AGRESSIVIDADE TRIBUTÁRIA E A INFORMATIVIDADE DOS LUCROS
DOI:
https://doi.org/10.30681/ruc.v9i17.3302Resumo
O presente estudo investiga a associação entre a agressividade tributária e a informatividade dos lucros, está compreendida como a capacidade do lucro influenciar no preço da ação no mercado brasileiro. Metodologicamente, foram feitos testes utilizando um modelo de regressão preço-lucro, que mensura a informatividade dos lucros através do ERC (coeficiente de resposta dos lucros) de 2005 a 2016 com um total de 1879 observações. Resultados indicam que empresas mais agressivas tributariamente, medidas pelo ETR (taxa efetiva de tributação), apresentam ERC negativos ou mais baixos e empresas menos agressivas apresentaram ERC positivos ou mais altos. Essa pesquisa tem como contribuição, evidenciar um tipo de custo não tributário associado com a agressividade fiscal, materializado em menor informatividade dos lucros, sendo esta uma dimensão da qualidade dos lucros. Esses achados são relevantes para usuários externos, deixando explicito que quando uma empresa adota uma postura que desvia da padrão normal de agressividade tributária, isso afeta diretamente o grau de informatividade dos lucros no Brasil.
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