Mecanismos externos de controle da gestão e tax avoidance: evidências de empresas no Brasil
DOI:
https://doi.org/10.4025/enfoque.v44i1.65388Palavras-chave:
Mecanismos externos de controle; Tax avoidance; Agressividade fiscal.Resumo
Objetivo: Este estudo tem o objetivo de investigar a relação entre os mecanismos externos de controle da gestão e o nível de atividades de tax avoidance nas empresas brasileiras.
Método: A amostra foi composta por 70 empresas listadas na B3, no período de 2015-2019. O nível de tax avoidance foi mensurado pelos modelos propostos por Tang (2014) e Atwood et al. (2012). Os mecanismos externos de controle da gestão foram mensurados pela qualidade da governança, tamanho e independência do comitê de auditoria, qualidade da auditoria e o monitoramento de analistas financeiros. Fez-se uso de estatística descritiva e multivariada.
Originalidade/Relevância: Dada a complexidade do sistema tributário e as fragilidades institucionais do Brasil, gestores podem identificar este ambiente como propício para adotar práticas de tax avoidance. Portanto, mostra-se relevante analisar como os mecanismos externos de controle podem afetar o nível de agressividade fiscal das empresas, de modo a inibir o oportunismo dos gestores decorrentes de práticas de redução de tributos.
Resultados: Os resultados demonstraram níveis elevados de tax avoidance praticado pelas empresas brasileiras. Ademais, sinalizam que a presença do comitê de auditoria promove a adoção de estratégias de tax avoidance, e que quanto maior e mais independente for o comitê de auditoria, menor será a probabilidade dessas estratégias serem agressivas. Observou-se, ainda, que quanto mais as empresas se engajam em atividades de tax avoidance, maiores são os erros de previsão do lucro.
Contribuições Teóricas/Metodológicas/Práticas: O estudo contribui para enriquecer a literatura sobre tributos, pois sinaliza como alguns mecanismos externos de controle podem restringir práticas de tax avoidance, refletindo-se, assim, nos custos de agência decorrentes do monitoramento das ações de gestores quanto à s questões tributárias. Os resultados podem ainda auxiliar órgãos governamentais na elaboração de políticas públicas para evitar perdas de receitas fiscais.
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Referências
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Araújo, C. E. B., Cabral, A. C. A., Santos, S. M., Pessoa, M. N. M., & Roldan, V. P. S. (2013). Grau de adesão de empresas familiares à s boas práticas de governança corporativa: proposição e teste de um instrumento-diagnóstico. Revista Alcance – Eletrônica, 20(1), 117-138.
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Austin, C. R., & Wilson, R. J. (2017). An examination of reputational costs and tax avoidance: evidence from firms with valuable consumer brands. The Journal of the American Taxation Association, 39(1), 67-93.
Ayers, B. C., Call, A. C., & Schwab, C. M. (2018). Do analysts’ cash flow forecasts encourage managers to improve the firm’s cash flows? Evidence from tax planning. Contemporary Accounting Research, 35(2), 767-793.
Balakrishnan, K., Blouin, J., & Guay, W. (2018). Tax aggressiveness and corporate transparency. The Accounting Review, 94(1), 45-69.
Bauer, A. M. (2016). Tax avoidance and the implications of weak internal controls. Contemporary Accounting Research, 33, 449-486.
Bayar, O., Huseynov, F., & Sardarli, S. (2018). Corporate governance, tax avoidance, and financial constraints. Financial Management, 47(3), 651-677.
Braga, R. N. (2017). Efeitos da adoção das IFRS sobre o tax avoidance. Revista Contabilidade & Finanças – USP, 28(75), 407-424.
Bratten, B., Gleason, C. A., Larocque, S. A., Mills, L. F. (2017). Forecasting Taxes: New Evidence from Analysts. The Accounting Review, 92(3), 1-29.
Bulutoding, L. (2016). Analysis of aggressive tax in terms of good corporate governance company listed on the Indonesia stock exchange (IDX). Man in India, 96(11), 4455-4466.
Cao, Y., Hu, X., Lu, Y., & Su, J. (2019). Customer concentration, tax collection intensity, and corporate tax avoidance. Emerging Markets Finance & Trade, 56(11), 2563-2593.
Chen, N. X., Chiu, P. C., & Shevlin, T. (2018). Do analysts matter for corporate tax planning? Evidence from a natural experiment. Contemporary Accounting Research, 35(2), 794-829.
Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms? Journal of Financial Economics, 95(1), 41-61.
Chen, X., Hu, N., Wang, X., & Tang, X. (2014). Tax avoidance and ï¬rm value: evidence from China. Nankai Business Review International, 5(1), 25-42.
Coffee, J. C. (2006). Gatekeepers: the professions and corporate governance. Oxford: Oxford University Press.
Conyon, M. J., & He, L. (2017). Firm performance and boardroom gender diversity: a quantile regression approach. Journal of Business Research, 79, 198-211.
Desai, M. A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145-179.
Desai, M. A., & Dharmapala, D. (2009). Corporate tax avoidance and firm value. The Review of Economics and Statistics, 91(3), 537-546.
Desai, M. A., Dyck, A., & Zingales, L. (2007). Theft and taxes. Journal of Financial Economics, 84(3), 591-623.
Deslandes, M., Fortin, A., & Landry, S. (2019). Audit committee characteristics and tax aggressiveness. Managerial Auditing Journal, 35(2), 272-293.
Druda Filho, S., & Pimentel, R. C. (2022). Incertezas macroeconômicas e viés dos analistas sell-side no mercado brasileiro. Enfoque Reflexão Contábil, 41(1), 39-57.
Eisenhardt, K. M. (1989). Agency theory: an assessment and review. Academy of Management Review, 14(1), 57-74.
Ernst & Young. (2019). Worldwide corporate tax guide. Retrieved June 20, 2020, from https://www.ey.com/en_gl/tax-guides/worldwide-corporate-tax-guide-2019
Fernandes, V. L., Martinez, A. L., & Nossa, V. (2013). The influence of the best corporate governance practices on the allocation of value added to taxes. A Brazilian case. Contabilidade, Gestão e Governança, 16(3), 58-69.
Firmansyah, D. S. A. (2020). The role of corporate governance on earnings quality from positive accounting theory framework. International Journal of Scientific & Technology Research, 9(1), 808-820.
Furuta, F., & Santos, A. D. (2010). Comitê de auditoria versus conselho fiscal adaptado: a visão dos analistas de mercado e dos executivos das empresas que possuem ADRs. Revista Contabilidade & Finanças – USP, 21(53), 1-23.
Gaaya, S., Lakhal, N., & Lakhal, F. (2017). Does family ownership reduce corporate tax avoidance? The moderating effect of audit quality. Managerial Auditing Journal, 32(7), 731-744.
Goh, B. W., Lee, J., Lim, C. Y., & Shevlin, T. (2016). The effect of corporate tax avoidance on the cost of equity. The Accounting Review, 91(6), 1647-1670.
Gomes, A. P. M. (2016). Características da governança corporativa como estímulo à gestão fiscal. Revista Contabilidade & Finanças – USP, 27(71), 149-168.
Guizani, M., & Abdalkrim, G. (2021). Ownership structure and audit quality: the mediating effect of board independence. Corporate Governance, 21(5), 754-774.
Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2-3), 127-178.
Hanlon, M., & Slemrod, J. (2009). What does tax aggressiveness signal? Evidence from stock price reactions to news about tax shelter involvement. Journal of Public Economics, 93(1–2), 126-141.
He, G., Ren, H. M., & Taffler, R. (2020). The impact of corporate tax avoidance on analyst coverage and forecasts. Review of Quantitative Finance and Accounting, 54(2), 447-477.
Hoseini, M., Gerayli, M. S., & Valiyan, H. (2019). Demographic characteristics of the board of directors’ structure and tax avoidance. International Journal of Social Economics, 46(2), 199-212.
Hsu, P. H., Moore, J. A., & Neubaum, D. O. (2018). Tax avoidance, financial experts on the audit committee, and business strategy. Journal of Business Finance & Accounting, 45(9/10), 1293-1321.
Instituto Brasileiro de Governança Corporativa. (2015). Código das melhores práticas de governança corporativa. São Paulo, SP: IBGC.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Kanagaretnam, K., Lee, J., Lim, C. Y., & Lobo, G. J. (2016). Relation between auditor quality and tax aggressiveness: implications of cross-country institutional differences. Auditing, 35(4), 105-135.
Katz, S., Khan, U., & Schmidt, A. (2013). Tax avoidance and future profitability. Columbia Business School Research Paper Nº 13-10.
Kiswanto, A. P., Suryarini, T., Apriliyana, N., & Kadir, A. (2020). Tax avoidance in Indonesia: context of good corporate governance and corporate social responsibility. Humanities & Social Sciences Reviews, 8(2), 270-279.
Kleinert, V. C., Lana, J., & Floriani, D. (2019). Governança corporativa ilimitada para empresas limitadas. Revista de Administração Contemporânea, 23(6), 807-811.
Kovermann, J., & Velte, P. (2019). The impact of corporate governance on corporate tax avoidance – a literature review. Journal of International Accounting, Auditing and Taxation, 36(1), 1-29.
Lee, N. (2018). Tax avoidance, near-future earnings, and resource availability. International Review of Finance, 20, 1-12.
Lee, Y. J. (2021). The effects of analysts’ tax expense forecast accuracy on corporate tax avoidance: An international analysis. Journal of Contemporary Accounting & Economics, 17(2). https://doi.org/10.1016/j.jcae.2021.100243.
Lima, G. A. S. F., & Luca, M. M. M. (2016). A relação entre o monitoramento dos analistas de mercado e as características de valuation das companhias brasileiras. Revista Universo Contábil, 12(4), 129-151.
Luca, M. M. M., Martins, L. C., Maia, A. B. G. R., & Coelho, A. C. D. (2010). Os mecanismos de auditoria evidenciados pelas empresas listadas nos níveis diferenciados de governança corporativa e no Novo Mercado da Bovespa. Revista Contabilidade Vista & Revista, 21(1), 101-130.
Martinez, A. L., Ribeiro, A. C., & Funchal, B. (2019). Sarbanes Oxley Act and taxation: a study of the effects on the tax aggressiveness of Brazilian firms. Contabilidade Vista & Revista, 30(1), 27-42.
Medeiros, J. T., Paulo, E., Melo, C. L. L., & Mota, R. H. G. (2019). Previsão de analistas e as estratégias de gerenciamento de resultados utilizadas para evitar surpresa nos lucros. Revista Universo Contábil, 15(1), 49-64.
Mendonça, F., Martins, H. C., & Terra, P. (2019). Estrutura de capital e mecanismos de governança externos à firma: uma análise multipaís. Revista de Administração Contemporânea, 23(6), 765-785.
Novaes, P. V. G., Borges Júnior, P., Almeida, J. E. F., & Bortolon, P. M. (2018). Accruals discricionários e previsões otimistas dos analistas: incentivos e consequências. Revista Contabilidade Vista & Revista, 29(1), 28-47.
Ocak, M., & Can, G. (2019). Do government-experienced auditors reduce audit quality? Managerial Auditing Journal, 34(6), 722-748.
Ouyang, C., Xiong, J., & Huang, K. (2019). Do multiple large shareholders affect tax avoidance? Evidence from China. Internacional Review of Economics and Finance, 67, 207-224.
Potin, S., Silva, V. C., Reina, D., & Sarlo Neto, A. (2016). Análise da relação de dependência entre proxies de governança corporativa, planejamento tributário e retorno sobre ativos das empresas da BM&FBovespa. Revista Organizações em Contexto, 12(23), 455-478.
Putra, W. E., Yuliusman, & Wisra, R. F. (2020). The relations among firm characteristic, capital intensity, institutional ownership, and tax avoidance: some evidence from Indonesia. Humanities & Social Sciences Reviews, 8(1), 315-322.
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2025-01-15
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Mecanismos externos de controle da gestão e tax avoidance: evidências de empresas no Brasil. (2025). Enfoque: Reflexão Contábil, 44(1), 20-38. https://doi.org/10.4025/enfoque.v44i1.65388
