Tax Aggressiveness and Corporate Financialization in Brazil
Autor(a) principal: | |
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Data de Publicação: | 2024 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | eng por |
Título da fonte: | Contabilidade, Gestão e Governança |
Texto Completo: | https://revistacgg.org/index.php/contabil/article/view/3130 |
Resumo: | Objective: This study investigates the relationship between tax aggressiveness and corporate financialization in companies listed on Brazil's B3 Stock Exchange from 2009 to 2022. Method: We employed a panel linear regression model, adjusting for fixed effects related to individual companies and specific years. We used metrics such as abnormal book tax differences (BTDA), effective tax rate (ETR), and Comprehensive Value-Added Tax Rate (CVATR) to measure tax aggressiveness. Results: Our findings show a positive correlation between tax aggressiveness and corporate financialization. Firms employing aggressive tax strategies exhibited increased financialization. For robustness, dummy variables targeting aggressively taxed firms were introduced, confirming the initial relationship. CVATR emerged as a particularly effective metric in the Brazilian context due to its complex tax structure. Originality/Relevance: This study is pioneering in exploring the nexus between tax aggressiveness and corporate financialization in Brazil, contributing valuable insights for local researchers, investors, policymakers, and financial analysts. Theoretical/Methodological Contributions: Our research introduces innovative approaches for measuring financial assets tailored to Brazil's unique market conditions. It also enriches the current body of literature by confirming CVATR as an effective metric for capturing tax aggressiveness in Brazil. |
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Tax Aggressiveness and Corporate Financialization in Brazil Agresividad fiscal y financiarización de las empresas en BrasilAgressividade tributária e financeirização corporativa no BrasilTax aggressivenessCorporate FinancializationB3 Stock ExchangeAgresividad tributariafinanciarización de las empresasBolsa B3Agressividade fiscalfinanceirização corporativaBolsa de Valores da B3Objective: This study investigates the relationship between tax aggressiveness and corporate financialization in companies listed on Brazil's B3 Stock Exchange from 2009 to 2022. Method: We employed a panel linear regression model, adjusting for fixed effects related to individual companies and specific years. We used metrics such as abnormal book tax differences (BTDA), effective tax rate (ETR), and Comprehensive Value-Added Tax Rate (CVATR) to measure tax aggressiveness. Results: Our findings show a positive correlation between tax aggressiveness and corporate financialization. Firms employing aggressive tax strategies exhibited increased financialization. For robustness, dummy variables targeting aggressively taxed firms were introduced, confirming the initial relationship. CVATR emerged as a particularly effective metric in the Brazilian context due to its complex tax structure. Originality/Relevance: This study is pioneering in exploring the nexus between tax aggressiveness and corporate financialization in Brazil, contributing valuable insights for local researchers, investors, policymakers, and financial analysts. Theoretical/Methodological Contributions: Our research introduces innovative approaches for measuring financial assets tailored to Brazil's unique market conditions. It also enriches the current body of literature by confirming CVATR as an effective metric for capturing tax aggressiveness in Brazil. Objetivo: Este estudio investiga la relación entre la agresividad fiscal y la financiarización de las empresas que cotizan en la bolsa B3 de Brasil entre 2009 y 2022.Método: Se utilizó un modelo de regresión lineal de panel, ajustando por efectos fijos relacionados con empresas individuales y años específicos. Para medir la agresividad fiscal se utilizaron métricas como las diferencias contables anormales (BTDA), el tipo impositivo efectivo (ETR) y el tipo integral del impuesto sobre el valor añadido (CVATR).Resultados: Nuestros resultados muestran una correlación positiva entre la agresividad fiscal y la financiarización de las empresas. Las empresas que emplean estrategias fiscales agresivas muestran una mayor financiarización. A efectos de robustez, se introdujeron variables ficticias dirigidas a las empresas con fiscalidad agresiva, lo que confirmó la relación inicial. La CVATR se reveló como una métrica especialmente eficaz en el contexto brasileño debido a su compleja estructura fiscal.Originalidad/Relevancia: Este estudio es pionero en la exploración del nexo entre la agresividad fiscal y la financiarización de las empresas en Brasil, aportando información valiosa para investigadores locales, inversores, responsables políticos y analistas financieros.Aportaciones teóricas y metodológicas: Nuestra investigación presenta enfoques innovadores para medir los activos financieros adaptados a las condiciones únicas del mercado brasileño. También enriquece la literatura actual al confirmar que la CVATR es una métrica eficaz para captar la agresividad fiscal en Brasil. Objetivo: Este estudo investiga a relação entre agressividade fiscal e financeirização corporativa em empresas listadas na Bolsa de Valores B3 do Brasil de 2009 a 2022. Método: Utilizamos um modelo de regressão linear em painel, ajustando para efeitos fixos relacionados a empresas individuais e anos específicos. Usamos métricas como diferenças anormais de impostos contábeis (BTDA), alíquota efetiva de impostos (ETR) e alíquota abrangente de impostos sobre valor agregado (CVATR) para medir a agressividade fiscal. Resultados: Nossos resultados mostram uma correlação positiva entre a agressividade fiscal e a financeirização corporativa. As empresas que empregam estratégias fiscais agressivas apresentaram maior financeirização. Para fins de robustez, foram introduzidas variáveis fictícias direcionadas a empresas com tributação agressiva, confirmando a relação inicial. O CVATR surgiu como uma métrica particularmente eficaz no contexto brasileiro devido à sua complexa estrutura tributária. Originalidade/Relevância: Este estudo é pioneiro na exploração do nexo entre agressividade tributária e financeirização corporativa no Brasil, contribuindo com insights valiosos para pesquisadores, investidores, formuladores de políticas e analistas financeiros locais. Contribuições teóricas/metodológicas: Nossa pesquisa apresenta abordagens inovadoras para medir ativos financeiros adaptados às condições únicas do mercado brasileiro. Ela também enriquece o corpo atual da literatura ao confirmar que o CVATR é uma métrica eficaz para capturar a agressividade fiscal no Brasil. Contabilidade Gestão e Governança2024-02-15info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfhttps://revistacgg.org/index.php/contabil/article/view/313010.51341/cgg.v26i3.3130Journal of Accounting, Management and Governance; Vol. 26 No. 3 (2023); 378-412Contabilidade Gestão e Governança; v. 26 n. 3 (2023); 378-4121984-392510.51341/cgg.v26i3reponame:Contabilidade, Gestão e Governançainstname:Universidade de Brasília (UnB)instacron:UNBengporhttps://revistacgg.org/index.php/contabil/article/view/3130/818https://revistacgg.org/index.php/contabil/article/view/3130/819Copyright (c) 2023 Antonio Lopo Martinez, Josiel Rodrigues, José Maria Dias Filho, Silvio Nakaoinfo:eu-repo/semantics/openAccessLopo Martinez, AntonioRodrigues, JosielDias Filho, José MariaNakao, Silvio2024-02-16T12:38:38Zoai:oai.jamg.cloud:article/3130Revistahttp://www.revistacgg.org/index.php/contabilPUBhttps://revistacgg.org/index.php/contabil/oaijamg.cgg@gmail.com1516-70111984-3925opendoar:2024-02-16T12:38:38Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)false |
dc.title.none.fl_str_mv |
Tax Aggressiveness and Corporate Financialization in Brazil Agresividad fiscal y financiarización de las empresas en Brasil Agressividade tributária e financeirização corporativa no Brasil |
title |
Tax Aggressiveness and Corporate Financialization in Brazil |
spellingShingle |
Tax Aggressiveness and Corporate Financialization in Brazil Lopo Martinez, Antonio Tax aggressiveness Corporate Financialization B3 Stock Exchange Agresividad tributaria financiarización de las empresas Bolsa B3 Agressividade fiscal financeirização corporativa Bolsa de Valores da B3 |
title_short |
Tax Aggressiveness and Corporate Financialization in Brazil |
title_full |
Tax Aggressiveness and Corporate Financialization in Brazil |
title_fullStr |
Tax Aggressiveness and Corporate Financialization in Brazil |
title_full_unstemmed |
Tax Aggressiveness and Corporate Financialization in Brazil |
title_sort |
Tax Aggressiveness and Corporate Financialization in Brazil |
author |
Lopo Martinez, Antonio |
author_facet |
Lopo Martinez, Antonio Rodrigues, Josiel Dias Filho, José Maria Nakao, Silvio |
author_role |
author |
author2 |
Rodrigues, Josiel Dias Filho, José Maria Nakao, Silvio |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Lopo Martinez, Antonio Rodrigues, Josiel Dias Filho, José Maria Nakao, Silvio |
dc.subject.por.fl_str_mv |
Tax aggressiveness Corporate Financialization B3 Stock Exchange Agresividad tributaria financiarización de las empresas Bolsa B3 Agressividade fiscal financeirização corporativa Bolsa de Valores da B3 |
topic |
Tax aggressiveness Corporate Financialization B3 Stock Exchange Agresividad tributaria financiarización de las empresas Bolsa B3 Agressividade fiscal financeirização corporativa Bolsa de Valores da B3 |
description |
Objective: This study investigates the relationship between tax aggressiveness and corporate financialization in companies listed on Brazil's B3 Stock Exchange from 2009 to 2022. Method: We employed a panel linear regression model, adjusting for fixed effects related to individual companies and specific years. We used metrics such as abnormal book tax differences (BTDA), effective tax rate (ETR), and Comprehensive Value-Added Tax Rate (CVATR) to measure tax aggressiveness. Results: Our findings show a positive correlation between tax aggressiveness and corporate financialization. Firms employing aggressive tax strategies exhibited increased financialization. For robustness, dummy variables targeting aggressively taxed firms were introduced, confirming the initial relationship. CVATR emerged as a particularly effective metric in the Brazilian context due to its complex tax structure. Originality/Relevance: This study is pioneering in exploring the nexus between tax aggressiveness and corporate financialization in Brazil, contributing valuable insights for local researchers, investors, policymakers, and financial analysts. Theoretical/Methodological Contributions: Our research introduces innovative approaches for measuring financial assets tailored to Brazil's unique market conditions. It also enriches the current body of literature by confirming CVATR as an effective metric for capturing tax aggressiveness in Brazil. |
publishDate |
2024 |
dc.date.none.fl_str_mv |
2024-02-15 |
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://revistacgg.org/index.php/contabil/article/view/3130 10.51341/cgg.v26i3.3130 |
url |
https://revistacgg.org/index.php/contabil/article/view/3130 |
identifier_str_mv |
10.51341/cgg.v26i3.3130 |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
https://revistacgg.org/index.php/contabil/article/view/3130/818 https://revistacgg.org/index.php/contabil/article/view/3130/819 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2023 Antonio Lopo Martinez, Josiel Rodrigues, José Maria Dias Filho, Silvio Nakao info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2023 Antonio Lopo Martinez, Josiel Rodrigues, José Maria Dias Filho, Silvio Nakao |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
Contabilidade Gestão e Governança |
publisher.none.fl_str_mv |
Contabilidade Gestão e Governança |
dc.source.none.fl_str_mv |
Journal of Accounting, Management and Governance; Vol. 26 No. 3 (2023); 378-412 Contabilidade Gestão e Governança; v. 26 n. 3 (2023); 378-412 1984-3925 10.51341/cgg.v26i3 reponame:Contabilidade, Gestão e Governança instname:Universidade de Brasília (UnB) instacron:UNB |
instname_str |
Universidade de Brasília (UnB) |
instacron_str |
UNB |
institution |
UNB |
reponame_str |
Contabilidade, Gestão e Governança |
collection |
Contabilidade, Gestão e Governança |
repository.name.fl_str_mv |
Contabilidade, Gestão e Governança - Universidade de Brasília (UnB) |
repository.mail.fl_str_mv |
jamg.cgg@gmail.com |
_version_ |
1798315266270035968 |