1. Indicate the form of financing favored by the company up to 2013. 2. Indicate the form of financing favored by the company in the period from 2014 to 2020. |
Collect information about the company’s choice of financing option. |
2 |
Brealey et al. (2008Brealey, R. A., Myers, S. C., & Allen, F. (2008). Principles of corporate finance (8th ed.). McGraw-Hill.), Durand (1952Durand, D. (1952). Cost of debt and equity funds for business: Trends and problems of measurement. EconPapers. https://econpapers.repec.org/bookchap/nbrnberch/4790.htm https://econpapers.repec.org/bookchap/nb...
), Miller (1977Miller, M. (1977). Debt and taxes. Journal of Finance, 32(2), 261-275.), Modigliani & Miller (1958Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261-297. , 1963Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. The American Economic Review, 53(3), 433-443.), Myers (1984Myers, S. C. (1984). The capital structure puzzle. Journal of Finance, 39(3), 575-592. ), Myers & Majluf (1984Myers, S. C., & Majluf N. S. (1984). Corporate financing and investment decisions when firms have information investors do not have. Journal of Financial Economics, 13(2), 187-221.) |
3. Knowledge of CRSC 3.1. Do you know of the existence of the CRSC tax benefit foreseen in the SFB? 3.2. Indicate how you know of the existence of CRSC. 3.3. Indicate your level of knowledge about CRSC. |
Calculate the respondents’ knowledge regarding the CRSC tax benefit and its disclosure. |
3 |
De Mooij (2012De Mooij, R. (2012). Tax biases to debt finance: Assessing the problem, finding solutions. Fiscal Studies, 33(4), 489-512. https://doi.org/10.1111/j.1475-5890.2012.00170.x https://doi.org/10.1111/j.1475-5890.2012...
), Klemm (2007Klemm, A. (2007). Allowance for corporate equity in practice. CESifo Economics Studies, 53(2), 229-262. http://doi.org/10.1093/cesifo/ifm007 http://doi.org/10.1093/cesifo/ifm007...
), Kock & Gérard (2018Kock, J., & Gérard, M. (2018). The allowance for corporate equity in Europe: Latvia, Italy and Portugal - First draft.Proceedings. Annual Conference on Taxation and Minutes of the Annual Meeting of the National Tax Association,111, 1-40. https://www.jstor.org/stable/26939390 https://www.jstor.org/stable/26939390...
), Princen (2012Princen, S. (2012). Taxes do affect corporate financing decisions: The case of Belgian ACE [Working Paper]. Social Science Research Network. https://ssrn.com/abstract=1992330 https://ssrn.com/abstract=1992330...
), Silva et al. (2019Silva, R. C. da, Santos, D. C. dos, Rieger, M., & Gonzales, A. (2019). A divulgação dos benefícios fiscais e a informação sobre possíveis economias tributárias. Revista Eniac Pesquisa, 8(1), 59-84. https://doi.org/10.22567/rep.v8i1.541 https://doi.org/10.22567/rep.v8i1.541...
), Tomaz (2012Tomaz, J. (2012). Terá sido Portugal o primeiro país a implementar a remuneração convencional do capital social?Revista de Finanças Públicas e Direito Fiscal, 5(3), 59-84.) |
4. Use of CRSC 4.1. Has your company already used the CRSC benefit? 4.2. When did your company use CRSC? 4.3. Indicate the year(s). 4.4. Indicate how. |
Analyze the capital structure of Portuguese companies before article 41-A of the SFB. Calculate the effect of article 41-A of the SFB on the definition of capital structure. |
3 and 4 |
Cruz (2018Cruz, S. (2018). Remuneração convencional do capital social: regimes em vigor. Contabilista, 217(1), 29-31. https://pt.calameo.com/read/0003249815cf8d70f8a21 https://pt.calameo.com/read/0003249815cf...
), Hebous & Ruf (2017Hebous, S., & Ruf, M. (2017). Evaluating the effects of ACE systems on multinational debt financing and investment. Journal of Public Economics, 156, 131-149.https://doi.org/10.1016/j.jpubeco.2017.02.011 https://doi.org/10.1016/j.jpubeco.2017.0...
), Pfaffermayr et al. (2013Pfaffermayr, M., Stoeckl, M., & Winner, H. (2013). Capital structure, corporate taxation and firm age. Fiscal Studies, 34(1), 109-135.https://doi.org/10.1111/j.1475-5890.2013.00179.x https://doi.org/10.1111/j.1475-5890.2013...
), Tomaz (2012Tomaz, J. (2012). Terá sido Portugal o primeiro país a implementar a remuneração convencional do capital social?Revista de Finanças Públicas e Direito Fiscal, 5(3), 59-84.) |
5. Study of perception 5.1. The limit on the deductibility of net financing expenses influences your company’s type of financing. 5.2. The limit on the deductibility of net financing expenses influences the value of your company’s debt financing. 5.3. The acceptance of interest as a tax expenses is a factor that favors company financing through borrowing. 5.4. The limit on the deductibility of net financing expenses is a factor that favors reducing company financing through borrowing. 5.5. The tax benefit of CRSC influences the type of your company’s financing. 5.6. The tax benefit of CRSC influences the value of your company’s own-capital financing. 5.7. The tax return of CRSC is a factor that favors own-capital financing. 5.8. The financing decisions in your company are affected by the tax aspects in the investors’ sphere. |
Analyze the influence of tax policies on company financing decisions. Analyze the capital structure of Portuguese companies up to the introduction of article 41-A of the SFB. Calculate the effect of article 41-A of the SFB on the definition of company capital structure. |
1 and 3 |
An (2012An, Z. (2012). Taxation and capital structure: Empirical evidence from a quasi-experiment in China. Journal of Corporate Finance, 18(4), 683-689. https://doi.org/10.1016/j.jcorpfin.2012.04.002 https://doi.org/10.1016/j.jcorpfin.2012....
), Beattie et al. (2006Beattie, V., Goodacre, A., & Thomson, S. J. (2006). Corporate financing decisions: UK survey evidence. Journal of Business Finance and Accounting, 33(9-10), 1402-1434. https://doi.org/10.1111/j.1468-5957.2006.00640.x https://doi.org/10.1111/j.1468-5957.2006...
), Boulton et al. (2012Boulton, T. J., Braga-Alves, M. V., & Shastri, K. (2012). Payout policy in Brazil: Dividends versus interest on equity. Journal of Corporate Finance, 18(4), 968-979. https://doi.org/10.1016/j.jcorpfin.2011.09.004 https://doi.org/10.1016/j.jcorpfin.2011....
), Clemente-Almendros & Sogorb-Mira (2016Clemente-Almendros, J., & Sogorb-Mira, F. (2016). The effect of taxes on the debt policy of Spanish listed companies. SERIEs, 7(3), 359-391. https://doi.org/10.1007/s13209-016-0147-4 https://doi.org/10.1007/s13209-016-0147-...
), Faccio & Xu (2015Faccio, M., & Xu, J. (2015). Taxes and capital structure. Journal of Financial and Quantitative Analysis, 50(3), 277-300.https://doi.org/10.1017/S0022109015000174 https://doi.org/10.1017/S002210901500017...
), Gordon & Lee, (2001Gordon, R., & Lee, Y. (2001). Do taxes affect corporate debt policy? Evidence from U.S. corporate tax return data. Journal of Public Economics, 82(1), 195-224. https://doi.org/10.1016/S0047-2727(00)00151-1 https://doi.org/10.1016/S0047-2727(00)00...
), Graham (2000Graham, J. R. (2000). How big are tax benefits of debt? Journal of Finance, 55(1), 1901-1941. https://doi.org/10.1111/0022-1082.00277 https://doi.org/10.1111/0022-1082.00277...
), Hebous & Ruf (2017Hebous, S., & Ruf, M. (2017). Evaluating the effects of ACE systems on multinational debt financing and investment. Journal of Public Economics, 156, 131-149.https://doi.org/10.1016/j.jpubeco.2017.02.011 https://doi.org/10.1016/j.jpubeco.2017.0...
), Jin (2021Jin, X. (2021). Corporate tax aggressiveness and capital structure decisions: Evidence from China. International Review of Economics & Finance, 75, 94-111.https://doi.org/10.1016/j.iref.2021.04.008 https://doi.org/10.1016/j.iref.2021.04.0...
), Kramer (2015Kramer, R. (2015). Taxation and capital structure choice: The role of ownership. The Scandinavian Journal of Economics,117(3), 957-982. https://doi.org/10.1111/sjoe.12107 https://doi.org/10.1111/sjoe.12107...
), MacKie-Masson (1990MacKie-Mason, J. (1990). Does tax affect corporate financing decisions? Journal of Finance, 45(5), 1471-1493. https://doi.org/10.1111/j.1540-6261.1990.tb03724.x https://doi.org/10.1111/j.1540-6261.1990...
), Overesch & Voeller (2011Overesch, M., & Voeller, D. (2011). The impact of personal and corporate taxation on capital structure choices [Working Paper]. Social Science Research Network. https://doi.org/10.2139/ssrn.1116166 https://doi.org/10.2139/ssrn.1116166...
), Portal & Laureano (2017Portal, M. T., & Laureano, L. (2017). Does Brazilian allowance for corporate equity reduce the debt bias? Evidences of rebound effect and ownership-induced ACE clientele. Research in International Business and Finance, 42, 480-495.https://doi.org/10.1016/j.ribaf.2016.12.005 https://doi.org/10.1016/j.ribaf.2016.12....
), Reinhard (2011Reinhard, L. F. M., & Li, S. (2011). The influence of taxes on corporate financing and investment decisions against the background of the German tax reforms. European Journal of Finance, 17(8), 717-737. https://doi.org/10.1080/1351847X.2011.554291 https://doi.org/10.1080/1351847X.2011.55...
), Rezende (2018Rezende, A., Dalmácio, F., & Rathke, A. (2018). Avaliação do impacto dos incentivos fiscais sobre os retornos e as políticas de investimento e financiamento das empresas.Revista Universo Contábil,14(4), 28-49.https://proxy.furb.br/ojs/index.php/universocontabil/article/view/6460 https://proxy.furb.br/ojs/index.php/univ...
), Silva et al. (2019Silva, R. C. da, Santos, D. C. dos, Rieger, M., & Gonzales, A. (2019). A divulgação dos benefícios fiscais e a informação sobre possíveis economias tributárias. Revista Eniac Pesquisa, 8(1), 59-84. https://doi.org/10.22567/rep.v8i1.541 https://doi.org/10.22567/rep.v8i1.541...
), Tomaz (2012Tomaz, J. (2012). Terá sido Portugal o primeiro país a implementar a remuneração convencional do capital social?Revista de Finanças Públicas e Direito Fiscal, 5(3), 59-84.), Vaz Da Fonseca et al. (2020Vaz Da Fonseca, P. V., Jucá, M. N., & Nakamura, W. T. (2020). Debt tax benefits in a high tax emerging market: Evidence from Brazil. International Journal of Economics and Business Administration, 8(2), 35-52. ) |