Utilização do benefício fiscal da remuneração convencional do capital social pelas empresas portuguesas
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng por |
Título da fonte: | Revista Contabilidade & Finanças (Online) |
Texto Completo: | https://www.revistas.usp.br/rcf/article/view/203279 |
Resumo: | This article aimed to analyze the use of the tax benefit of conventional remuneration of share capital (CRSC) by Portuguese companies and perceive the influence of tax policies on their financing decisions. Most of the studies are based on the relationship between financing through debt capital and taxation, in which evidence is found that tax benefits influence the capital structure of companies. There is a lack of studies in Portuguese companies. The article is relevant as it adds the increase in capital variable, because in some countries, particularly Portugal, there are also tax incentives through the own-capital financing route. Thus, this investigation provides results of Portuguese companies choosing own-capital financing before and after tax changes that incentivize its use. The empirical study was conducted through a survey questionnaire, using a sample composed of 324 Portuguese companies with economic activity. The article contributes to the study of the relationship between own-capital financing and the existing tax law in Portugal. The tax benefit of CRSC has not been enough for companies to alter their financing policy when they have to choose between resorting to debt capital and injecting new funds through capital holders. However, this incentive has led to a reduction in debt capital, through its conversion into capital, and an increase in capital through the incorporation of earnings generated, with both these practices potentially representing tax planning opportunities. Despite there being the perception that the acceptance of interest as a tax expense favors company financing through debt capital, there is recognition that this benefit incentivizes the capitalization of companies and their financing through own capital, as an alternative to debt capital, especially in medium-sized companies. |
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Utilização do benefício fiscal da remuneração convencional do capital social pelas empresas portuguesasUse of the tax benefit of conventional remuneration of share capital by Portuguese companiesestrutura de capitalbenefício fiscalfinanciamentoremuneração convencionalcapital socialcapital structuretax benefitfinancingconventional remunerationshare capitalThis article aimed to analyze the use of the tax benefit of conventional remuneration of share capital (CRSC) by Portuguese companies and perceive the influence of tax policies on their financing decisions. Most of the studies are based on the relationship between financing through debt capital and taxation, in which evidence is found that tax benefits influence the capital structure of companies. There is a lack of studies in Portuguese companies. The article is relevant as it adds the increase in capital variable, because in some countries, particularly Portugal, there are also tax incentives through the own-capital financing route. Thus, this investigation provides results of Portuguese companies choosing own-capital financing before and after tax changes that incentivize its use. The empirical study was conducted through a survey questionnaire, using a sample composed of 324 Portuguese companies with economic activity. The article contributes to the study of the relationship between own-capital financing and the existing tax law in Portugal. The tax benefit of CRSC has not been enough for companies to alter their financing policy when they have to choose between resorting to debt capital and injecting new funds through capital holders. However, this incentive has led to a reduction in debt capital, through its conversion into capital, and an increase in capital through the incorporation of earnings generated, with both these practices potentially representing tax planning opportunities. Despite there being the perception that the acceptance of interest as a tax expense favors company financing through debt capital, there is recognition that this benefit incentivizes the capitalization of companies and their financing through own capital, as an alternative to debt capital, especially in medium-sized companies.O objetivo deste artigo foi analisar a utilização do benefício fiscal da remuneração convencional do capital social (RCCS) pelas empresas portuguesas e percepcionar a influência das políticas fiscais nas suas tomadas de decisão de financiamento. A maioria dos estudos assenta na relação do financiamento por capitais alheios com a fiscalidade, em que se encontraram evidências de que os benefícios fiscais influenciam a estrutura de capitais das empresas. Existe ausência de estudos em empresas portuguesas. O artigo é relevante ao acrescentar a variável do aumento de capital, porque em alguns países, em particular Portugal, há incentivos fiscais, também, pela via do financiamento através de capitais próprios. Desse modo, esta investigação proporciona resultados da opção pelas empresas portuguesas pelo financiamento por capitais próprios antes e após alterações fiscais que incentivam sua utilização. O estudo empírico foi realizado através de inquérito por questionário, sendo a amostra composta por 324 empresas portuguesas com atividade económica. O artigo contribui para o estudo da relação do financiamento pela via dos capitais próprios com a lei fiscal existente em Portugal. O benefício fiscal da RCCS não tem sido suficiente para as empresas alterarem sua política de financiamento quando têm de optar entre recorrer a capital alheio e efetuar novas entradas pelos detentores de capital. No entanto, esse incentivo tem proporcionado a redução do capital alheio, através da sua conversão em capital, e o aumento do capital pela incorporação do lucro gerado, podendo essas práticas constituírem oportunidades de planeamento fiscal. Apesar de existir a percepção que a aceitação dos juros como gasto fiscal favorece o financiamento das empresas por meio de capitais alheios, há o reconhecimento que esse benefício incentiva a capitalização das empresas e o seu financiamento através de capitais próprios, em alternativa a capitais alheios, sobretudo nas médias empresas.Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária2022-10-06info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/xmlapplication/pdfapplication/pdfhttps://www.revistas.usp.br/rcf/article/view/20327910.1590/1808-057x20221587.enRevista Contabilidade & Finanças; v. 33 n. 90 (2022); e1587Revista Contabilidade & Finanças; Vol. 33 No. 90 (2022); e1587Revista Contabilidade & Finanças; Vol. 33 Núm. 90 (2022); e15871808-057X1519-7077reponame:Revista Contabilidade & Finanças (Online)instname:Universidade de São Paulo (USP)instacron:USPengporhttps://www.revistas.usp.br/rcf/article/view/203279/187263https://www.revistas.usp.br/rcf/article/view/203279/187262https://www.revistas.usp.br/rcf/article/view/203279/187261Copyright (c) 2022 Revista Contabilidade & Finançashttp://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessCruz, Sérgio RavaraSoares, Cesário2022-10-06T18:12:40Zoai:revistas.usp.br:article/203279Revistahttp://www.revistas.usp.br/rcf/indexPUBhttps://old.scielo.br/oai/scielo-oai.phprecont@usp.br||recont@usp.br1808-057X1519-7077opendoar:2022-10-06T18:12:40Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
Utilização do benefício fiscal da remuneração convencional do capital social pelas empresas portuguesas Use of the tax benefit of conventional remuneration of share capital by Portuguese companies |
title |
Utilização do benefício fiscal da remuneração convencional do capital social pelas empresas portuguesas |
spellingShingle |
Utilização do benefício fiscal da remuneração convencional do capital social pelas empresas portuguesas Cruz, Sérgio Ravara estrutura de capital benefício fiscal financiamento remuneração convencional capital social capital structure tax benefit financing conventional remuneration share capital |
title_short |
Utilização do benefício fiscal da remuneração convencional do capital social pelas empresas portuguesas |
title_full |
Utilização do benefício fiscal da remuneração convencional do capital social pelas empresas portuguesas |
title_fullStr |
Utilização do benefício fiscal da remuneração convencional do capital social pelas empresas portuguesas |
title_full_unstemmed |
Utilização do benefício fiscal da remuneração convencional do capital social pelas empresas portuguesas |
title_sort |
Utilização do benefício fiscal da remuneração convencional do capital social pelas empresas portuguesas |
author |
Cruz, Sérgio Ravara |
author_facet |
Cruz, Sérgio Ravara Soares, Cesário |
author_role |
author |
author2 |
Soares, Cesário |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Cruz, Sérgio Ravara Soares, Cesário |
dc.subject.por.fl_str_mv |
estrutura de capital benefício fiscal financiamento remuneração convencional capital social capital structure tax benefit financing conventional remuneration share capital |
topic |
estrutura de capital benefício fiscal financiamento remuneração convencional capital social capital structure tax benefit financing conventional remuneration share capital |
description |
This article aimed to analyze the use of the tax benefit of conventional remuneration of share capital (CRSC) by Portuguese companies and perceive the influence of tax policies on their financing decisions. Most of the studies are based on the relationship between financing through debt capital and taxation, in which evidence is found that tax benefits influence the capital structure of companies. There is a lack of studies in Portuguese companies. The article is relevant as it adds the increase in capital variable, because in some countries, particularly Portugal, there are also tax incentives through the own-capital financing route. Thus, this investigation provides results of Portuguese companies choosing own-capital financing before and after tax changes that incentivize its use. The empirical study was conducted through a survey questionnaire, using a sample composed of 324 Portuguese companies with economic activity. The article contributes to the study of the relationship between own-capital financing and the existing tax law in Portugal. The tax benefit of CRSC has not been enough for companies to alter their financing policy when they have to choose between resorting to debt capital and injecting new funds through capital holders. However, this incentive has led to a reduction in debt capital, through its conversion into capital, and an increase in capital through the incorporation of earnings generated, with both these practices potentially representing tax planning opportunities. Despite there being the perception that the acceptance of interest as a tax expense favors company financing through debt capital, there is recognition that this benefit incentivizes the capitalization of companies and their financing through own capital, as an alternative to debt capital, especially in medium-sized companies. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-10-06 |
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://www.revistas.usp.br/rcf/article/view/203279 10.1590/1808-057x20221587.en |
url |
https://www.revistas.usp.br/rcf/article/view/203279 |
identifier_str_mv |
10.1590/1808-057x20221587.en |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/203279/187263 https://www.revistas.usp.br/rcf/article/view/203279/187262 https://www.revistas.usp.br/rcf/article/view/203279/187261 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2022 Revista Contabilidade & Finanças http://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2022 Revista Contabilidade & Finanças http://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
text/xml application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
dc.source.none.fl_str_mv |
Revista Contabilidade & Finanças; v. 33 n. 90 (2022); e1587 Revista Contabilidade & Finanças; Vol. 33 No. 90 (2022); e1587 Revista Contabilidade & Finanças; Vol. 33 Núm. 90 (2022); e1587 1808-057X 1519-7077 reponame:Revista Contabilidade & Finanças (Online) instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Revista Contabilidade & Finanças (Online) |
collection |
Revista Contabilidade & Finanças (Online) |
repository.name.fl_str_mv |
Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
recont@usp.br||recont@usp.br |
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1787713777987223552 |