Costs of debt, tax benefits and a new measure of non-debt tax shieldsexamining debt conservatism in Spanish listed firms

  1. José A. Clemente-Almendros 1
  2. Francisco Sogorb-Mira 2
  1. 1 Universidad Politécnica de Valencia
    info

    Universidad Politécnica de Valencia

    Valencia, España

    ROR https://ror.org/01460j859

  2. 2 Universidad CEU Cardenal Herrera
    info

    Universidad CEU Cardenal Herrera

    Valencia, España

    ROR https://ror.org/01tnh0829

Journal:
Revista de contabilidad = Spanish accounting review: [RC-SAR]

ISSN: 1138-4891

Year of publication: 2018

Volume: 21

Issue: 2

Pages: 162-175

Type: Article

DOI: 10.1016/J.RCSAR.2018.05.001 DIALNET GOOGLE SCHOLAR lock_openDialnet editor

More publications in: Revista de contabilidad = Spanish accounting review: [RC-SAR]

Abstract

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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Funding information

Francisco Sogorb-Mira acknowledges financial support from Ministry of Economy and Competitiveness research grant ECO2015-67035-P.

Funders

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