Tax aggressiveness: the role of political-economic uncertainty and the moderating effect of the credit market in Brazilian companies listed on B³

Autores

  • Karina Borges de Almeida Universidade Federal do Espírito Santo - UFES
  • Rafael de Lacerda Moreira Universidade Federal do Espírito Santo - UFES https://orcid.org/0000-0001-9963-0114

DOI:

https://doi.org/10.17524/repec.v19.e3734

Palavras-chave:

Planejamento tributário, Agressividade fiscal, Incerteza político-econômica, Mercado de crédito

Resumo

Objective: This study analyzes the tax aggressiveness of Brazilian non-financial public companies in conditions of political-economic uncertainty and under the influence of the credit market.

Method: This study uses quantitative approach. The sample consists of 4,749 observations over 2011-2022. As metrics of political-economic uncertainty, two indices were used at the Brazilian level: the EPU and the IIE-Br. For tax aggressiveness, the variables used were ETR, BTD and CTRIB-DVA, Permanent BTD and Differential ETR. As for the  credit market, the metric used was the “Quarterly Survey of  Credit Conditions in Brazil” indicator.

Results: The regression results indicate that companies are more tax aggressive when there is an increase in political-economic uncertainty and that the supply of credit moderates this relationship. 

Contributions: The evidence helps investors, tax administrations and government agents to understand the behavior regarding the tax aggressiveness of companies in the face of increased political-economic uncertainty and its implications in the credit market and thus better define the public policy.

Tradução

Biografia do Autor

Karina Borges de Almeida, Universidade Federal do Espírito Santo - UFES

Mestre em Ciências Contábeis - UFES

Rafael de Lacerda Moreira, Universidade Federal do Espírito Santo - UFES

Professor do Departamento de Ciências Contábeis da UFES

Doutor em Administração pela FGV.

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Publicado

07-08-2025

Como Citar

Borges de Almeida, K., & de Lacerda Moreira, R. (2025). Tax aggressiveness: the role of political-economic uncertainty and the moderating effect of the credit market in Brazilian companies listed on B³. Revista De Educação E Pesquisa Em Contabilidade (REPeC), 19. https://doi.org/10.17524/repec.v19.e3734