Planejamento tributário e o retorno anormal de empresas listadas na bolsa de valores brasileira
Tax planning and the abnormal return of companies listed on the Brazilian stock exchange
DOI:
https://doi.org/10.22167/2675-441X-2024686Keywords:
carga tributária, empresas de capital aberto, valor de açãoAbstract
The present work sought to investigate the market's perception of efficient tax planning practiced by publicly traded companies in Brazil. Currently, the Brazilian tax burden is high and therefore represents a significant cost for organizations. In view of this, it is important for companies to have good tax planning, minimizing their tax burden legally, whenever possible. The objective of this work was to analyze the relationship between efficient tax planning and the abnormal return on the price of shares of companies listed on B3, in the period from 2008 to 2018. The sample consisted of 1638 observations, as a statistical tool a data regression was implemented in a panel with fixed effects estimators, whose intention was to identify the variables that explained the abnormal return of stocks in the market. The results of the study indicated that the efficient tax planning proxy had no significant relationship with the abnormal return. However, Profitability, Financial Liquidity, Dividends, Capital Structure and Debt were significant in the model. It is concluded, therefore, that the IPTE has neither a strong relationship nor a correlation with the abnormal market return, despite having a relationship with Total Assets and indebtedness.
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