RELATIONSHIP BETWEEN SUBSIDIZED DEBTS AND TAX AGGRESSIVENESS OF BRAZILIAN COMPANIES LISTED ON B3
DOI:
https://doi.org/10.56238/revgeov16n5-176Keywords:
Subsidized Debt, Tax Aggressiveness, Capital StructureAbstract
This research aimed to analyze the relationship between subsidized debt and the tax aggressiveness of Brazilian publicly traded companies listed on the Brazilian Stock Exchange (B3) from 2015 to 2024, highlighting the use of the Selic rate as an analytical parameter, in order to verify whether the occurrence of this type of indebtedness is associated with higher or lower levels of aggressiveness in tax planning. Statistical analysis was performed using multiple linear regressions employing the Ordinary Least Squares (OLS) method with a fixed-effects panel data model, considering robust standard errors. Robust results indicate that companies with subsidized debt tend to adopt more aggressive tax practices, while larger and more profitable organizations exhibit less aggressiveness, possibly due to greater market exposure and the presence of more robust governance structures. Additionally, during periods of economic crisis, there is a greater propensity to intensify tax strategies, aiming to preserve liquidity and ensure business continuity. This study contributes theoretically by broadening the understanding of the topic and offers practical support for financial and tax planning, as well as for evaluating tax behavior by credit agents and investors.
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