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

  • José A. Clemente Almendros Departamento de Organización de Empresas, Universidad Politécnica de Valencia - Campus de Alcoy, Alcoy (Alicante), Spain
  • Francisco Sogorb Mira Departamento de Economía y Empresa, Universidad CEU Cardenal Herrera, Elche (Alicante), Spain.
Palabras clave: Estructura de capital, Coste de la deuda, Kink, Calificación, Escudos fiscales alternativos a la deuda

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.

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Publicado
01-07-2018
Cómo citar
Clemente Almendros, J. A., & Sogorb Mira, F. (2018). 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. Revista De Contabilidad - Spanish Accounting Review, 21(2), 162-175. https://doi.org/10.1016/j.rcsar.2018.05.001
Sección
Artículos