Los impuestos como determinantes de la inversión empresarial. Evidencia empírica en empresas españolas que no cotizan en bolsa

Taxes as determinants of corporate investment: Empirical evidence in Spanish private firms

  • Juan Monterrey Mayoral Universidad de Extremadura, Badajoz, España
  • Amparo Sánchez Segura Universidad de Extremadura, Badajoz, España
Palabras clave: Impuestos, Impuestos diferidos, Inversión, Tipo impositivo marginal, Contabilidad

Resumen

En este artículo se analiza si el deseo de evitar pagos fiscales futuros, calculados en términos de impuestos diferidos netos que se registran en los balances generales de las empresas, podría erigirse, junto con los factores explicativos documentados en la bibliografía anterior, como un determinante de la inversión empresarial. Nuestro análisis empírico aporta resultados sólidos que dejan constancia de que los pagos fiscales futuros son una motivación adicional para adoptar decisiones de inversión. No obstante, nuestros hallazgos también ponen de manifiesto que, hasta cierto punto, las motivaciones de carácter tributario podrían explicar situaciones de sobreinversión, si bien la evidencia que se ha obtenido de dichos episodios muestra una moderada significación estadística.

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Publicado
01-07-2017
Cómo citar
Monterrey Mayoral, J., & Sánchez Segura, A. (2017). Los impuestos como determinantes de la inversión empresarial. Evidencia empírica en empresas españolas que no cotizan en bolsa. Revista De Contabilidad - Spanish Accounting Review, 20(2), 195–209. https://doi.org/10.1016/j.rcsar.2017.04.001
Sección
Artículos