A influência do benefício fiscal da dívida sobre a estrutura de capital das companhias brasileiras após o RTD

Abstract

The way companies structure themselves financially has been the subject of theoretical and empirical debates that have not been resolved even after more than six decades. In particular, the tax deductibility of debt interest for profit taxation is considered a determinant in corporate financial policies, as it represents a benefit in raising funds from third parties. In the Brazilian context, the adoption of International Financial Reporting Standards (IFRS) led to the implementation of the Definitive Tax Regime (RTD), which aligned the Income Tax and Social Contribution on Net Income legislation with the international accounting standards. These changes directly impacted the accounting-tax treatment of corporate income taxes, with findings suggesting a reduction in the effective tax rate (ETR) – proxy for tax benefit – after enactment of the law. The lack of evidence regarding the effects of these changes on the capital structure of Brazilian companies sheds light on questions about their implications. To investigate the influence of the fiscal benefit of debt after the RTD, the study analyzed 156 non-financial publicly traded firms from 2010 to 2021 using panel data. The results show a negative relationship between the fiscal benefit of debt and indebtedness, and this association was impacted by the tax law. The hypothesis that the introduction of Law No. 12,973/2014 affected the effect of earnings management on the capital structure could not be rejected, suggesting that the fiscal adjustments increased the level of book-tax conformity. Additionally, it is found that the RTD also impacted the degree of financial leverage of companies, reducing their amounts of onerous debts. Thus, the research answers the research question by confirming that the fiscal incentive of debt influences the financing decisions of Brazilian publicly traded companies after the RTD. In this way, the present study elucidates the ramifications of the legal framework not only in the light of accounting and fiscal aspects but also through the prism of financing decisions of publicly traded companies in Brazil.