Costes de la deuda, beneficios fiscales y nueva medida de escudos fiscales alternativos a la deuda: análisis del conservadurismo de la deuda en las empresas cotizadas españolas
Costs of debt, tax benefits and a new measure of non-debt tax shields: examining debt conservatism in Spanish listed firms
Resumen
A pesar de que existe evidencia empírica de que las ventajas fiscales de la deuda se suman al valour de la empresa, es necesaria más investigación para explicar la política de deuda aparentemente conservadora de muchas empresas. Este estudio analiza si las cuestiones fiscales de la deuda y aquellas no relacionadas con la deuda podrían arrojar algo de luz sobre el aparente «rompecabezas de fuerza conservadora» de las empresas cotizadas españolas durante el período 2007-2013. Específicamente se comparan los costes de dificultades financieras con las ventajas fiscales de la deuda. Además, probamos si el conservadurismo de la deuda, medido por el colapso, se explica por los diferentes costes de los escudos fiscales relacionados con la deuda o alternativos a esta. Nuestros resultados sugieren que las empresas cotizadas españolas más conservadoras quizá no estén actuando de manera subóptima respecto a la ventaja fiscal de la financiación de la deuda. Además, los resultados obtenidos son coherentes con la creencia de que los costes de la deuda podrían contrarrestar las ventajas fiscales derivadas de la financiación de la deuda, y los escudos fiscales relacionados con la deuda y alternativos a la deuda podrían actuar como sustitutos.
Descargas
Citas
Arellano and Bond, 1991: Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations Review of Economic Studies, 58 (1991), pp. 277-297
Almeida and Philippon, 2007: The risk-adjusted cost of financial distress The Journal of Finance, 62 (2007), pp. 2557-2586
Altman, 1968: Financial ratios, discriminant analysis, and the prediction of corporate bankruptcy The Journal of Finance, 23 (1968), pp. 589-609
Altman, 1984: A further empirical investigation of the bankruptcy cost question The Journal of Finance, 39 (1984), pp. 1067-1089
Altman and Hotchkiss, 2006: Corporate financial distress and bankruptcy: Predict and avoid bankruptcy analyze and invest in distressed debt 3rd ed., John Wiley & Sons, Inc, (2006)
Andrade and Kaplan, 1998: How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed The Journal of Finance, 53 (1998), pp. 1443-1493
Baum et al., 2007: Enhanced routines for instrumental variables/generalized method of moments estimation and testing Stata Journal, 7 (2007), pp. 465-506
Berger and Udell, 1998: The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle Journal of Banking & Finance, 22 (1998), pp. 613-673 http://dx.doi.org/10.1002/stem.2865 |
Bigelli et al., 2014: Financial conservatism of private firms Journal of Business Research, 67 (2014), pp. 2419-2427
Blouin et al., 2010: Have the tax benefits of debt been overestimated? Journal of Financial Economics, 98 (2010), pp. 195-213
Bradley et al., 1984: On the existence of an optimal capital structure: Theory and evidence The Journal of Finance, 39 (1984), pp. 857-878
Branch, 2002: The costs of bankruptcy: A review International Review of Financial Analysis, 11 (2002), pp. 39-57
Clemente-Almendros and Sogorb-Mira, 2016: The effect of taxes on the debt policy of Spanish listed companies Journal of the Spanish Economic Association (SERIEs), 7 (2016), pp. 359-391
De Angelo and Masulis, 1980: Optimal capital structure under corporate and personal taxation Journal of Financial Economics, 8 (1980), pp. 3-29
De Miguel and Pindado, 2001: Determinants of the capital structure: New evidence from Spanish data Journal of Corporate Finance, 7 (2001), pp. 77-99
Faulkender and Petersen, 2006: Does the source of capital affect capital structure? The Review of Financial Studies, 19 (2006), pp. 45-79
Flannery and Rangan, 2006: Partial adjustment toward capital structures Journal of Financial Economics, 79 (2006), pp. 469-506
Frank and Goyal, 2003: Testing the pecking order theory of capital structure Journal of Financial Economics, 67 (2003), pp. 217-248
Frank and Goyal, 2008: Trade-off and pecking order theories of debt pp. 135-202
Frank and Goyal, 2009: Capital structure decisions: Which factors are reliably important? Financial Management, 38 (2009), pp. 1-37
González and González, 2008: Influence of bank concentration and institutions on capital structure: New international evidence Journal of Corporate Finance, 14 (2008), pp. 363-375
Goyal et al., 2011: Capital market access and financing of private firms International Review of Finance, 11 (2011), pp. 155-179
Graham, 2000: How big are the tax benefits of debt? The Journal of Finance, 55 (2000), pp. 1901-1941
Graham, 2001: Estimating the tax benefits of debt Journal of Applied Corporate Finance, 14 (2001), pp. 42-54
Graham, 2003: Taxes and corporate finance: A review The Review of Financial Studies, 16 (2003), pp. 1075-1129
Graham, 2013: Do taxes affect corporate decisions? A review pp. 123-210
Graham et al., 2017: Tax rates and corporate decision-making Review of Financial Studies, 30 (2017), pp. 3128-3175
Graham et al., 2004: Employee stock options, corporate taxes, and debt policy The Journal of Finance, 59 (2004), pp. 1585-1618
Graham et al., 1998: Debt, leases, taxes, and the endogeneity of corporate tax status The Journal of Finance, 53 (1998), pp. 131-162
Graham and Tucker, 2006: Tax shelters and corporate debt policy Journal of Financial Economics, 81 (2006), pp. 563-594
Green, 2012: Econometric analysis 7th ed., Prentice Hall, (2012)
Hosmer et al., 2013: Applied logistic regression 3rd ed., Wiley, (2013)
Jensen and Meckling, 1976: Theory of the firm: Managerial behavior, agency costs and ownership structure Journal of Financial Economics, 3 (1976), pp. 305-360
Ju et al., 2005: Horses and rabbits? Trade-off theory and optimal capital structure Journal of Financial and Quantitative Analysis, 40 (2005), pp. 259-281
Kaplan and Urwitz, 1979: Statistical models of bond ratings: A methodological enquiry Journal of Business, 52 (1979), pp. 231-261
Kemsley and Nissim, 2002: Valuation of the debt tax shield The Journal of Finance, 57 (2002), pp. 2045-2073
Kisgen, 2006: Credit ratings and capital structure The Journal of Finance, 61 (2006), pp. 1035-1072
Kisgen, 2009: Do firms target credit ratings or leverage levels? Journal of Financial and Quantitative Analysis, 44 (2009), pp. 1323-1344
Ko and Yoon, 2011: Tax benefits of debt and debt financing in Korea Asia-Pacific Journal of Financial Studies, 40 (2011), pp. 824-855
Kolay et al., 2013: A new measure for non-debt tax shields and the impact on debt policy Unpublished Working paper, University of Utah, (2013)
Korn and Graubard, 1990: Simultaneous testing of regression coefficients with complex survey data: Use of Bonferroni t statistics American Statistician, 44 (1990), pp. 270-276
Korteweg, 2010: The net benefits to leverage The Journal of Finance, 65 (2010), pp. 2137-2170
McDonald and Siegel, 1986: The value of waiting to invest The Quarterly Journal of Economics, 101 (1986), pp. 707-727
Manzon and Plesko, 2002: The relation between financial and tax reporting measures of income Tax Law Review, 55 (2002), pp. 175-214
Minton and Wruck, 2001: Financial conservatism: Evidence on capital structure from low leverage firms Working paper No. 2001-6, (2001)
Miller, 1977: Debt and taxes The Journal of Finance, 32 (1977), pp. 261-275
Molina, 2005: Are firms underleveraged? An examination of the effect of leverage on default probabilities The Journal of Finance, 60 (2005), pp. 1427-1459
Myers, 1977: Determinants of corporate borrowing Journal of Financial Economics, 3 (1977), pp. 799-819
Myers, 1984: The capital structure puzzle Journal of Finance, 39 (1984), pp. 575-592
Myers and Majluf, 1984: Corporate financing and investment decisions when firms have information that investors do not have Journal of Financial Economics, 13 (1984), pp. 187-221
Opler and Titman, 1994: Financial distress and corporate performance The Journal of Finance, 49 (1994), pp. 1015-1040
Plesko, 2003: An evaluation of alternative measures of corporate tax rates Journal of Accounting and Economics, 35 (2003), pp. 201-226
Rajan and Zingales, 1995: What do we know about capital structure? Some evidence from international data Journal of Finance, 50 (1995), pp. 1421-1460
Ruiz-Huerta, 2011: Tendencias de la fiscalidad en Europa: La armonización fiscal y el futuro de la Unión Revistas ICE, 863 (2011), pp. 73-78
Sánchez-Vidal and Martín-Ugedo, 2006: Determinantes del conservadurismo financiero de las empresas españolas Revista de Economía Financiera, 9 (2006), pp. 47-66
Sánchez-Vidal and Martín-Ugedo, 2012: Are the implications of the financial growth cycle confirmed for Spanish SMEs? Journal of Business Economics and Management, 13 (2012), pp. 637-665
Shivdasani and Stefanescu, 2010: How do pensions affect capital structure decisions? Review of Financial Studies, 23 (2010), pp. 1287-1323
Shyam-Sunder and Myers, 1999: Testing static trade off against pecking order models of capital structure Journal of Financial Economic, 51 (1999), pp. 219-244
Smith and Blundell, 1986: An exogeneity test for a simultaneous equation tobit model with an application to labor supply Econometrica, 54 (1986), pp. 679-685
Standard and Poor's Rating Services, 2011: CreditStats: 2010 Industrial comparative ratio analysis, long-term debt-Europe, Middle East, Africa McGraw Hill Financial, (2011)
Standard and Poor's Rating Services, 2014: CreditStats: 2013 Industrial comparative ratio analysis, long-term debt-Europe, Middle East, Africa McGraw Hill Financial, (2014)
Standard and Poor's Rating Services, 2015: Default, transition, and recovery: 2014 annual European corporate default study and rating transitions McGraw Hill Financial, (2015)
Strebulaev and Yang, 2013: The mystery of zero-leverage firms Journal of Financial Economics, 109 (2013), pp. 1-23
Titman and Wessels, 1988: The determinants of capital structure choice The Journal of Finance, 43 (1988), pp. 1-19
Van Binsbergen et al., 2010: The cost of debt The Journal of Finance, 65 (2010), pp. 2089-2136
Warner, 1977: Bankruptcy costs: Some evidence The Journal of Finance, 32 (1977), pp. 337-347
Windmeijer, 2005: A finite sample correction for the variance of linear efficient two-step GMM estimators Journal of Econometrics, 126 (2005), pp. 25-51
Wooldridge, 2010: Econometric analysis of cross section and panel data 2nd ed., MIT Press, (2010)
Las obras que se publican en esta revista están sujetas a los siguientes términos:
1. Ediciones de la Universidad de Murcia (EDITUM) y ASEPUC conservan los derechos patrimoniales (copyright) de las obras publicadas, y favorece y permite la reutilización de las mismas bajo la licencia de uso indicada en el punto 2.
2. Las obras se publican en la edición electrónica de la revista bajo una licencia de Creative Commons Reconocimiento-NoComercial-SinObraDerivada 4.0 Internacional. Permite copiar, distribuir e incluir el artículo en un trabajo colectivo (por ejemplo, una antología), siempre y cuando no exista una finalidad comercial, no se altere ni modifique el artículo y se cite apropiadamente el trabajo original. Esta revista no tiene tarifa por la publicación Open Access. ASEPUC y EDITUM financian los costes de producción y publicación de los manuscritos.
3. Condiciones de auto-archivo. Se permite y se anima a los autores a difundir electrónicamente la versión publicada de sus obras, ya que favorece su circulación y difusión y con ello un posible aumento en su citación y alcance entre la comunidad académica.