana Mackenzie, São Paulo, 2019.