{"title":"El efecto escudo fiscal como determinante de la estructura de capital y la generación de valor: un análisis empírico para el mercado colombiano","authors":"Andrés Mosquera Sevilla, C. A. Lozano","doi":"10.18601/16577175.N28.04","DOIUrl":null,"url":null,"abstract":"National tax policy has a broad impact on investment, growth, job creation and other relevant macroeconomic variables. In microeconomic terms, it has a direct impact on the financial performance of companies in the country, to the extent that tax obligations affect corporate financial management. In this sense, the present work aims to analyze the impact that fiscal conditions may have on the debt decisions of companies, their impact on the economic value added and the cost of capital of Colombian companies that are listed on the stock market and make part of the Colcap index during the period 2015 to 2019. A descriptive study of a quantitative, comparative and longitudinal type was developed in the context of national financial and tax management. The research shows that fiscal aspects at the business level are highly correlated with capital structure decisions according to the empirical evidence provided by companies listed on the Colombian Stock Exchange; These findings are comparable to research results in other economies, both developed and emerging.","PeriodicalId":50867,"journal":{"name":"Advances in Computers","volume":"4 1","pages":"59-78"},"PeriodicalIF":0.0000,"publicationDate":"2021-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Advances in Computers","FirstCategoryId":"94","ListUrlMain":"https://doi.org/10.18601/16577175.N28.04","RegionNum":4,"RegionCategory":"计算机科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"Computer Science","Score":null,"Total":0}
引用次数: 0
Abstract
National tax policy has a broad impact on investment, growth, job creation and other relevant macroeconomic variables. In microeconomic terms, it has a direct impact on the financial performance of companies in the country, to the extent that tax obligations affect corporate financial management. In this sense, the present work aims to analyze the impact that fiscal conditions may have on the debt decisions of companies, their impact on the economic value added and the cost of capital of Colombian companies that are listed on the stock market and make part of the Colcap index during the period 2015 to 2019. A descriptive study of a quantitative, comparative and longitudinal type was developed in the context of national financial and tax management. The research shows that fiscal aspects at the business level are highly correlated with capital structure decisions according to the empirical evidence provided by companies listed on the Colombian Stock Exchange; These findings are comparable to research results in other economies, both developed and emerging.
期刊介绍:
Since its first volume in 1960, Advances in Computers has presented detailed coverage of innovations in computer hardware, software, theory, design, and applications. It has also provided contributors with a medium in which they can explore their subjects in greater depth and breadth than journal articles usually allow. As a result, many articles have become standard references that continue to be of significant, lasting value in this rapidly expanding field.