Equity liquidity and tax aggressiveness in the Brazilian capital market
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por eng |
Título da fonte: | Revista Catarinense da Ciência Contábil (Online) |
Texto Completo: | https://revista.crcsc.org.br/index.php/CRCSC/article/view/3188 |
Resumo: | This study has investigated the potential relationship between equity liquidity and tax aggressiveness in the Brazilian capital market. Using a database of publicly traded Brazilian companies from 2010 to 2019 – not including the year 2020 due to the atypical effects of the COVID-19 pandemic – panel data models have been developed, the goal synthesis of which consisted in evaluating the longitudinal effects of equity liquidity, independent variable, on the book tax difference, dependent variable, and proxy of tax aggressiveness. Results have shown a statistically significant and economically positive relationship between the tax aggressiveness proxy and stockholding liquidity. Results suggests that companies with less volatile stocks, with larger relative stocks in B3 [(in full, B3 – Brasil Bolsa Balcão S.A.), formerly BM&FBOVESPA, a stock exchange located at São Paulo, Brazil] businesses and lower trading costs tend to adopt a more aggressive tax planning. This article helps to demonstrate that in an emerging capital market such as the Brazilian one investor tend to belittle occasional increases in profits sparingly through more aggressive tax practices, however, which may result in future losses. Furthermore, this study helps to demonstrate the importance of disclosures about tax planning so that market agents can properly price financial assets. |
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Equity liquidity and tax aggressiveness in the Brazilian capital marketLiquidez acionária e agressividade fiscal no mercado de capitais brasileiroTax AggressivenessInformational AsymmetryDisclosureEquity LiquidityAgressividade FiscalLiquidez AcionáriaAssimetria InformacionalDivulgaçãoThis study has investigated the potential relationship between equity liquidity and tax aggressiveness in the Brazilian capital market. Using a database of publicly traded Brazilian companies from 2010 to 2019 – not including the year 2020 due to the atypical effects of the COVID-19 pandemic – panel data models have been developed, the goal synthesis of which consisted in evaluating the longitudinal effects of equity liquidity, independent variable, on the book tax difference, dependent variable, and proxy of tax aggressiveness. Results have shown a statistically significant and economically positive relationship between the tax aggressiveness proxy and stockholding liquidity. Results suggests that companies with less volatile stocks, with larger relative stocks in B3 [(in full, B3 – Brasil Bolsa Balcão S.A.), formerly BM&FBOVESPA, a stock exchange located at São Paulo, Brazil] businesses and lower trading costs tend to adopt a more aggressive tax planning. This article helps to demonstrate that in an emerging capital market such as the Brazilian one investor tend to belittle occasional increases in profits sparingly through more aggressive tax practices, however, which may result in future losses. Furthermore, this study helps to demonstrate the importance of disclosures about tax planning so that market agents can properly price financial assets.Este estudo investigou a potencial relação entre a liquidez acionária e a agressividade fiscal no mercado de capitais brasileiro. Utilizando uma base de dados de companhias brasileiras de capital aberto do período de 2010 a 2019 - não incluindo o ano de 2020 pelos efeitos atípicos da pandemia da Covid-19 - foram desenvolvidos modelos de dados em painel cuja metassíntese consistiu em avaliar os efeitos longitudinais da liquidez acionária, variál independente, sobre o book tax difference, variável dependente e proxy da agressividade fiscal. Os resultados apontaram uma relação estatisticamente significante e economicamente positiva entre a proxy de agressividade fiscal e a liquidez acionária. O resultado sugere que empresas com ações menos voláteis, com maiores participações relativas em negócios da B3 e menor custo de negociação tendem a adotar um planejamento tributário mais agressivo. Este artigo contribui para demonstrar que em um mercado de capitais emergente, como o brasileiro, os investidores tendem a menosprezar com parcimônia a aumentos pontuais dos lucros por práticas tributárias mais agressivas, contudo, que possam resultar em prejuízos futuros. Outrossim, o presente estudo contribui para demonstrar a importância das divulgações sobre planejamentos tributários, a fim de que os agentes de mercado possam adequadamente apreçar os ativos financeiros.Conselho Regional de Contabilidade de Santa Catarina2021-11-12info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfapplication/ziptext/xmlhttps://revista.crcsc.org.br/index.php/CRCSC/article/view/318810.16930/2237-766220213188Revista Catarinense da Ciência Contábil; v. 20 (2021): RCCC; e31882237-76621808-378110.16930/10.16930/2237-76622021reponame:Revista Catarinense da Ciência Contábil (Online)instname:Conselho Regional de Contabilidade de Santa Catarina (CRCSC)instacron:CRCSCporenghttps://revista.crcsc.org.br/index.php/CRCSC/article/view/3188/2303https://revista.crcsc.org.br/index.php/CRCSC/article/view/3188/2304https://revista.crcsc.org.br/index.php/CRCSC/article/view/3188/2305https://revista.crcsc.org.br/index.php/CRCSC/article/view/3188/230610.16930/2237-766220213188110.16930/2237-7662202131882Copyright (c) 2021 Revista Catarinense da Ciência Contábilhttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessPrímola, Bernardo Fernandes Lott Nascimento, Eduardo Mendes Campos, Octávio Valente 2022-02-03T18:23:19Zoai:ojs.pkp.sfu.ca:article/3188Revistahttp://www.atena.org.br/revista/ojs-2.2.3-06/index.php/crcscPRIhttp://revista.crcsc.org.br/revista/ojs-2.2.3-06/index.php/CRCSC/oai||revista@crcsc.org.br2237-76621808-3781opendoar:2022-02-03T18:23:19Revista Catarinense da Ciência Contábil (Online) - Conselho Regional de Contabilidade de Santa Catarina (CRCSC)false |
dc.title.none.fl_str_mv |
Equity liquidity and tax aggressiveness in the Brazilian capital market Liquidez acionária e agressividade fiscal no mercado de capitais brasileiro |
title |
Equity liquidity and tax aggressiveness in the Brazilian capital market |
spellingShingle |
Equity liquidity and tax aggressiveness in the Brazilian capital market Prímola, Bernardo Fernandes Lott Tax Aggressiveness Informational Asymmetry Disclosure Equity Liquidity Agressividade Fiscal Liquidez Acionária Assimetria Informacional Divulgação |
title_short |
Equity liquidity and tax aggressiveness in the Brazilian capital market |
title_full |
Equity liquidity and tax aggressiveness in the Brazilian capital market |
title_fullStr |
Equity liquidity and tax aggressiveness in the Brazilian capital market |
title_full_unstemmed |
Equity liquidity and tax aggressiveness in the Brazilian capital market |
title_sort |
Equity liquidity and tax aggressiveness in the Brazilian capital market |
author |
Prímola, Bernardo Fernandes Lott |
author_facet |
Prímola, Bernardo Fernandes Lott Nascimento, Eduardo Mendes Campos, Octávio Valente |
author_role |
author |
author2 |
Nascimento, Eduardo Mendes Campos, Octávio Valente |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Prímola, Bernardo Fernandes Lott Nascimento, Eduardo Mendes Campos, Octávio Valente |
dc.subject.por.fl_str_mv |
Tax Aggressiveness Informational Asymmetry Disclosure Equity Liquidity Agressividade Fiscal Liquidez Acionária Assimetria Informacional Divulgação |
topic |
Tax Aggressiveness Informational Asymmetry Disclosure Equity Liquidity Agressividade Fiscal Liquidez Acionária Assimetria Informacional Divulgação |
description |
This study has investigated the potential relationship between equity liquidity and tax aggressiveness in the Brazilian capital market. Using a database of publicly traded Brazilian companies from 2010 to 2019 – not including the year 2020 due to the atypical effects of the COVID-19 pandemic – panel data models have been developed, the goal synthesis of which consisted in evaluating the longitudinal effects of equity liquidity, independent variable, on the book tax difference, dependent variable, and proxy of tax aggressiveness. Results have shown a statistically significant and economically positive relationship between the tax aggressiveness proxy and stockholding liquidity. Results suggests that companies with less volatile stocks, with larger relative stocks in B3 [(in full, B3 – Brasil Bolsa Balcão S.A.), formerly BM&FBOVESPA, a stock exchange located at São Paulo, Brazil] businesses and lower trading costs tend to adopt a more aggressive tax planning. This article helps to demonstrate that in an emerging capital market such as the Brazilian one investor tend to belittle occasional increases in profits sparingly through more aggressive tax practices, however, which may result in future losses. Furthermore, this study helps to demonstrate the importance of disclosures about tax planning so that market agents can properly price financial assets. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-11-12 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://revista.crcsc.org.br/index.php/CRCSC/article/view/3188 10.16930/2237-766220213188 |
url |
https://revista.crcsc.org.br/index.php/CRCSC/article/view/3188 |
identifier_str_mv |
10.16930/2237-766220213188 |
dc.language.iso.fl_str_mv |
por eng |
language |
por eng |
dc.relation.none.fl_str_mv |
https://revista.crcsc.org.br/index.php/CRCSC/article/view/3188/2303 https://revista.crcsc.org.br/index.php/CRCSC/article/view/3188/2304 https://revista.crcsc.org.br/index.php/CRCSC/article/view/3188/2305 https://revista.crcsc.org.br/index.php/CRCSC/article/view/3188/2306 10.16930/2237-7662202131881 10.16930/2237-7662202131882 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2021 Revista Catarinense da Ciência Contábil https://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2021 Revista Catarinense da Ciência Contábil https://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf application/zip text/xml |
dc.publisher.none.fl_str_mv |
Conselho Regional de Contabilidade de Santa Catarina |
publisher.none.fl_str_mv |
Conselho Regional de Contabilidade de Santa Catarina |
dc.source.none.fl_str_mv |
Revista Catarinense da Ciência Contábil; v. 20 (2021): RCCC; e3188 2237-7662 1808-3781 10.16930/10.16930/2237-76622021 reponame:Revista Catarinense da Ciência Contábil (Online) instname:Conselho Regional de Contabilidade de Santa Catarina (CRCSC) instacron:CRCSC |
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Conselho Regional de Contabilidade de Santa Catarina (CRCSC) |
instacron_str |
CRCSC |
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CRCSC |
reponame_str |
Revista Catarinense da Ciência Contábil (Online) |
collection |
Revista Catarinense da Ciência Contábil (Online) |
repository.name.fl_str_mv |
Revista Catarinense da Ciência Contábil (Online) - Conselho Regional de Contabilidade de Santa Catarina (CRCSC) |
repository.mail.fl_str_mv |
||revista@crcsc.org.br |
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