Tax Aggressiveness Research Papers - Academia.edu (original) (raw)

Objective and Method: The objective in this article is to review the international and Brazilian studies on tax aggressiveness, considered as the behavior of trying to avoid or minimize the explicit tax burden for the corporation. As an... more

Objective and Method: The objective in this article is to review the international and Brazilian studies on tax aggressiveness, considered as the behavior of trying to avoid or minimize the explicit tax burden for the corporation. As an academic research theme, tax aggressiveness or tax avoidance reveals to be a diversified and vast topic, although relatively recent. Results and Contributions: Among the research questions developed in this theme, the identification of the determinants of the company's tax aggressiveness is highlighted, considering: (i) company characteristics; (ii) environmental attributes; (iii) gatekeeper restrictions; and (iv) incentives for the firms. The determinants of the managers' tax aggressiveness and the influence of governance and the control structure are reviewed. In addition, the potential economic-financial consequences of tax aggressiveness for the firms and the existing empirical proxies to measure tax aggressiveness are identified. The study is closed off with the presentation of future research opportunities on the theme.

Globalisasi telah menciptakan kondisi yang memungkinkan aktivitas produksi dan operasional perusahaan terus berkembang. Perkembangan strategi perusahaan mengarah pada satu tujuan utama yaitu untuk memaksimalkan keuntungan dan meminimalkan... more

Globalisasi telah menciptakan kondisi yang memungkinkan aktivitas produksi dan operasional perusahaan terus berkembang. Perkembangan strategi perusahaan mengarah pada satu tujuan utama yaitu untuk memaksimalkan keuntungan dan meminimalkan biaya dan pengeluaran, termasuk pengeluaran pajak melalui praktik penghindaran pajak diantaranya melalui skema transfer pricing dan thin capitalization. Tujuan dari penelitian ini adalah untuk mengetahui pengaruh transfer pricing dan thin capitalization terhadap tax aggressiveness dengan ukuran perusahaan sebagai variabel moderasi. Objek penelitian yang digunakan dalam penelitian ini adalah perusahaan manufaktur sektor industri dasar dan kimia yang terdaftar di Bursa Efek Indonesia periode 2014-2018. Jumlah sampel yang digunakan dalam penelitian sebanyak 31 sampel data. Teknik analisis data yang digunakan adalah analisis regresi logistik. Hasil penelitian ini menunjukkan bahwa ukuran perusahaan tidak dapat memoderasi pengaruh transfer pricing terhadap tax aggressiveness. Hasil lainnya menunjukkan bahwa ukuran perusahaan memperkuat signifikan pengaruh antara thin capitalization dan tax aggressiveness.

O presente estudo investiga a associação entre a agressividade tributária e a informatividade dos lucros, está compreendida como a capacidade do lucro influenciar no preço da ação no mercado brasileiro. Metodologicamente, foram feitos... more

O presente estudo investiga a associação entre a agressividade tributária e a informatividade dos lucros, está compreendida como a capacidade do lucro influenciar no preço da ação no mercado brasileiro. Metodologicamente, foram feitos testes utilizando um modelo de regressão preço-lucro, que mensura a informatividade dos lucros através do ERC (coeficiente de resposta dos lucros) de 2005 a 2016 com um total de 1879 observações. Resultados indicam que empresas mais agressivas tributariamente, medidas pelo ETR (taxa efetiva de tributação), apresentam ERC negativos ou mais baixos e empresas menos agressivas apresentaram ERC positivos ou mais altos. Essa pesquisa tem como contribuição, evidenciar um tipo de custo não tributário associado com a agressividade fiscal, materializado em menor informatividade dos lucros, sendo esta uma dimensão da qualidade dos lucros. Esses achados são relevantes para usuários externos, deixando explicito que quando uma empresa adota uma postura que desvia da padrão normal de agressividade tributária, isso afeta diretamente o grau de informatividade dos lucros no Brasil. Palavras-chave: Agressividade tributária; informatividade dos lucros; taxa de tributação efetiva; coeficiente de resposta dos lucros. ABSTRACT The present study addresses the relationship between tax avoidance and earnings informativeness, where informativeness is understood as the capacity of earnings to influence the price of the share in the Brazilian market. Methodologically, tests were made using a price-profit regression model, which measures the informativity of profits through the ERC (earnings response coefficient) from 2005 to 2016, a total of 1879 observations. Results indicate that companies that are more tax aggressive, measured by the ETR (effective tax rate), present negative or lower ERC and less tax aggressive companies had positive or higher ERC. This research has as its contribution, to provide evidence of a type of non-tax cost associated with tax aggressiveness, materialized in a lower informativity of profits, a important dimension of earnings quality. These findings are relevant to external users, leaving explicit that when a company adopts a posture that off takes the normal pattern of tax aggressiveness, this directly affects the degree of earnings informativeness in Brazil.

Tax aggressiveness is an interesting research topic in the accounting and management literature. Tax aggressiveness is one of the driving factors in many corporate decisions. Research testing the link between CSR and firm size, leverage... more

Tax aggressiveness is an interesting research topic in the accounting and management literature. Tax aggressiveness is one of the driving factors in many corporate decisions. Research testing the link between CSR and firm size, leverage to tax aggressiveness is limited and shows inconsistent results. The study aims to test the influence of corporate social responsibility (CSR), firm size, and leverage on tax aggressiveness. The research was conducted in food and beverage sub-sector manufacturing companies listed on the Indonesia Stock Exchange for the period 2017-2019. A sample of 16 companies was determined using the purposive sampling technique. Data in the form of 48 financial statements obtained from the Indonesia Stock Exchange website. The data is analyzed using multiple linear regression analysis techniques, with SPSS 20 software. The results showed that CSR has no significant negative effect on tax aggressiveness; firm size has a significant positive effect on tax aggressiveness; and leverage has a significant negative effect on tax aggressiveness. The results of this study contribute to the financial accounting and taxation literature, especially the discussion of tax aggressiveness and the factors that influence it. Theoretically, the results of this study strengthen stakeholder theory and legitimacy theory. While practically, the results of this study can provide understanding for companies about the factors that can affect tax aggressiveness.

Objective: To verify whether firms that operate in several different business sectors are more tax aggressive in comparison to firms that operate in a single or a few segments. Method: The study analyzes a sample of firms listed in the... more

Objective: To verify whether firms that operate in several different business sectors are more tax aggressive in comparison to firms that operate in a single or a few segments. Method: The study analyzes a sample of firms listed in the Brazilian stock exchange B3 in the period from 2010 to 2017. To verify the existence of a relationship between diversification and tax aggressiveness, a data panel regression model with fixed effect of company and year was used and additionally the logit model. To measure tax aggressiveness, it was used ETR (effective rate of taxation) and ETR long (long-run effective tax rates). Originality/relevance: This type of research is unprecedented in Brazil, being a point not yet explored in the literature, in view of its peculiarities of a developing country. Relevant to define the effect of diversification on tax aggressiveness. Results: It was observed that the more companies are diversified, the lower the probability of having low tax aggressiveness, or that more diversified companies are more likely to be more aggressive, compared to companies with only one segment. Therefore, the results indicate that among companies with segments, the more segments, the more aggressive the company. Theoretical/Methodological contributions: A better understanding of the phenomenon of tax aggressiveness, causes and determinants, having implications for financial statement users, in particular tax regulators.

This study aimed to examine and analyze the effect of advertising expense, firm size, and leverage of the tax aggressiveness in the manufacturing companies listed in Indonesian Stock Exchange. Tax aggressiveness was proxied by current... more

This study aimed to examine and analyze the effect of advertising expense, firm size, and leverage of the tax aggressiveness in the manufacturing companies listed in Indonesian Stock Exchange. Tax aggressiveness was proxied by current ETR. Populations from this study were all manufacturing companies listed in Indonesian Stock Exchange in 2013-2015. The data in this study was secondary data obtained from the financial statements of the sample companies. Based on the purposive sampling method, number of samples obtained as many as 140 data samples. Multiple linear regression methods were used to analyze this study. The result empirically showed that advertising expense had not effect on tax aggressiveness, while the firm size and leverage had effect on tax aggressiveness. Hence, the companies which have a bigger size, might be the object of government attention related to tax aggressiveness. On the other hand, the companies which have a high number of leverage the probability to avoid tax aggressiveness due to creditor's attention.

Objective: The purpose of this study was to examine the impact of political connection and some key corporate governance proxies, such as independence of the board of directors, institutional shareholders ownership on tax aggressiveness,... more

Objective: The purpose of this study was to examine the impact of political connection and some key corporate governance proxies, such as independence of the board of directors, institutional shareholders ownership on tax aggressiveness, and the impact of these proxies on the relationship between political connection and tax aggressiveness. Method: The panel data model was used to test and analyze the research hypotheses, and tax aggressiveness was measured by the difference between temporary and permanent book taxes. After applying some restrictions, 121 companies listed in the Tehran Stock Exchange were selected as the sample of the research in 2012-2017. Results: The findings of this study indicated that having a political connection with the government has positive and significant effects on tax aggressiveness, and that the existence of independent board of directors and the amount of institutional shareholders in the company have negative and significant effects on tax aggressiveness. Also, the findings showed that the independence of the board of directors and institutional shareholders reduce the positive relationship between political connection and tax aggressiveness. Conclusion: It can be concluded that because of the advanteges of having relationship with government, companies that have political connection with the government have a high level of tax aggressiveness that can be reduced by using corporate governance mechanisms such as independence of the board of directors and presence of institutional shareholders. These mechanisms may reduce the positive impact of political connection on tax aggressiveness.

O presente trabalho investiga a relação entre a agressividade fiscal corporativa e a alavancagem financeira nas empresas com ações negociadas na bolsa de valores de São Paulo – BM&FBOVESPA no período compreendido entre 2010 a 2014. A... more

O presente trabalho investiga a relação entre a agressividade fiscal corporativa e a alavancagem financeira nas empresas com ações negociadas na bolsa de valores de São Paulo – BM&FBOVESPA no período compreendido entre 2010 a 2014. A pesquisa presta-se a identificar um potencial determinante do nível de endividamento de uma empresa, materializado no nível de agressividade fiscal. Para mensurar o endividamento, utilizou-se a razão entre as dívidas de longo prazo e os totais dos ativos. Para a agressividade fiscal, foi utilizada a taxa efetiva de imposto (ETR), analisada de duas formas, contínua e categórica (dummy). Na regressão utilizando a ETR como variável contínua, observou-se uma relação negativa, demonstrando que ações tributárias agressivas em termos de tributos sobre o resultado, tendem a contribuir para que os recursos de terceiros sejam a principal fonte de financiamento corporativo. O controle do ETR como variável dummy, para empresas agressivas tributariamente apontou que as empresas mais agressivas têm a propensão a utilizar recursos de terceiros, corroborando o resultado anterior. Em suma, a alavancagem financeira de uma empresa é explicada por seu perfil de agressividade tributária, devendo a mesma ser utilizada como variável explicativa do nível de endividamento com capital de terceiros.

A agressividade tributária tem sido tema recorrente em pesquisas que estudam causas e consequências das estratégias tributárias empresariais, particularmente aquelas orientadas a evitar ou postergar obrigações acessórias. A presente... more

A agressividade tributária tem sido tema recorrente em pesquisas que estudam causas e consequências das estratégias tributárias empresariais, particularmente aquelas orientadas a evitar ou postergar obrigações acessórias. A presente pesquisa tem por objetivo verificar a relação entre a agressividade tributária e o refazimento das Demonstrações Financeiras em empresas brasileiras listadas na B3. Almeja-se conhecer se existe uma associação entre o risco fiscal decorrente de práticas de planejamento tributário agressivo e o risco contábil relacionado ao refazimento das Demonstrações Financeiras. A amostra final consistiu em 2.552 observações e a análise incluiu o período de 2001 a 2015. Metodologicamente, foram empregadas as medidas de agressividade tributária Efetive Tax Rate (ETR), em três variações (GAAP ETR, Current ETR e ETR Long Run), e Book Tax Differences (BTD). Com base nos resultados da variável ETR Long Run, as empresas brasileiras listadas na B3 menos agressivas tributariamente são menos propensas ao refazimento das Demonstrações Financeiras. No que toca aos resultados da variável BTD estes não foram significativos, entretanto, notou-se que um BTD maior, especialmente nos anos após a adoção do IFRS, reduz a probabilidade de refazimento das Demonstrações. Possivelmente em função da menor conformidade do lucro contábil ao lucro tributário, que atenua a relevância do BTD como métrica de agressividade tributária no Brasil. Em geral, os achados apontam que a agressividade tributária possui relação direta com a probabilidade de refazimento das Demonstrações Financeiras no Brasil. A empresa menos agressiva tributariamente em termos médios tem uma menor probabilidade para engajar-se em práticas contábeis mais agressivas, que poderiam conduzir ao refazimento de suas Demonstrações Financeiras. A investigação é relevante a usuários externos, em especial reguladores, que identificam uma relação estatística entre a agressividade tributaria e a probabilidade do refazimento as suas Demonstrações Financeiras, correlacionando o risco fiscal com o risco contábil no contexto brasileiro.

Globalisasi telah menciptakan kondisi yang memungkinkan aktivitas produksi dan operasional perusahaan terus berkembang. Perkembangan strategi perusahaan mengarah pada satu tujuan utama yaitu untuk memaksimalkan keuntungan dan meminimalkan... more

Globalisasi telah menciptakan kondisi yang memungkinkan aktivitas produksi dan operasional perusahaan terus berkembang. Perkembangan strategi perusahaan mengarah pada satu tujuan utama yaitu untuk memaksimalkan keuntungan dan meminimalkan biaya dan pengeluaran, termasuk pengeluaran pajak melalui praktik penghindaran pajak diantaranya melalui skema transfer pricing dan thin capitalization . Tujuan dari penelitian ini adalah untuk mengetahui pengaruh transfer pricing dan thin capitalization terhadap tax aggressiveness dengan ukuran perusahaan sebagai variabel moderasi. Objek penelitian yang digunakan dalam penelitian ini adalah perusahaan manufaktur sektor industri dasar dan kimia yang terdaftar di Bursa Efek Indonesia periode 2014-2018. Jumlah sampel yang digunakan dalam penelitian sebanyak 31 sampel data. Teknik analisis data yang digunakan adalah analisis regresi logistik . Hasil penelitian ini menunjukkan bahwa ukuran perusahaan tidak dapat memoderasi pengaruh transfer pricing ter...

This study examines the influence of external audits by Big4 or non-Big4 firms on the tax aggressiveness of listed Brazilian companies. Also, the research analyzes the impact on tax aggressiveness in the case of audit firm rotation,... more

This study examines the influence of external audits by Big4 or non-Big4 firms on the tax aggressiveness of listed Brazilian companies. Also, the research analyzes the impact on tax aggressiveness in the case of audit firm rotation, particularly when a company moves from Big4 to non-Big4 audit firms and vice versa. The sample was composed of 340 non-financial Brazilian companies, with shares traded in the Brazilian stock exchange B3, in the period between 2010 and 2016, and using two metrics to assess tax aggressiveness. The first is the book-tax difference (BTD) that reflects the difference between book income and taxable income. The second metric is the effective tax rate (ETR), which is calculated by dividing the total tax expenses by the earnings before taxes (EBT). The findings show that companies audited by non-Big4 firms are more aggressive than those audited by Big4 firms. As for moving from Big4 to non-Big4 firms, the results are not sufficiently clear to state whether companies become more or less tax aggressive.

The present research aims to observe whether the participation of companies in the Corporate Sustainability Index (ISE) listed in BM&FBovespa defines behavior regarding tax aggressiveness. The companies listed or not in ISE were evaluated... more

The present research aims to observe whether the participation of companies in the Corporate Sustainability Index (ISE) listed in BM&FBovespa defines behavior regarding tax aggressiveness. The companies listed or not in ISE were evaluated in the period from 2010 to 2014 through two measures of tax aggressiveness: the effective tax rate ETR (Effective tax Rate) and the difference between Book Tax Differences-BTD). By hypothesis, it was speculated that the companies listed in the index would be less tax aggressive to signal a behavior consistent with a social concern. However, a rational theory was not found to justify this anticipated relationship, and in fact, corporate sustainability, to a certain extent, could even be related to more efficient tax planning. Fiscal aggressiveness involves the use of techniques that privilege tax planning to reduce its explicit taxation, and in certain circumstances legal techniques (elision) and other illegal techniques are used, either because of their abusiveness in form or even because they have character to reduce the tax burden. The results documented in the research indicated that the companies that make up the ISE tend to be less tax aggressive those that do not participate in the ISE. This finding serves to anticipate the tax behavior of a company in function of the values that it prestige.

O presente estudo aborda a relação existente entre o nível de agressividade fiscal das empresas Controladoras e de suas Controladas. A BTD (Diferença entre o Lucro Contábil e Lucro Tributável) e a ETR (Taxa de Tributação Efetiva) são as... more

O presente estudo aborda a relação existente entre o nível de agressividade fiscal das empresas Controladoras e de suas Controladas. A BTD (Diferença entre o Lucro Contábil e Lucro Tributável) e a ETR (Taxa de Tributação Efetiva) são as medidas usadas neste estudo para avaliar o nível da agressividade tributária. A amostra correspondeu às companhias abertas listadas na BM&F Bovespa no período de 2009 a 2013. Estudos anteriores indicam que as BTDs e as ETRs são indicadores de agressividade tributária. Diferentemente dos trabalhos pesquisados, o presente estudo realiza uma análise separando Controladoras das Controladas. Dessa maneira, a pesquisa tem como objetivo identificar a relação de agressividade fiscal entre empresas num mesmo grupo econômico. A análise do comportamento e do nível da agressividade fiscal de cada tipo de companhia foi realizada de forma separada, além de identificar a relação entre as mesmas. Diante do contexto e do problema de pesquisa apresentados, as hipóteses testadas verificam se as Controladas possuem o mesmo nível ou nível diverso de agressividade fiscal de suas Controladoras. Os resultados deste estudo indicaram que o Controlador tem uma agressividade tributária mais elevada, enquanto as Controladas são menos agressivas tributariamente. Diante desse cenário retratado, nota-se que a realidade brasileira cria fortes incentivos econômicos para implementação de estratégias tributárias de income shifting, materializando-se nas transferências de resultados para as mais agressivas tributariamente (Controladoras) e de créditos/despesas tributárias para as menos agressivas (Controladas).

Resumo: O objetivo da pesquisa é inferir se as empresas brasileiras de capital aberto que enfrentam situações de restrições financeiras são mais agressivas tributariamente. Por hipótese presume-se que as empresas que enfrentam restrições... more

Resumo: O objetivo da pesquisa é inferir se as empresas brasileiras de capital aberto que enfrentam situações de restrições financeiras são mais agressivas tributariamente. Por hipótese presume-se que as empresas que enfrentam restrições financeiras, se deparam com fontes de financiamentos tradicionais mais onerosas e/ou mais difíceis de serem obtidas. A relevância do presente estudo está em evidenciar um possível incentivo a agressividade tributária fruto da carência de fontes de financiamento. Usando três proxies de agressividade fiscal, os testes realizados parecem indicar que as empresas restritas financeiramente tendem a ser mais agressivas tributariamente para gerar caixa adicional para fazer frente as suas dificuldades financeiras. Os resultados apresentados são consistentes com a teoria existente, a qual prevê uma associação significativa entre restrição financeira e agressividade tributária. Palavras-chave: Restrição financeira; agressividade fiscal; taxa de tributação efetiva.

RESUMO Este artigo investiga a relação entre gênero e agressividade do planejamento fiscal. Para tanto, analisamos a transição do Chief Executive Oficer – CEO masculino para o feminino e a transição do CEO masculino-masculino. As... more

RESUMO
Este artigo investiga a relação entre gênero e agressividade do planejamento fiscal. Para tanto, analisamos a transição do Chief Executive Oficer – CEO masculino para o feminino e a transição do CEO masculino-masculino. As conclusões apresentadas assentam-se em testes com uma amostra extraída do Economática, relativa ao período compreendido entre 2009 e 2014. Foram utilizadas duas métricas a fim de capturar a agressividade fiscal: a primeira, o Book Tax Differences (BTD), que mede a diferença entre o lucro contábil e o lucro tributável das empresas, e a segunda, o Effective Tax Rate (ETR), que mede a taxa de impostos paga em relação ao lucro operacional. Os resultados da nossa pesquisa sugerem que CEOs femininas estão associadas a um planejamento tributário mais suave, indicando menor agressividade fiscal em comparação com seus pares do sexo masculino. A idade constitui um fator que ameniza os dados. Já para as transições de CEO masculino-masculino, não foram encontrados dados estatisticamente relevantes.
Palavras-chave: Planejamento tributário; Agressividade Fiscal; CEO Feminina.
ABSTRACT
This article investigates the relationship between gender and aggressiveness of fiscal planning. To do so, we analyzed Chief Executive Oficer transitions (male-to-female CEOs and male-to-male CEOs). The conclusions presented are supported by tests with a sample drawn from Economática in the period 2009-2014. Two metrics were used to capture fiscal aggressiveness: the first, the Book Tax Difference (BTD), which measures the difference between the accounting profit and the taxable profit of the companies, and the second, the Effective Tax Rate (ETR) that measures the tax rate paid in relation to pretax profit. The results of our research suggest that female CEOs are associated with smoother tax planning, indicating less fiscal aggressiveness compared to their male counterparts. Age is a factor that softens the data. As for male-to-male CEO transitions, no statistically significant data were found.
Keywords: Tax planning; tax aggressiveness;CEO; gender.

O que é válido fazer para reduzir, postergar ou afastar a incidência de tributos (“tax avoidance”) com uso de operações societárias? Pesquisas estrangeiras dizem que responder a esta pergunta não é tarefa fácil. No Brasil, esta... more

O que é válido fazer para reduzir, postergar ou afastar a incidência de tributos (“tax avoidance”) com uso de operações societárias? Pesquisas estrangeiras dizem que responder a esta pergunta não é tarefa fácil. No Brasil, esta dificuldade é agravada pelo fato das figuras jurídicas formalmente apontadas para realizar tal balizamento – tais como “simulação”, “fraude à lei”, dentre outras - na prática, são aplicadas de forma confusa, ou, simplesmente, não são aplicadas. Enquanto isso, é amplamente reconhecida a relevância deste tipo de práticas na busca por melhor desempenho empresarial. Nesta pesquisa, foram analisados Acórdãos do Conselho Administrativo de Recursos Fiscais (CARF) publicados entre 2008 e 2013 que julgaram comportamentos de tax avoidance com uso de operações societárias típicas (cisão, fusão e incorporação). Este estudo, abrindo mão de rastrear conceitos preestabelecidos pela legislação vigente (como dito, “simulação”, “fraude”, “abuso de forma ou de direito”, etc.), ...

This study explores the relationship between tax aggressiveness and foreign capital participation in Brazilian companies listed on the BM&F BOVESPA from 2010 to 2015, using the concept of tax aggressiveness as a reduction of taxable... more

This study explores the relationship between tax aggressiveness and foreign capital participation in Brazilian companies listed on the BM&F BOVESPA from 2010 to 2015, using the concept of tax aggressiveness as a reduction of taxable income through tax management and planning (Chen et al., 2010). Observing that previous studies show a significant relationship between tax aggressiveness and ownership structures, this research seeks to understand whether this relationship is significant if there is foreign capital participation in the company. The sample was composed of Brazilian companies listed on the BM&F BOVESPA. Two metrics of tax aggressiveness were used to investigate this relationship: effective tax rate (ETR) and book-tax difference (BTD). The use of these metrics was inspired in a review on tax research by Hanlon and Heitzman (2010), who concluded that ETR and BTD could capture the reduction of taxable income through tax planning. The results showed no significant relationship between foreign capital participation and tax aggressiveness, demonstrating that the origin of equity capital is not a factor of tax aggressiveness.

This study investigated the relationship between the use of financial derivatives by non-financial corporations and tax aggressiveness in Brazil. In research on the American market, evidence was identified that non-financial entity users... more

This study investigated the relationship between the use of financial derivatives by non-financial corporations and tax aggressiveness in Brazil. In research on the American market, evidence was identified that non-financial entity users of financial derivatives were more tax aggressive. However, there is no reason to assume that this behavior is replicated in the Brazilian market, since tax legislation does not offer the same economic incentives, i.e., since it imposes limits on the tax deductibility of losses with these financial instruments, except in derivatives' well-documented and proven use as a hedge tool. To verify this point, companies were classified into users and non-users of first generation financial derivatives, and associated this classification with tax aggressiveness metrics. The study focus was 384 non-financial companies listed on the B3 in the period from 2005 to 2015. The results of regression analysis using a probit estimate have pointed, in a distinctly different way than the American reality, that the most tax aggressive companies tend to use fewer financial derivatives. Nevertheless, when the use of derivative instruments as a hedge was controlled, it was found that when a company adopts hedge accounting, it is more likely it will be more tax aggressive. The result is presumably explained by the Brazilian tax treatment that authorizes the deductibility of losses, regardless of earnings, when using the derivative as a hedge.

There is a widespread assumption that lower corporate taxation will lead to higher rates of job creation, but this belief may be false, as challenged by Anderson and Pizzigati (2017). This article studies the relationship between job... more

There is a widespread assumption that lower corporate taxation will lead to higher rates of job creation, but this belief may be false, as challenged by Anderson and Pizzigati (2017). This article studies the relationship between job creation and 3 tax aggressiveness proxies in Brazilian non-financial firms listed in B3 in the period between 2011 and 2016. The estimates were created using the methods of ordinary least squares (OLS) and quantile regression. The results obtained from the estimates using OLS did not present significant evidence of an association between the rate of job creation and effective tax rates. In the quantile regressions, it was possible to find a significant and positive relationship between job creation and effective tax rates, exclusively in quantile 25 of the effective tax rate on value added. Quantiles 50 and 75 presented negative relationships between job creation and effective tax rates in different tax aggressiveness metrics. The results suggest that the firm's tax aggressiveness profile influences the relationship. While in the less tax-aggressive companies a reduction of the tax burden would potentially stimulate job creation, in those companies that are more tax-aggressive, the tax break may lead to the undesirable effect of a fall in job creation.

This paper investigates the effects of the Sarbanes-Oxley Act (SOX) on the tax aggressiveness of Brazilian firms that issued American Depositary Receipts (ADRs), in the period between 2004 and 2012. The aim was to investigate whether the... more

This paper investigates the effects of the Sarbanes-Oxley Act (SOX) on the tax aggressiveness of Brazilian firms that issued American Depositary Receipts (ADRs), in the period between 2004 and 2012. The aim was to investigate whether the improvement of internal controls promoted by the adoption of SOX would have any impact on the propensity to be more tax aggressive. In an environment of better internal controls, we would have more reliable information, restricting more abusive tax practices. We measured tax aggressiveness according to the effective tax rate (ETR), long-run cash effective tax rate (CASH ETR) and the difference between book income and taxable income (BTD). We compared listed Brazilian firms with ADRs (treatment group) in comparison with their peer firms only listed in Brazil, or issuers of lower level ADRs not subject to SOX (control group). The results indicate that the implementation of more stringent internal controls does not inhibit the aggressive tax practices of Brazilian firms. This study contributes to the literature on long-run tax avoidance causes and internal controls disclosures in developing countries. This research is relevant by providing some clues, in a sophisticated informational environment, the effects of a substantial improvement of internal controls would have in the tax behavior of public companies. Identifying whether, for these Brazilian companies with stock trading in the US, there would be significant modifications, after the adoption of the SOX.

This research aimed to analyze whether companies that present greater tax aggressiveness have different levels of persistence of earnings components. We measured tax aggressiveness by two proxies: i) book-tax differences and ii) effective... more

This research aimed to analyze whether companies that present greater tax aggressiveness have different levels of persistence of earnings components. We measured tax aggressiveness by two proxies: i) book-tax differences and ii) effective tax rates. The study period was between 2010 and 2016, involving Brazilian companies listed on B3. The Effective Tax Rate metric classified the most tax aggressive companies. The results showed that companies, when segregated by levels of tax aggressiveness, present differentiated earnings persistence in its components. It is noted that, in most tax-aggressive companies, tax profit becomes a determining factor for book income in the future period. This work contributes to the accounting literature by identifying the impact of taxation on the earnings quality, particularly in the earnings persistence, a fundamental requirement for greater managerial and tax predictability and a greater direction of value for companies.

This paper studies whether there is a relation between the operational efficiency measured through the Data Envelopment Analysis (DEA) models and the tax aggressiveness of the Brazilian public companies listed on B3 between the period of... more

This paper studies whether there is a relation between the operational efficiency measured through the Data Envelopment Analysis (DEA) models and the tax aggressiveness of the Brazilian public companies listed on B3 between the period of 2010 to 2015. The main hypothesis is that companies that are more operational efficient are in average less tax aggressive. Or, in other words, we predict that the less operational efficient companies have usually to engage in tax aggressiveness strategies more often. An efficiency score was calculated considering the outputs and inputs of the companies, classifying them according to the Data Envelopment Analysis (DEA) models to determine the relative company's operational efficiency. The tax aggressiveness was measured by the difference between the Effective Tax Rates (ETR) and the average of ETR of companies from specifics economic sectors. Five relevant economic sectors were evaluated. A Data Panel model was estimated using the fixed effects. Considering the regression of all sectors, the results confirmed the hypothesis that companies that are more operational efficient in average tend to be less tax aggressive. However, when the samples were separated by sectors, only in the Energy and Textile Sectors this relation is significant.

RESUMO: O objetivo deste artigo é verificar se a estrutura de controle reduziria a agressividade fiscal dado menos interesse do controlador se expor ao risco de fiscalização nas companhias abertas listadas na B3. Este artigo estuda a... more

RESUMO: O objetivo deste artigo é verificar se a estrutura de controle reduziria a agressividade fiscal dado menos interesse do controlador se expor ao risco de fiscalização nas companhias abertas listadas na B3. Este artigo estuda a agressividade fiscal corporativa face ao conflito de agência, entre acionis-tas majoritários e minoritários, evidenciada na estrutura de controle concentrado usual na realidade brasileira. Observa-se a adesão das empresas em segmentos especiais de governança corporativa propostos pela B3 e se verifica se a estrutura de controle impacta na agressividade fiscal na medida em que as empresas são mais transparentes em suas informações para os acionistas minoritá-rios. Metodologicamente, a agressividade fiscal foi mensurada pelo percentual do Valor Adicionado Destinado a Tributo e o período de estudo foi de 2009 a 2014. Promoveu-se estimação pelo Mínimos Quadrados Ordinários (MQO), bem como pelo método de regressão quantílica. Os resultados encon-trados sugerem uma relação negativa entre agressividade fiscal e concentração da estrutura de con-trole, isto é, ele implica que a maior concentração de controle conduz a uma menor agressividade fiscal, mas essa relação é moderada quando a empresa adere à bons níveis de governança.////////////// ABSTRACT: The purpose of this paper is to verify whether the control structure would reduce the fiscal aggressiveness given less interest of the controller is exposed to the risk of fiscal oversight in public companies listed at B3. This article studies corporate fiscal aggression in the face of the agency conflict, between majority and minority shareholders, evidenced in the usually concentrated control structure in the Brazilian reality. To address the agency problem, the company's adherence to particular corporate governance segments proposed by B3 is observed, and it is verified if the control structure impacts on fiscal aggressiveness as companies are more transparent in their information for minority shareholders. Methodologically, tax aggressiveness was measured by the percentage of value added destined for tribute and the study period was 2009 to 2014. The estimation was promoted by the ordinary least squares (MQO), as well as by the quantil e regression method. The results suggest a negative relationship between fiscal aggressiveness and control concentration, it implies that higher concentration of control structure leads to a less fiscal aggressiveness, but this relation is moderate when the company adheres to the excellent levels of governance.

A necessidade de capital de giro e o índice de liquidez influenciam na agressividade fiscal? O artigo investiga se o nível de agressividade fiscal se altera dependendo da estrutura financeira de uma empresa, tendo por base o Modelo... more

A necessidade de capital de giro e o índice de liquidez influenciam na agressividade fiscal? O artigo investiga se o nível de agressividade fiscal se altera dependendo da estrutura financeira de uma empresa, tendo por base o Modelo Fleuriet para análise dinâmica do capital de giro. O planejamento tributário é uma forma de se obter recursos internamente e, de acordo com a Pecking Order Theory, os recursos internos são os primeiros utilizados pelas empresas para financiarem suas atividades. Um modelo de regressão linear múltipla para dados em painel com efeitos fixos de empresa e ano foi adotado para testar a relação. Como variáveis de interesse utilizaram-se variáveis dummy, uma para cada tipo de estrutura financeira proposta pelo Modelo Fleuriet. Em uma amostra
composta por 2.142 empresas-ano listadas na B3 entre 2010 a 2016 verificou-se que, tanto nas empresas mais saudáveis quanto nas menos saudáveis, não há diferença significativa no nível de agressividade fiscal entre as empresas classificadas de acordo com as estruturas do Modelo Fleuriet. Porém as análises adicionais para o Índice de Liquidez Dinâmico e o Índice de Liquidez Geral mostraram que quanto maior a liquidez menor é a agressividade fiscal. Os achados apontam que uma maior agressividade fiscal pode ser explicada em parte por uma dificuldade de liquidez.

O que é válido fazer para reduzir, postergar ou afastar a incidência de tributos (“tax avoidance”) com uso de operações societárias? Pesquisas estrangeiras dizem que responder a esta pergunta não é tarefa fácil. No Brasil, esta... more

O que é válido fazer para reduzir, postergar ou afastar a incidência de tributos (“tax avoidance”) com uso de operações societárias? Pesquisas estrangeiras dizem que responder a esta pergunta não é tarefa fácil. No Brasil, esta dificuldade é agravada pelo fato das figuras jurídicas formalmente apontadas para realizar tal balizamento – tais como “simulação”, “fraude à lei”, dentre outras - na prática, são aplicadas de forma confusa, ou, simplesmente, não são aplicadas. Enquanto isso, é amplamente reconhecida a relevância deste tipo de práticas na busca por melhor desempenho empresarial. Nesta pesquisa, foram analisados Acórdãos do Conselho Administrativo de Recursos Fiscais (CARF) publicados entre 2008 e 2013 que julgaram comportamentos de tax avoidance com uso de operações societárias típicas (cisão, fusão e incorporação). Este estudo, abrindo mão de rastrear conceitos preestabelecidos pela legislação vigente (como dito, “simulação”, “fraude”, “abuso de forma ou de direito”, etc.), partiu diretamente das características fáticas dos casos sob análise para a fundamentação utilizada pelos julgadores e a sua conclusão, fazendo uso da metodologia criada por Alchourrón e Bulygin em 1975, conhecida como “normative systems”, ajustado de modo similar a como fizeram Shoueri et. al. em 2010. Ao final, pôde-se concluir que a motivação extratributária das operações, a consideração de que os fatos ocorreram, tais como foram descritos pelo contribuinte e o respeito às normas cogentes não tributárias, nessa ordem, são importantes balizadores do convencimento dos julgadores. Outras propriedades tais como adequado intervalo temporal entre as operações e independência entre as partes envolvidas, são igualmente critério de validade.

The study investigates the relationship between tax avoidance practices and audit fees. The literature has reported various factors that determine the number of audit fees, among them the audit firm's possible risks. This article focuses... more

The study investigates the relationship between tax avoidance practices and audit fees. The literature has reported various factors that determine the number of audit fees, among them the audit firm's possible risks. This article focuses on the effect of tax avoidance by Brazilian companies on the fees charged by auditors. Based on audit fee data for the period from 2009 to 2011 and book-tax differences as an empirical proxy for tax avoidance, we find that tax avoidance practices are positively related to audit fees, i.e., companies that are more aggressive in their tax planning tend to be penalized by having to pay higher fees to their auditors. However, in the contextualized analysis, the results indicate that acceptable corporate governance practices tend to minimize this relationship, attenuating the cumulative effects on the remuneration of audit firms. This study also evidences the risk perception of independent auditors and identifies tax planning interactions, independent auditing, and corporate governance not usually perceived by the market.

This article examines whether government control of companies is a factor influencing tax aggressiveness, through a comparative analysis of these firms versus privately controlled companies listed on the BM&FBovespa. The analysis covers... more

This article examines whether government control of companies is a factor influencing tax aggressiveness, through a comparative analysis of these firms versus privately controlled companies listed on the BM&FBovespa. The analysis covers the period from 2009 through 2013 and aggressiveness is measured by three metrics: effective tax rate (ETR), book-tax difference (BTD) and tax burden disclosed in the statement of value added, which we call the tax rate on added value (TRAV). The results of the regressions confirm the main hypothesis regarding taxation of profit and also of gross revenue, because government-controlled corporations had significantly higher ETR and TRAV, indicating less tax aggressiveness. Although the result for BTD was not conclusive to indicate the aggressiveness profile, based on the other two variables, it can be stated that shareholding control by the government is a factor determining lower tax aggressiveness in Brazil.

This study aims to investigate the direct impact of good corporate governance on corporate financial performance, and, if so, whether the relationship is mediated by corporate tax aggressiveness. This issue is crucial for the Indonesian... more

This study aims to investigate the direct impact of good corporate governance on corporate financial performance, and, if so, whether the relationship is mediated by corporate tax aggressiveness. This issue is crucial for the Indonesian banking companies because since the year of 2011, management of banking companies have the obligation to implement and report their corporate governance. This study is designed as quantitative research employing the structural equation model. A mediation research model is developed to test the mediation effect of corporate tax aggressiveness on corporate governance and financial performance relationship. The sample is derived from the publicly listed banking firms on the Indonesia Stock Exchange (IDX) for the period of 2012-2017 resulting 208 observable empirical data. This study provides empirical evidence that corporate governance has a direct effect on financial performance of publicly listed banks on the IDX. Further analysis reveals that tax aggressiveness mediates the relationship between corporate governance and financial performance. This implies that tax aggressiveness might be one of strategies for banking companies to minimize tax burden in order to increase profit. This study contributes to the growing research exploring tax aggressiveness, especially in banking companies. This study explores the use of tax aggressiveness as the mediation variable and the use of taxable income as one measure of tax aggressiveness.

As empresas buscam a cada dia alcançar maior economia tributária através de planejamento tributário. Porém, existem questões que geram dúvidas em relação a efetividade desse planejamento tributário, tal como se essa economia fiscal agrega... more

The objective in this study is to show if the life cycle explains the relation between the Book-Tax Differences (BTDs) and earnings persistence, as well as to inform on the future gains and their relation with the BTDs. Therefore,... more

The objective in this study is to show if the life cycle explains the relation between the Book-Tax Differences (BTDs) and earnings persistence, as well as to inform on the future gains and their relation with the BTDs. Therefore, univariate tests were applied to verify the differences between the mean BTDS, life cycle stages and regression coefficient for the Earnings Before Income Tax (EBIT). The study focused on Brazilian publicly traded companies between 2009 and 2013. The results indicated that the control of earnings persistence was related with the stages of the life cycle. The information relevance of the life cycle and the Book-Tax Differences for earnings persistence is registered. In conclusion, the firm life cycle should be included in the analysis of the relation between the BTDs and earnings persistence. The evidence registered here is crucial to identify the quality of the earnings and incorporate them into earnings valuation models.

Este estudo tem como objetivo verificar a influência da agressividade fiscal no custo da dívida nas companhias abertas listadas na BM&FBOVESPA no período de 2009 a 2014. Como metodologia, a pesquisa foi analisada através de dados em... more

Este estudo tem como objetivo verificar a influência da agressividade fiscal no custo da dívida nas companhias abertas listadas na BM&FBOVESPA no período de 2009 a 2014. Como metodologia, a pesquisa foi analisada através de dados em painel efeitos fixos. Espera-se uma relação direta entre a agressividade tributária e o custo de capital de terceiros. Essa relação fundamenta-se na percepção de risco dos credores em face das práticas de planejamento tributário, enfatizando problemas tais como conflito de agência e gerenciamento de resultados. Os credores demandam um custo de captação dos recursos proporcional ao risco antecipado, naquelas empresas que evidenciam nível menos elevado de agressividade fiscal. Em resposta ao risco de eventuais contingências fiscais, exige-se um maior custo de capital de terceiros. A pesquisa evidenciou que empresas menos agressivas arcam com custo da dívida maior. Esse resultado aponta que os credores analisam o nível de planejamento tributário das companhias, apontando quanto menor o nível de planejamento maior o custo da dívida. Palavras-chave: Agressividade fiscal; custo da dívida; effective tax rate.

This study investigated the relationship between the use of financial derivatives by non-financial corporations and tax aggressiveness in Brazil. In research on the American market, evidence was identified that non-financial entity users... more

This study investigated the relationship between the use of financial derivatives by non-financial corporations and tax aggressiveness in Brazil. In research on the American market, evidence was identified that non-financial entity users of financial derivatives were more tax aggressive. However, there is no reason to assume that this behavior is replicated in the Brazilian market, since tax legislation does not offer the same economic incentives, i.e., since it imposes limits on the tax deductibility of losses with these financial instruments, except in derivatives’ well-documented and proven use as a hedge tool. To verify this point, companies were classified into users and non-users of first-generation financial derivatives, and associated this classification with tax aggression metrics. The study focus was 384 non-financial companies listed on the B3 in the period from 2005 to 2015. The results of regression analysis using a probit estimate have pointed, in a distinctly differen...

O presente estudo tem como objetivo mensurar a agressividade fiscal de empresas brasileiras com transações entre partes relacionadas no exterior, identificando se tais empresas são mais agressivas comparado as que não têm investimentos no... more

O presente estudo tem como objetivo mensurar a agressividade fiscal de empresas brasileiras com transações entre partes relacionadas no exterior, identificando se tais empresas são mais agressivas comparado as que não têm investimentos no exterior, utilizando a ETR (Taxa Efetiva de Tributação) como medida de agressividade. Como técnica de análise é utilizada a regressão quantílica, a qual possibilita a análise de diferentes quantis da distribuição das variáveis dependentes. As hipóteses testadas verificam a relação entre a agressividade fiscal e a participação de investimento, controlando a sua relevância (peso) no total dos ativos da empresa. Os resultados evidenciaram a existência de uma relação positiva entre a agressividade tributária e a presença de investimentos no exterior. Essa relação, entretanto, não é constante ao longo de todos os níveis de agressividade tributária e do peso dos investimentos no estrangeiro no total dos investimentos do grupo econômico.

Este estudo investiga a relação entre as praticas de tax avoidance e os honorários de auditoria. A literatura já relacionou vários fatores que determinam o valor dos honorários de auditoria, entre eles, destacam-se aqueles que mensuram... more

Este estudo investiga a relação entre as praticas de tax avoidance e os honorários de auditoria. A literatura já relacionou vários fatores que determinam o valor dos honorários de auditoria, entre eles, destacam-se aqueles que mensuram possíveis riscos para a firma de auditoria. Nesta pesquisa investiga-se, no contexto de empresas brasileiras, o efeito da agressividade tributária na remuneração requerida pela firma de auditoria. Usando dados de remuneração dos auditores coletados no período de 2009 a 2011, bem como utilizando o Book-Tax diferences (diferenças entre o lucro contábil e o lucro tributário), como proxy empírica para Agressividade tributária, foi possível constatar que as praticas de tax avoidance estão positivamente relacionados aos honorários de auditoria, i.e., empresas mais agressivas em termos tributários, tendem a ser penalizadas com uma maior remuneração dos auditores. Porém na análise contextualizada, constatou-se que a adoção de boas práticas de governança corporativa minimiza essa relação, atenuando os efeitos incrementais sobre a remuneração dos auditores. Esta pesquisa evidencia a percepção de risco do auditor independente, e como isso se reflete em sua remuneração. Temas conexos, tais como planejamento tributário, auditoria independente e governança corporativa, são analisados, na identificação de interações não usualmente percebidas pelo mercado.

O objetivo da pesquisa foi analisar se a demora na divulgação das demonstrações contábeis pode ser explicada, em parte, pela agressividade fiscal. Para medir a agressividade fiscal, utilizamos as métricas de ETR – Effective Tax Rate e o... more

O objetivo da pesquisa foi analisar se a demora na divulgação das demonstrações contábeis pode ser explicada, em parte, pela agressividade fiscal. Para medir a agressividade fiscal, utilizamos as métricas de ETR – Effective Tax Rate e o BTD – Book Tax Difference, verificou-se que existe uma relação entre a agressividade fiscal e o delay (demora na publicação), especificamente no quartil das empresas mais agressivas, destacando que nos referimos às empresas que publicaram suas demonstrações no prazo estipulado pela Comissão de Valores Mobiliários (CVM), até
31 de março. Restou evidenciado na investigação que as empresas mais agressivas fiscalmente demoram mais a publicar suas demonstrações contábeis. As estatísticas sinalizam que as mais agressivas tributariamente demoram em média três dias a mais para publicar do que as menos agressivas. O estudo revela-se particularmente importante para os usuários externos, em destaque os reguladores, que podem, agora, estabelecer uma relação entre a demora e atraso na publicação das demonstrações contábeis e a agressividade tributária, segmentando as análises por prazos em observâncias às prescrições normativas e como produto de atraso
na sua publicação.

The aim of this study was to provide evidence regarding the relationship between book-tax differences (BTD), persistence of earnings and accruals and tax planning in the Brazilian scenario. The sample corresponds to all nonfinancial firms... more

The aim of this study was to provide evidence regarding the relationship between book-tax differences (BTD), persistence of earnings and accruals and tax planning in the Brazilian scenario. The sample corresponds to all nonfinancial firms listed on the BM&FBovespa that disclosed consolidated financial statements between 2003 and 2012, obtained from the Economática database. The sample period was chosen to straddle the year when the use of International Financial Reporting Standards (IFRS) became mandatory in Brazil. Based on the econometric models presented by Hanlon (2005) and modified by Blaylock et al. (2012), we observed the statistical significance of the regressions in Brazilian context. The coefficients of the variables present indications of less persistence of earnings, besides indicating that earnings became less persistent after adoption of IFRS. The results also provide statistical evidence that temporary large positive BTDs provide useful incremental information about the magnitude of accruals and that by examining accruals it is possible to predict the persistence of earnings and their components.

This article investigates whether the credit rating of bond issues in the Brazilian market is influenced by the differences between book income and taxable income (BTD), as well earning management practices, based on a sample of all... more

This article investigates whether the credit rating of bond issues in the Brazilian market is influenced by the differences between book income and taxable income (BTD), as well earning management practices, based on a sample of all nonfinancial firms that issued bonds in the period from 2004 to 2014 with published financial information, resulting in a final sample of 96 observations. The results indicate BTD does not determine the credit rating in the Brazilian market. Additionally, we tested the influence on credit rating of propensity for earnings management (EM) and tax management (TM). The results indicate as earnings management increases, ratings tend to decline, while firms that engage in aggressive tax management are not penalized. The study of this phenomenon can help to predict the credit rating in Brazil, and would allow identifying factors that affect it and actions to reduce the perception of risks to solvency, and consequently the cost of debt.

This study explores the relationship between tax aggressiveness and foreign capital participation in Brazilian companies listed on the BM & F BOVESPA from 2010 to 2015, using the concept of tax aggressiveness as a reduction of taxable... more

This study explores the relationship between tax aggressiveness and foreign capital participation in Brazilian companies listed on the BM & F BOVESPA from 2010 to 2015, using the concept of tax aggressiveness as a reduction of taxable income through tax management and planning (Chen et al., 2010). Observing that previous studies show a significant relationship between tax aggressiveness and ownership structures, this research seeks to understand whether this relationship is significant if there is foreign capital participation in the company. The sample was composed of Brazilian companies listed on the BM&F BOVESPA. Two metrics of tax aggressiveness were used to investigate this relationship: effective tax rate (ETR) and book-tax difference (BTD). The use of these metrics was inspired in a review on tax research by Hanlon and Heitzman (2010), who concluded that ETR and BTD could capture the reduction of taxable income through tax planning. The results showed no significant relations...

O objetivo deste artigo é verificar se a estrutura de controle reduziria a agressividade fiscal dado menos interesse do controlador se expor ao risco de fiscalização nas companhias abertas listadas na B3. Este artigo estuda a... more

O objetivo deste artigo é verificar se a estrutura de controle reduziria a agressividade fiscal dado menos interesse do controlador se expor ao risco de fiscalização nas companhias abertas listadas na B3. Este artigo estuda a agressividade fiscal corporativa face ao conflito de agência, entre acionistas majoritários e minoritários, evidenciada na estrutura de controle concentrado usual na realidade brasileira. Observa-se a adesão das empresas em segmentos especiais de governança corporativa propostos pela B3 e se verifica se a estrutura de controle impacta na agressividade fiscal na medida em que as empresas são mais transparentes em suas informações para os acionistas minoritários. Metodologicamente, a agressividade fiscal foi mensurada pelo percentual do Valor Adicionado Destinado a Tributo e o período de estudo foi de 2009 a 2014. Promoveu-se estimação pelo Mínimos Quadrados Ordinários (MQO), bem como pelo método de regressão quantílica. Os resultados encontrados sugerem uma rela...

This paper investigates the effects of the Sarbanes-Oxley Act (SOX) on the tax aggressiveness of Brazilian firms that issued American Depositary Receipts (ADRs), in the period between 2004 and 2012. The aim was to investigate whether the... more

This paper investigates the effects of the Sarbanes-Oxley Act (SOX) on the tax aggressiveness of Brazilian firms that issued American Depositary Receipts (ADRs), in the period between 2004 and 2012. The aim was to investigate whether the improvement of internal controls promoted by the adoption of SOX would have any impact on the propensity to be more tax aggressive. In an environment of better internal controls, we would have more reliable information, restricting more abusive tax practices. We measured tax aggressiveness according to the effective tax rate (ETR), long-run cash effective tax rate (CASH ETR) and the difference between book income and taxable income (BTD). We compared listed Brazilian firms with ADRs (treatment group) in comparison with their peer firms only listed in Brazil, or issuers of lower level ADRs not subject to SOX (control group). The results indicate that the implementation of more stringent internal controls does not inhibit the aggressive tax practices ...

This paper investigates the effects of the Sarbanes-Oxley Act (SOX) on the tax aggressiveness of Brazilian firms that issued ADRs, in the period between 2004 and 2012. For this purpose, we analyzed the differences in tax aggressiveness... more

This paper investigates the effects of the Sarbanes-Oxley Act (SOX) on the tax aggressiveness of Brazilian firms that issued ADRs, in the period between 2004 and 2012. For this purpose, we analyzed the differences in tax aggressiveness between listed Brazilian firms subject to SOX and peer companies not subject to it. We measured tax aggressiveness according to the effective tax rate (ETR), long-run cash effective tax rate (CASH ETR) and the difference between book income and taxable income (BTD). The results indicate the absence of a significant relationship between the two sets of firms according to the tax aggressiveness metrics applied. In practical terms, the results evidence that the implementation of more stringent internal controls does not inhibit aggressive tax practices of Brazilian firms. This study contributes to the literature on long-run tax avoidance. It also contributes to the internal control literature by demonstrating that certain internal control disclosures con...

This study investigates the impact of firm specific attributes on corporate tax aggressiveness by listed manufacturing companies in Nigeria. Firm attributes in this study were measured by firm profitability, firm leverage, capital... more

This study investigates the impact of firm specific attributes on corporate tax aggressiveness by listed manufacturing companies in Nigeria. Firm attributes in this study were measured by firm profitability, firm leverage, capital intensity, firm growth and firm size. While corporate tax aggressiveness was proxy using effective tax rate (ETR). Hypothesis was tested using data obtained from annual report of 48 listed manufacturing companies on Nigeria Stock Exchange from 2015 to 2019. The study was anchored on agency theory and political cost theory. Diagonistic tests such as multicollinearity, heteroskedatiscity, hausman test and woodbridge test for auto correlation were conducted. Applying robust fixed effect regression, the result shows that leverage and capital intensity has a significant positive influence on corporate tax aggressiveness while profitability has a significant negative influence on corporate tax aggressiveness. However, firm size and firm growth were found to have insignificant relationship withcorporate tax aggressiveness.

This study verifies the influence of corporate tax aggressiveness on replacing the Chief Executive Officer-CEO. Tax Aggressiveness can be a determinant of CEO turnover in companies listed on the Brazilian stock exchange B3. Efficient tax... more

This study verifies the influence of corporate tax aggressiveness on replacing the Chief Executive Officer-CEO. Tax Aggressiveness can be a determinant of CEO turnover in companies listed on the Brazilian stock exchange B3. Efficient tax planning is essential for any organization, being a manager's duty to avoid paying unnecessary taxes. Methodologically, the study uses three tax aggressiveness metrics to verify this relationship's nature from 2010 to 2016, ranking the results by quintile and identifying the high and low extremes of tax aggressiveness. Also, control variables were used to reduce the bias of the proposed regression. Two of the proxies of tax aggressiveness, Cash Effective Tax Rate Long Run Effective Tax Rate, showed significant low tax aggressiveness. The results evidence that less tax aggressive CEOs are more likely to be replaced. For managers, the findings reinforce that tax planning is a determinant factor to remain in the position.

This study analyzes the relationship between tax aggressiveness and the risks associated with the variation of returns to Brazilian companies’ stock. Remarkably, the research regards the systematic and idiosyncratic risks. The sample was... more

This study analyzes the relationship between tax aggressiveness and the risks associated with the variation of returns to Brazilian companies’ stock. Remarkably, the research regards the systematic and idiosyncratic risks. The sample was formed by companies that composed the BOVESPA index in the period between 2011 and 2016. The measurements of tax aggressiveness were the effective tax rate and the temporary book-tax differences. The results showed a significant relationship between tax aggressiveness and risk, concluding that the higher the tax aggressiveness, the lower the beta, and the higher the idiosyncratic risk. This study is essential because it maps the effect of tax aggressiveness on the financial risks related to Brazilian companies’ shares and is useful to investors, portfolios, and business managers.

RESUMO Esta pesquisa analisa o conteúdo informativo do lucro tributável em relação ao lucro contábil antes e após o Regime de Transição Tributária (RTT). Por informativo entenda-se a propriedade de provocar alterações nos preços das... more

RESUMO Esta pesquisa analisa o conteúdo informativo do lucro tributável em relação ao lucro contábil antes e após o Regime de Transição Tributária (RTT). Por informativo entenda-se a propriedade de provocar alterações nos preços das ações. A amostra correspondeu às companhias abertas listadas no BM&F Bovespa no período de 2005 a 2011. Os resultados indicaram um maior conteúdo informacional do lucro tributável em relação ao lucro contábil na amostra como um todo. Apesar do advento do RTT e o processo de convergência aos padrões internacionais de contabilidade, o conteúdo informativo do lucro tributável continua sendo mais significativo do que o lucro contábil, ainda que tenha caído a diferença relativa. ABSTRACT This article analyzes the information content of taxable income in relation to book income in Brazil before and after the Transition Tax Regime (RTT), which was established as of calendar year 2010 to neutralize the tax effects of convergence of the country's accounting standards to IFRS. We define informativeness as the ability to cause changes in stock prices. Our sample is composed of firms listed on the BM&FBovespa between 2005 and 2011. The results indicate greater informativeness of taxable income in relation to book income in the sample as a whole. Despite the advent of the RTT and the process of convergence to