The effect of tax accounting rules on capital structure and discretionary accruals

Calegari, Michael

doi:10.1016/s0165-4101(00)00027-6

Cited by 43 publications

(47 citation statements)

References 36 publications

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“…Hipóteses formuladas a partir da teoria do tradeoff foram testadas e confirmadas por estudos anteriores realizados em outros países (AYRES et al, 2001;HOUSTON, 1999;BURGMAN, 1996;CALEGARI, 2000;CLOYD et al, 1997;ELY et al, 2002;GROPP, 2002;GUENTHER, 1996;HARWOOD;MANZON, 2000;MILLS;NEWBERRY, 2004;MOHAMAD, 1995;MYERS, 2001;PILOTTE, 1990;SHIH, 1996;SMITH, 1997). Esses autores encontraram resultados preconizados pela teoria do tradeoff, que indicam uma relação positiva entre o nível de endividamento e o fator tributação do lucro.…”

Section: Introductionunclassified

Relação entre a tributação do lucro e a estrutura de capital das grandes empresas no Brasil

Pohlmann

Iudícibus

2010

Rev. contab. finanç.

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RESUMOO presente trabalho é uma pesquisa teórico-empírica que utiliza a análise de regressão linear múltipla com o objetivo de testar a validade de hipóteses relacionadas à influência da tributação do lucro na estrutura de capital das grandes empresas no Brasil. Segundo a teoria do tradeoff, a empresa, incentivada pela vantagem fiscal do endividamento, recorre a capitais de terceiros até o nível em que os custos associados aos riscos de falência superam essa vantagem. A teoria do pecking order, por sua vez, preconiza uma hierarquização das fontes de financiamento e não atribui à tributação do lucro papel relevante na explicação do endividamento. Duas hipóteses foram postas à prova: a primeira testou a validade da teoria do tradeoff quanto à existência de impacto da tributação do lucro no endividamento. A testou a presença dessa relação nas firmas com alto endividamento e baixo nível de tributação, para as quais não haveria a vantagem fiscal do endividamento. A pesquisa tomou por base valores médios dos dados de 2001 a 2003 das 500 maiores empresas estabelecidas no Brasil, segundo a Revista Exame. A hipótese central da pesquisa restou confirmada: existe uma relação positiva entre o nível de tributação do lucro e o grau de endividamento. Essa relação foi verificada, também, para as empresas com alto endividamento e baixo nível de tributação do lucro. Esses achados confirmaram o maior poder preditivo da teoria do tradeoff em detrimento da teoria do pecking order quanto ao impacto da tributação do lucro sobre a decisão de endividamento. Palavras

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Section: Introductionunclassified

Relação entre a tributação do lucro e a estrutura de capital das grandes empresas no Brasil

Pohlmann

Iudícibus

2010

Rev. contab. finanç.

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“…Xie (2001) menyatakan bahwa pasar overpricing atas persistensi akrual normal dan akrual abnormal dibandingkan dengan komponen arus kas. Studi tersebut menghasilkan kesimpulan yang konsisten mengenai perilaku pasar yang anomali atas informasi akrual seperti di Tunisia (Khanchel El Mehdi 2011), di Indonesia (Ratmono dan Cahyonowati 2005;Siregar 2005), dan Australia (Clinch et al 2012).…”

Section: Pendahuluanunclassified

“…Selain mengurangi assessment oleh aparat pajak, hal tersebut mampu meningkatkan peluang menang ketika perusahaan menghadapi tuntutan dari otoritas pajak. Menurut Calegari (2000), mengelola kesesuaian standar akuntansi dengan peraturan perpajakan merupakan sarana untuk mencapai tujuan perencanaan pajak. Bersamaan dengan perilaku tersebut, pengelolaan keleluasaan akrual yang kesesuaiannya rendah dengan peraturan perpajakan mencerminkan upaya untuk memenuhi tujuan pelaporan keuangan Guenther (1994).…”

Section: Kekeliruan Penilaian Akrual Konformitas Akuntansi-pajak (Boounclassified

“…akuntansi-pajak (book-tax conformity accruals) yang memiliki kesesuaian antara standar akuntansi dengan peraturan perpajakan dan akrual akuntansi-saja (book-only accruals) telah dimodelkan secara matematis oleh Calegari (2000) dan Plesko (2007). Masingmasing akrual tersebut dibagi menjadi dua komponen, yaitu non diskresi dan diskresi akrual, seperti halnya model modifikasi Jones (1991).…”

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Perilaku Anomali Pasar Atas Akrual Konformitas Akuntansi-Pajak Dalam Konteks Modernisasi Sistem Perpajakan Di Indonesia

Kartiko¹,

Rossieta²,

Wardhani³

2015

JAKI

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This study aims to analyze the impact of modernization of taxation system and amendment of income tax law on the components of the book-tax conformity accruals Keywords: accrual mispricing, book-tax conformity accruals, discretionary accruals, Indonesian taxation AbstrakPenelitian ini bertujuan untuk menganalisis dampak diberlakukannya modernisasi dan perubahan peraturan perpajakan terhadap komponen akrual konformitas akuntansi-pajak, apakah terdapat perbedaan persistensi laba dalam komponen akrual konformitas akuntansi-pajak dengan akrual akuntansi-saja. Studi ini juga menunjukkan apakah terjadi anomali pasar atas komponen akrual tersebut dalam konteks perpajakan di Indonesia. Anomali pasar atas komponen akrual konformitas akuntansipajak ditunjukkan apabila pasar gagal menilai efek dari diskresi akrual konformitas akuntansi-pajak dalam menentukan imbal hasil saham mendatang. Dengan menggunakan 1,729 observasi selama tahun 2002-2014, strategi perpajakan perusahaan dalam mengelola akrual konformitas akuntansi-

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“…2 First of all, creditors' protection − as opposed to a purely informational function of the financial statements − is dominant in German-speaking countries, a fact that lends great importance to the principle of conservatism. Second, there is a link between commercial law and tax law in German-speaking countries 1 There are, for example, papers which investigate whether earnings management is performed in order to smooth earnings (Ronen/Sadan (1981)), in order to increase manager compensation (Healy (1985), Holthausen/Larcker/Sloan (1995), Balsam (1998), Soo (1999), Guidry/Leone/Rock (1999)), in order to reduce tax liabilities (Boynton/Dobbins/Plesko (1992), Hand (1993), Chen/Daley (1996), Chung (1998), Calegari (2000)), in order to fulfill regulatory requirements (Moyer (1990), Scholes/Wilson/Wolfson (1990), Collins/Shackelford/Wahlen (1995), Chen/Daley (1996), Kim/Kross (1998)), in order to avoid/delay technical defaults (Sweeney (1994)) or in order to fulfill management's performance forecasts or the market expectations of analysts (Robb (1998), Kasznik (1999)). In addition, the connections between earnings management and takeovers (Easterwood (1997)), CEO changes (Pourciau (1993)), antitrust investigations (Cahan (1992)), import relief investigations (Jones (1991)), labor union negotiations (Liberty/Zimmerman (1986)), management buyouts (De Angelo (1988), Perry/Williams (1994)) and equity offers (Aharony/Lin/Loeb (1993), Teoh/Wong/Rao (1998)) have been examined.…”

Section: Introductionmentioning

confidence: 99%

The Optimal Timing of the Transfer of Hidden Reserves in the German and Austrian Tax Systems - A Market-Based Approach with Special Attention to the Term Structure of Interest Rates and Interest Rate Risk

Frühwirth

2001

SSRN Journal

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In this paper, the optimal timing of hidden reserves transfers is derived with special attention to the term structure of interest rates and interest rate risk, and using wellknown concepts from the field of finance. The paper presents one model under certainty and, as a generalization of this model, another model under interest rate risk. In both models, the criterion used for decision-making is the value of the right to transfer, which can be interpreted as the initial cost of a replicating/hedging strategy for tax payments incurred/saved. In the model under certainty, the net present value concept is used to derive the value of the right to transfer. The procedure used in the model under interest rate risk is a combination of flexible planning and the no-arbitrage approach common in derivatives pricing. It is shown that the right to transfer hidden reserves with flexible timing is equivalent to an American-style conversion option. In addition, the impact of term-structure volatility on the value of the right to transfer is analyzed. The technique presented in this paper can also be used to solve other timing problems resulting from trade-offs between early and late tax payments/tax benefits.

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The effect of tax accounting rules on capital structure and discretionary accruals

Cited by 43 publications

References 36 publications

Relação entre a tributação do lucro e a estrutura de capital das grandes empresas no Brasil

Relação entre a tributação do lucro e a estrutura de capital das grandes empresas no Brasil

Perilaku Anomali Pasar Atas Akrual Konformitas Akuntansi-Pajak Dalam Konteks Modernisasi Sistem Perpajakan Di Indonesia

The Optimal Timing of the Transfer of Hidden Reserves in the German and Austrian Tax Systems - A Market-Based Approach with Special Attention to the Term Structure of Interest Rates and Interest Rate Risk

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