Tax aggressiveness: the role of political-economic uncertainty and the moderating effect of the credit market in Brazilian companies listed on B³
DOI:
https://doi.org/10.17524/repec.v19.e3577Keywords:
Planejamento tributário, Agressividade fiscal, Incerteza político-econômica, Mercado de créditoAbstract
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.
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