Tax leverage and third-party capital cost for Brazilian companies

IF 0.1 Q4 BUSINESS, FINANCE
Joseane Martins Cardoso Duarte, Emanoel Marcos Lima, Jessica De Morais Lima
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引用次数: 0

Abstract

This study empirically investigates whether Brazilian companies that are more tax-leveraged have a lower capital cost from third parties than those that are less tax-leveraged. The survey data comprises financial information from 315 companies listed on the stock exchange - B3 and was structured containing information on the total liabilities due (PET), tax liabilities (PT), and the third parties’ capital cost (ki) of the sampled companies for the years between 2013 to 2017. The research is descriptive, with a quantitative approach, using methods of descriptive statistics and Pearson’s Correlation Coefficient for data analysis. The results indicate that the tax leverage provides a lower capital cost for third parties compared to the companies’ other onerous liabilities in the sample analyzed, proving, in this paper, that the financial strategy of not collecting taxes and using these resources to finance the activities of the companies can generate savings in the capital cost of third parties. The research contributes academically to provide an opportunity for discussion on the topic, contributes to society by exposing the public policy implications of granting tax installments, and contributes to companies by indicating the possibility of reducing the cost of third-party capital via tax leverage.
巴西公司的税收杠杆和第三方资本成本
本研究实证调查了税收杠杆较高的巴西公司是否比税收杠杆较低的巴西公司从第三方获得的资本成本更低。调查数据包括315家在证券交易所- B3上市公司的财务信息,其结构包含2013年至2017年抽样公司的总到期负债(PET),税收负债(PT)和第三方资本成本(ki)的信息。本研究是描述性的,采用定量方法,使用描述性统计和Pearson相关系数的方法进行数据分析。结果表明,与所分析的样本中公司的其他繁重负债相比,税收杠杆为第三方提供了更低的资金成本,这证明,在本文中,不征税并利用这些资源为公司的活动提供资金的财务策略可以节省第三方的资金成本。该研究在学术上为该主题的讨论提供了机会,通过揭示给予税收分期付款的公共政策影响对社会做出了贡献,并通过指出通过税收杠杆降低第三方资本成本的可能性对公司做出了贡献。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Contabilidad y Negocios
Contabilidad y Negocios BUSINESS, FINANCE-
自引率
0.00%
发文量
11
审稿时长
8 weeks
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