Martinez, Antonio Lopo
[Verfasser:in];
Caldas Ribeiro, Josiel
[Verfasser:in];
Maria Dias Filho, José
[Verfasser:in];
Nakao, Silvio Hiroshi
[Verfasser:in]
Tax Aggressiveness and Corporate Financialization in Brazil
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 13, 2023 erstellt
Beschreibung:
This study explored the relationship between tax aggressiveness and corporate financialization in companies listed on the Brazilian Stock Exchange from 2009 to 2022. We adjusted for fixed effects attributable to individual companies and specific years using a panel linear regression model. Our analysis revealed a positive association between tax aggressiveness and corporate financialization, suggesting that as companies employ more aggressive tax strategies, they also exhibit a rise in corporate financialization. To ensure the robustness of our findings, we introduced dummy variables, spotlighting firms with marked tax aggressiveness, thereby providing deeper insight into the established relationship. Additionally, we undertook a test incorporating tax incentive variables, which further reinforced the credibility of our results and affirmed our initial observations. While our research encountered challenges, particularly in accurately measuring financial assets and considering the limited number of companies on B3 relative to more significant global exchanges, it breaks new ground in Brazil's accounting domain. This investigation augments the current body of literature, delivering invaluable insights for Brazil's researchers, investors, policymakers, and financial analysts