EFEITOS DA REPUTAÇÃO CORPORATIVA NA TAX AVOIDANCE DE EMPRESAS BRASILEIRAS DE CAPITAL ABERTO
DOI:
https://doi.org/10.4270/ruc.2019430Keywords:
Reputação corporativa, Tax avoidance, Effective Tax Rate.Abstract
O objetivo do estudo é analisar o efeito da reputação corporativa na tax avoidance de empresas brasileiras de capital aberto. O tema é pouco explorado na área de contabilidade e tributos e, no Brasil não foi encontrado estudo que relacione de forma direta a reputação corporativa com a tax avoidance, o que garante o pioneirismo do estudo. Para alcançar tal propósito, utilizam-se regressões de dados em painel (estimadores FE-LSDV, RE e GMM) e testa-se a hipótese de associação da reputação corporativa com a tax avoidance. Utiliza a Effective Tax Rate – ETR e a ETR Diferencial como proxie de tax avoidance. A reputação corporativa é mensurada através de cinco proxies: (i) presença da firma no ranking Melhores e Maiores empresas do Brasil da revista Exame; (ii) ratings da Standard & Poor’s; (iii) Índice de Responsabilidade Empresarial – ISE; (iv) cobertura de analistas de mercado, e; (v) Índice de Reputação Corporativa – IRC, construída neste estudo para capturar a reputação estabelecida. A amostra de pesquisa contempla 225 empresas brasileiras de capital aberto, totalizando 1.575 observações/ano no período de 2010 a 2016. Em conjunto, os resultados confirmam parcialmente a hipótese de pesquisa, uma vez que nem todas as proxies de reputação se mostraram eficientes. Contudo, evidenciam a propensão das empresas com reputação forte a aumentarem a tax avoidance. Uma possível explicação para os achados é que essas empresas ignoram possíveis fatores de riscos fiscais e danos à reputação, sugerindo a existência do fenômeno do licenciamento moral no contexto dessas empresas.
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