Tax shields in Colombia and their effect on leverage and investments

Investment tax incentives may reduce firm leverage if there is indeed an optimal leverage. To test this hypothesis this article assembles a panel database of non-listed Colombian firms from 1995 to 2012, to study the determinants of leverage and investment and the effect of 863 Act of 2003 (An inves...

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Autores:
Benavides Franco, Julián
Tipo de recurso:
http://purl.org/coar/resource_type/c_c94f
Fecha de publicación:
2014
Institución:
Universidad ICESI
Repositorio:
Repositorio ICESI
Idioma:
eng
OAI Identifier:
oai:repository.icesi.edu.co:10906/81995
Acceso en línea:
http://www.icesi.edu.co/simposio_niif/presentaciones_2012.php
http://hdl.handle.net/10906/81995
Palabra clave:
Regresiones
Análisis de resultados
Economía
Análisis financiero
Valoración de empresas
Inversión
Economics
NIIF (Normas Internacionales de Información Financiera)
Diagnóstico financiero
Rights
openAccess
License
https://creativecommons.org/licenses/by-nc-nd/4.0/
id ICESI2_beee17bffc2d47c67dbeb856cf653557
oai_identifier_str oai:repository.icesi.edu.co:10906/81995
network_acronym_str ICESI2
network_name_str Repositorio ICESI
repository_id_str
dc.title.spa.fl_str_mv Tax shields in Colombia and their effect on leverage and investments
title Tax shields in Colombia and their effect on leverage and investments
spellingShingle Tax shields in Colombia and their effect on leverage and investments
Regresiones
Análisis de resultados
Economía
Análisis financiero
Valoración de empresas
Inversión
Economics
NIIF (Normas Internacionales de Información Financiera)
Diagnóstico financiero
title_short Tax shields in Colombia and their effect on leverage and investments
title_full Tax shields in Colombia and their effect on leverage and investments
title_fullStr Tax shields in Colombia and their effect on leverage and investments
title_full_unstemmed Tax shields in Colombia and their effect on leverage and investments
title_sort Tax shields in Colombia and their effect on leverage and investments
dc.creator.fl_str_mv Benavides Franco, Julián
dc.contributor.author.spa.fl_str_mv Benavides Franco, Julián
dc.subject.spa.fl_str_mv Regresiones
Análisis de resultados
Economía
Análisis financiero
Valoración de empresas
Inversión
Economics
NIIF (Normas Internacionales de Información Financiera)
Diagnóstico financiero
topic Regresiones
Análisis de resultados
Economía
Análisis financiero
Valoración de empresas
Inversión
Economics
NIIF (Normas Internacionales de Información Financiera)
Diagnóstico financiero
description Investment tax incentives may reduce firm leverage if there is indeed an optimal leverage. To test this hypothesis this article assembles a panel database of non-listed Colombian firms from 1995 to 2012, to study the determinants of leverage and investment and the effect of 863 Act of 2003 (An investment tax incentive law) on this firm policy. The results support the hypothesis of a reduction of financial leverage, and the existence of an optimum level of financial leverage, with the advent of the 863 Act, but are less conclusive with respect to an increase in the investment levels. The effect of explanatory variables of financial leverage, according to the theories of financial structure, is unequivocally reduced, as expected, during the life of 863 Act.
publishDate 2014
dc.date.issued.none.fl_str_mv 2014-08-29
dc.date.accessioned.none.fl_str_mv 2017-08-26T02:34:04Z
dc.date.available.none.fl_str_mv 2017-08-26T02:34:04Z
dc.type.spa.fl_str_mv info:eu-repo/semantics/conferenceObject
dc.type.coar.none.fl_str_mv http://purl.org/coar/resource_type/c_c94f
dc.type.local.spa.fl_str_mv Documento de conferencia
dc.type.version.spa.fl_str_mv info:eu-repo/semantics/publishedVersion
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dc.identifier.uri.none.fl_str_mv http://hdl.handle.net/10906/81995
dc.identifier.instname.none.fl_str_mv instname: Universidad Icesi
dc.identifier.reponame.none.fl_str_mv reponame: Biblioteca Digital
dc.identifier.repourl.none.fl_str_mv repourl: https://repository.icesi.edu.co/
url http://www.icesi.edu.co/simposio_niif/presentaciones_2012.php
http://hdl.handle.net/10906/81995
identifier_str_mv instname: Universidad Icesi
reponame: Biblioteca Digital
repourl: https://repository.icesi.edu.co/
dc.language.iso.spa.fl_str_mv eng
language eng
dc.relation.ispartof.none.fl_str_mv Simposio Internacional NIIF, Octubre 31 y Novienbre 1 y 2 de 2012
dc.rights.uri.none.fl_str_mv https://creativecommons.org/licenses/by-nc-nd/4.0/
dc.rights.accessrights.spa.fl_str_mv info:eu-repo/semantics/openAccess
dc.rights.license.none.fl_str_mv Atribuci�n-NoComercial-SinDerivadas 4.0 Internacional (CC BY-NC-ND 4.0)
dc.rights.coar.none.fl_str_mv http://purl.org/coar/access_right/c_abf2
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Atribuci�n-NoComercial-SinDerivadas 4.0 Internacional (CC BY-NC-ND 4.0)
http://purl.org/coar/access_right/c_abf2
eu_rights_str_mv openAccess
dc.format.extent.spa.fl_str_mv [Sin páginación]
dc.format.medium.spa.fl_str_mv Digital
dc.coverage.spatial.spa.fl_str_mv Cali de Lat: 03 24 00 N degrees minutes Lat: 3.4000 decimal degrees Long: 076 30 00 W degrees minutes Long: -76.5000 decimal degrees.
dc.publisher.spa.fl_str_mv Universidad Icesi
dc.publisher.faculty.spa.fl_str_mv Facultad de Ciencias Administrativas y Económicas
dc.publisher.program.spa.fl_str_mv Economía
dc.publisher.department.spa.fl_str_mv Departamento de Economía
dc.publisher.place.spa.fl_str_mv Santiago de Cali
institution Universidad ICESI
bitstream.url.fl_str_mv http://repository.icesi.edu.co/biblioteca_digital/bitstream/10906/81995/3/benavides_shields_colombia_2014.pdf
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repository.name.fl_str_mv Biblioteca Digital - Universidad icesi
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spelling Benavides Franco, Juliánjbenavides@icesi.edu.coCali de Lat: 03 24 00 N degrees minutes Lat: 3.4000 decimal degrees Long: 076 30 00 W degrees minutes Long: -76.5000 decimal degrees.2017-08-26T02:34:04Z2017-08-26T02:34:04Z2014-08-29http://www.icesi.edu.co/simposio_niif/presentaciones_2012.phphttp://hdl.handle.net/10906/81995instname: Universidad Icesireponame: Biblioteca Digitalrepourl: https://repository.icesi.edu.co/Investment tax incentives may reduce firm leverage if there is indeed an optimal leverage. To test this hypothesis this article assembles a panel database of non-listed Colombian firms from 1995 to 2012, to study the determinants of leverage and investment and the effect of 863 Act of 2003 (An investment tax incentive law) on this firm policy. The results support the hypothesis of a reduction of financial leverage, and the existence of an optimum level of financial leverage, with the advent of the 863 Act, but are less conclusive with respect to an increase in the investment levels. The effect of explanatory variables of financial leverage, according to the theories of financial structure, is unequivocally reduced, as expected, during the life of 863 Act.[Sin páginación]DigitalengUniversidad IcesiFacultad de Ciencias Administrativas y EconómicasEconomíaDepartamento de EconomíaSantiago de CaliSimposio Internacional NIIF, Octubre 31 y Novienbre 1 y 2 de 2012EL AUTOR, expresa que la obra objeto de la presente autorización es original y la elaboró sin quebrantar ni suplantar los derechos de autor de terceros, y de tal forma, la obra es de su exclusiva autoría y tiene la titularidad sobre éste. PARÁGRAFO: en caso de queja o acción por parte de un tercero referente a los derechos de autor sobre el artículo, folleto o libro en cuestión, EL AUTOR, asumirá la responsabilidad total, y saldrá en defensa de los derechos aquí autorizados; para todos los efectos, la Universidad Icesi actúa como un tercero de buena fe. Esta autorización, permite a la Universidad Icesi, de forma indefinida, para que en los términos establecidos en la Ley 23 de 1982, la Ley 44 de 1993, leyes y jurisprudencia vigente al respecto, haga publicación de este con fines educativos Todo persona que consulte ya sea la biblioteca o en medio electrónico podrá copiar apartes del texto citando siempre la fuentes, es decir el título del trabajo y el autor.https://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessAtribuci�n-NoComercial-SinDerivadas 4.0 Internacional (CC BY-NC-ND 4.0)http://purl.org/coar/access_right/c_abf2RegresionesAnálisis de resultadosEconomíaAnálisis financieroValoración de empresasInversiónEconomicsNIIF (Normas Internacionales de Información Financiera)Diagnóstico financieroTax shields in Colombia and their effect on leverage and investmentsinfo:eu-repo/semantics/conferenceObjecthttp://purl.org/coar/resource_type/c_c94fDocumento de conferenciainfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/version/c_970fb48d4fbd8a85Comunidad Universidad Icesi - InvestigadoresORIGINALbenavides_shields_colombia_2014.pdfbenavides_shields_colombia_2014.pdfapplication/pdf496783http://repository.icesi.edu.co/biblioteca_digital/bitstream/10906/81995/3/benavides_shields_colombia_2014.pdf59ef7a39c416664e4072e5b2f1106ebaMD53LICENSElicense.txtlicense.txttext/plain1748http://repository.icesi.edu.co/biblioteca_digital/bitstream/10906/81995/2/license.txt8a4605be74aa9ea9d79846c1fba20a33MD5210906/81995oai:repository.icesi.edu.co:10906/819952018-11-09 10:33:55.206Biblioteca Digital - Universidad icesicdcriollo@icesi.edu.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