Tax avoidance and tax disclosure: A study of Brazilian listed companies
DOI:
https://doi.org/10.19094/contextus.2021.61612Keywords:
tax avoidance, tax disclousure, brazilian companies, corporate transparency, information disclosureAbstract
This study analyzes the effect of tax avoidance on corporate transparency in Brazilian listed companies. The research was based on a sample of 256 non-financial companies listed in the Brazilian stock exchange (B3) from 2010 to 2018. A disclosure index was developed considering the BR GAAP (CPC 32), and tax avoidance measures (Effective Tax Rates – ETR, Cash Effective Tax Rate – CashETR, and Book-Tax-Differences – BTD) were used as explanatory variables in a panel. The findings revealed that tax avoidance has a negative influence in corporate transparency and that the industry and commerce sectors, company size, the level of leverage and profitability, have a positive influence in information disclosure.
References
Afonso, A. S. (2016). Determinantes do nível de evidenciação financeira obrigatória de empresas SA de capital fechado (Dissertação de Mestrado). Universidade Federal do Espírito Santo, Espirito Santo, Brasil.
Albitar, K. (2015). Firm characteristics, governance attributes and corporate voluntary disclosure: A study of Jordanian listed companies. International Business Research, 8(3), 1-10. https://doi.org/10.5539/ibr.v8n3p1
Alencar, R. C. D. (2007). Nível de disclosure e custo de capital próprio no mercado Brasileiro (Tese de Doutorado). Universidade de São Paulo, São Paulo, Brasil.
Alhazaimeh, A., Palaniappan, R., & Almsafir, M. (2014). The impact of corporate governance and ownership structure on voluntary disclosure in annual reports among listed Jordanian companies. Procedia-Social and Behavioral Sciences, 129, 341-348. https://doi.org/10.1016/j.sbspro.2014.03.686
Armstrong, C. S., Blouin, J. L., & Larcker, D. F. (2012). The incentives for tax planning. Journal of Accounting and Economics, 53(1-2), 391-411. https://doi.org/10.1016/j.jacceco.2011.04.001.
Armstrong, C. S., Glaeser, S., & Kepler, J. D. (2019). Strategic reactions in corporate tax planning. Journal of Accounting and Economics, 68(1), 101232. https://doi.org/10.1016/j.jacceco.2019.03.003
Austin, J. R., Gaver, J. J., & Gaver, K. M. (1998). The choice of incentive stock options vs. nonqualified options: A marginal tax rate perspective. The Journal of the American Taxation Association, 20(2), 1.
Balakrishnan, K., Blouin, J. L., & Guay, W. R. (2018). Tax aggressiveness and corporate transparency. The Accounting Review, 94(1), 45-69. https://doi.org/10.2308/accr-52130
Ball, R. (2006). International Financial Reporting Standards (IFRS): pros and cons for investors. Accounting and Business Research, 36(sup1), 5-27. https://doi.org/10.1080/00014788.2006.9730040
Baltagi B (2005). Econometric Analysis of Panel Data. (3ª ed.). John Wiley & Sons.
Bardin, L. (2011). Análise de conteúdo. Portugal: Edições 70.
Barros, C. P., Boubaker, S., & Hamrouni, A. (2013). Corporate governance and voluntary disclosure in France. Journal of Applied Business Research (JABR), 29(2), 561-578. https://doi.org/10.19030/jabr.v29i2.7657
Beladi, H., Chao, C. C., & Hu, M. (2018). Does tax avoidance behavior affect bank loan contracts for Chinese listed firms?. International Review of Financial Analysis, 58, 104-116. https://doi.org/10.1016/j.irfa.2018.03.016.
Bharath, S. T., Pasquariello, P., & Wu, G. (2009). Does asymmetric information drive capital structure decisions?. The Review of Financial Studies, 22(8), 3211-3243. https://doi.org/10.1093/rfs/hhn076
Biddle, G. C., & Hilary, G. (2006). Accounting quality and firm-level capital investment. The Accounting Review, 81(5), 963-982. https://doi.org/10.2308/accr.2006.81.5.963
Blaufus, K., Möhlmann, A., & Schwäbe, A. N. (2019). Stock price reactions to news about corporate tax avoidance and evasion. Journal of Economic Psychology, 72, 278-292. https://doi.org/10.1016/j.joep.2019.04.007
Botosan, C. A., & Plumlee, M. A. (2002). A re‐examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research, 40(1), 21-40. https://doi.org/10.1111/1475-679X.00037
Bradshaw, M., Liao, G., & Ma, M. S. (2018). Agency costs and tax planning when the government is a major Shareholder. Journal of Accounting and Economics, 67(2-3), 255-277. https://doi.org/10.1016/j.jacceco.2018.10.002
Brunozi, A. C., Júnior, Kronbauer, C. A., Martinez, A. L., & Alves, T. W. (2018). BTD anormais, accruals discricionários e qualidade dos accruals em empresas de capital aberto listadas no Brasil. Revista Contemporânea de Contabilidade, 15(35), 108-141. https://doi.org/10.5007/2175-8069.2018v15n35p108
Brunozi, A. C., Júnior. (2016). Os efeitos das book-tax differences anormais na qualidade dos resultados contábeis em empresas de capital aberto listadas no Brasil. (Tese de Doutorado). Universidade do Vale do Rio dos Sinos, Rio Grande do Sul, Brasil.
Buallay, A., Hamdan, A., & Zureigat, Q. (2017). Corporate governance and firm performance: evidence from Saudi Arabia. Australasian Accounting, Business and Finance Journal, 11(1), 78-98. https://doi.org/10.14453/aabfj.v11i1.6
Caldeira, I. T., Bruzoni, A. C., Júnior, Sant'anna, V. S., & Leroy, R. S. D. (2019). CPC 32, Lei 12.973/2014 e as despesas de IRPJ/CSLL em empresas de capital aberto listadas no brasil. Perspectivas Contemporâneas, 14(2), 64-86.
Calijuri, M. S. S. (2009). Avaliação da gestão tributária a partir de uma perspectiva multidisciplinar (Tese de Doutorado). Universidade de São Paulo, São Paulo, Brasil.
Cassoto, I. C. C. (2017). Disclosure de Tributos no Brasil (Dissertação de Mestrado). Universidade Federal do Espírito Santo. Espírito Santo, Brasil.
Chen, W. P., Chung, H., Lee, C., & Liao, W. L. (2007). Corporate governance and equity liquidity: Analysis of S&P transparency and disclosure rankings. Corporate Governance: An International Review, 15(4), 644-660. https://doi.org/10.1111/j.1467-8683.2007.00594.x
Chen, X., Hu, N., Wang, X., & Tang, X. (2014). Tax avoidance and firm value: evidence from China. Nankai Business Review International, 5(1), 25-42. https://doi.org/10.1108/NBRI-10-2013-0037
Comitê de Pronunciamento Contábil (CPC). (2019). Estrutura Conceitual para Relatório Financeiro – CPC 00 (R2).Comitê de Pronunciamento Contábil (CPC). (2009). Tributos sobre o lucro – CPC 32.
Daske, H., & Gebhardt, G. (2006). International financial reporting standards and experts’ perceptions of disclosure quality. Abacus, 42(3‐4), 461-498. https://doi.org/10.1111/j.1467-6281.2006.00211.x
Desai, M. A., & Dharmapala, D. (2006). Corporate tax avoidance and high-powered incentives. Journal of Financial Economics, 79(1), 145-179. https://doi.org/10.1016/j.jfineco.2005.02.002
Desai, M. A., & Dharmapala, D. (2009). Corporate tax avoidance and firm value. The Review of Economics and Statistics, 91(3), 537-546. https://doi.org/10.1162/rest.91.3.537
Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. The Journal of Finance, 46(4), 1325-1359. https://doi.org/10.1111/j.1540-6261.1991.tb04620.x
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2008). Long-run corporate tax avoidance. The Accounting Review, 83(1), 61-82. https://doi.org/10.2308/accr.2008.83.1.61
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2010). The effects of executives on corporate tax avoidance. The Accounting Review, 85(4), 1163-1189. https://doi.org/10.2308/accr.2010.85.4.1163
Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2019). When does tax avoidance result in tax uncertainty?. The Accounting Review, 94(2), 179-203. https://doi.org/10.2308/accr-52198
Dyreng, S. D., Lindsey, B. P., & Thornock, J. R. (2013). Exploring the role Delaware plays as a domestic tax haven. Journal of Financial Economics, 108(3), 751-772. https://doi.org/10.1016/j.jfineco.2013.01.004
Elali, A. (2009). Um exame da desigualdade da tributação em face dos princípios da ordem econômica. In Princípios e Limites da Tributação (Vol. 2, pp. 223-249). Quartir Latin.
Fernandes, V. L., & Martinez, A. L. (2013). Tributação e Governança Corporativa: Um estudo sobre a destinação do valor adicionado em tributos por empresas que adotam práticas de Governança Corporativa. Revista Razão Contábil & Finanças, 4(1). https://doi.org/10.7769/gesec.v11i1.957
Formigoni, H., Antunes, M. T. P., & Paulo, E. (2009). Diferença entre o lucro contábil e lucro tributável: uma análise sobre o gerenciamento de resultados contábeis e gerenciamento tributário nas companhias abertas brasileiras. BBR-Brazilian Business Review, 6(1), 44-61.
França, R. D. D. (2018). Ensaios sobre tax avoidance, reputação corporativa e governança no Brasil (Tese de Doutorado). Programa Multi-Institucional e Inter-Regional de Pós-Graduação em Ciências Contábeis, Brasil.
Gaertner, F. B. (2014). CEO after‐tax compensation incentives and corporate tax avoidance. Contemporary Accounting Research, 31(4), 1077-1102. https://doi.org/10.1111/1911-3846.12058
Galdino Sá, R. R. G., Silva, A. F. A., Jr., & Olímpio, G. (2020). A methodology for corporate transparency evaluation applied to Brazilian companies: Legal x voluntary Information. https://doi.org/10.2139/ssrn.3703208
Gao, S. S., Heravi, S., & Xiao, J. Z. (2005). Determinants of corporate social and environmental reporting in Hong Kong: a research note. Accounting Forum, 29(2), 233-242. https://doi.org/10.1016/j.accfor.2005.01.002
Gomes, A. P. M. (2012). A influência das características da governança corporativa na gestão tributária das empresas brasileiras. (Tese de doutorado). Universidade Federal de Minas Gerais. Minas Gerais, Brasil.
Graham, J. R., & Tucker, A. L. (2006). Tax shelters and corporate debt policy. Journal of Financial Economics, 81(3), 563-594. https://doi.org/10.1016/j.jfineco.2005.09.002.
Gul, F. A., Khedmati, M., & Shams, S. M. (2018). Managerial acquisitiveness and corporate tax avoidance. Pacific-Basin Finance Journal, 64, 101056. https://doi.org/10.1016/j.pacfin.2018.08.010
Gupta, S., & Newberry, K. (1997). Determinants of the variability in corporate effective tax rates: Evidence from longitudinal data. Journal of accounting and public policy, 16(1), 1-34. https://doi.org/10.1016/S0278-4254(96)00055-5
Gupta, S., Mills, L. F., & Towery, E. M. (2014). The effect of mandatory financial statement disclosures of tax uncertainty on tax reporting and collections: The case of FIN 48 and multistate tax avoidance. The Journal of the American Taxation Association, 36(2), 203-229. https://doi.org/10.2308/atax-50766
Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2-3), 127-178. https://doi.org/10.1016/j.jacceco.2010.09.002
Hite, G. L., & Long, M. S. (1982). Taxes and executive stock options. Journal of Accounting and Economics, 4(1), 3-14. https://doi.org/10.1016/0165-4101(82)90003-9.
Hope, O. K., Ma, M. S., & Thomas, W. B. (2013). Tax avoidance and geographic earnings disclosure. Journal of Accounting and Economics, 56(2-3), 170-189. https://doi.org/10.1016/j.jacceco.2013.06.001
Huang, W., Ying, T., & Shen, Y. (2018). Executive cash compensation and tax aggressiveness of Chinese firms. Review of Quantitative Finance and Accounting, 51(4), 1151-1180. https://doi.org/10.1007/s11156-018-0700-2
Jackling, B., & Johl, S. (2009). Board structure and firm performance: Evidence from India's top companies. Corporate Governance: An International Review, 17(4), 492-509. https://doi.org/10.1111/j.1467-8683.2009.00760.x
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Jiraporn, P., & Gleason, K. C. (2007). Capital structure, shareholder rights, and corporate governance. Journal of Financial Research, 30(1), 21-33. https://doi.org/10.1111/j.1475-6803.2007.00200.x
Jiraporn, P., Kim, J. C., Kim, Y. S., & Kitsabunnarat, P. (2012). Capital structure and corporate governance quality: Evidence from the Institutional Shareholder Services (ISS). International Review of Economics & Finance, 22(1), 208-221. https://doi.org/10.1016/j.iref.2011.10.014.
Klann, R. C., & Beuren, I. M. (2011). Características de empresas que influenciam o seu disclosure voluntário de indicadores de desempenho. BBR-Brazilian Business Review, 8(2), 96-118.
Kubick, T. R., Lynch, D. P., Mayberry, M. A., & Omer, T. C. (2014). The effects of increased financial statement disclosure quality on tax avoidance: An examination of SEC comment letters. Working Paper.
Lei n. 9.249, de 26 de dezembro de 1995 (1995). Altera a legislação do imposto de renda das pessoas jurídicas, bem como da contribuição social sobre o lucro líquido, e dá outras providências. Brasília, 1995. http://www.planalto.gov.br/ccivil_03/leis/l9249.htm.
Leuz, C., & Verrecchia, R. E. (2000). The economic consequences of increased disclosure. Journal of Accounting Research, 28, 91-124. https:/doi.org/10.2307/2672910
Lisowsky, P. (2010). Seeking shelter: Empirically modeling tax shelters using financial statement information. The Accounting Review, 85(5), 1693-1720. https://doi.org/10.2308/accr.2010.85.5.1693
Lisowsky, P., Robinson, L., & Schmidt, A. (2013). Do publicly disclosed tax reserves tell us about privately disclosed tax shelter activity? Journal of Accounting Research, 51(3), 583-629. https://doi.org/10.1111/joar.12003
Lomeu, S. T., Junior, A. C. B., & Gomes, J. B. (2016). 03) Percepção dos profissionais de contabilidade do Alto Paranaíba, MG sobre as Influências do CPC 32–Tributos sobre o lucro nas empresas do lucro real. Revista Brasileira de Gestão e Engenharia - RBGE, 14, 38-63.
Lopes, M. R. (2015). Governança corporativa e redução de assimetrias de informação (Tese de Doutorado). Universidade de São Paulo, São Paulo, Brasil.
Lopes, T. (2008). A evidenciação das informações tributárias pelas instituições financeiras em face da convergência para as normas internacionais (Tese de Doutorado). Universidade de São Paulo, São Paulo, Brasil.
Love, I., & Klapper, L. F. (2002). Corporate governance, investor protection, and performance in emerging markets. The World Bank.
Maama, H., Akande, J. O., & Doorasamy, M. (2020). NGOs' Engagements and Ghana's Environmental Accounting Disclosure Quality. In Environmentalism and NGO accountability. Emerald Publishing Limited. https://doi.org/10.1108/S1479-359820200000009005
Macedo, M. A. S., Machado, M. A. V., & Machado, M. R. (2013). Análise da relevância da informação contábil no Brasil num contexto de convergência às normas internacionais de contabilidade. Revista Universo Contábil, 9(1), 65-85.
Magalhães, R. A., & Ferreira, L. F. (2018). Relação entre o gerenciamento tributário e a evidenciação de passivos contingentes tributários em empresas listadas no Novo Mercado da [B]3. Revista de Gestão, Finanças e Contabilidade, 8(2), 82-100. https://doi.org/10.18028/rgfc.v8i2.5514
Marques, V. A (2016). Qualidade das informações contábeis e o ambiente regulatório: evidências empíricas no período de 1999 a 2013 (Dissertação de Mestrado). Universidade Federal de Minas Gerais, Minas Gerais, Brasil.
Martinez, A. L. (2017). Agressividade tributária: Um survey da literatura. Revista de Educação e Pesquisa em Contabilidade, 11, 106-124. https://doi.org/10.17524/repec.v11i0.1724
Martinez, A. L., & Martins, V. A. M. (2016). Alavancagem financeira e agressividade fiscal no Brasil. Revista de Contabilidade da UFBA, 10(3), 4-22. https://doi.org/10.9771/rc-ufba.v10i3.18383
Mehran, H. (1995). Executive compensation structure, ownership, and firm performance. Journal of Financial Economics, 38(2), 163-184. https://doi.org/10.1016/0304-405X(94)00809-F.
Melo, L. Q., Moraes, G. S. C., Souza, R. M., & Nascimento, E. M. (2020). A responsabilidade social corporativa afeta a agressividade fiscal das firmas? Evidências do mercado acionário brasileiro. Revista Catarinense da Ciência Contábil, 19. https://doi.org/10.16930/2237-766220203019
Mills, L., Erickson, M. M., & Maydew, E. L. (1998). Investments in tax planning. The Journal of the American Taxation Association, 20(1), 1.
Murcia, F. D. (2009). Fatores determinantes do nível de disclosure voluntário de companhias abertas no Brasil (Tese de Doutorado). Universidade de São Paulo, São Paulo.
Nadarajah, S., Ali, S., Liu, B., & Huang, A. (2018). Stock liquidity, corporate governance and leverage: New panel evidence. Pacific-Basin Finance Journal, 50, 216-234. https://doi.org/10.1016/j.pacfin.2016.11.004
Oats, L., & Tuck, P. (2019). Corporate tax avoidance: Is tax transparency the solution?. Accounting and Business Research, 49(5), 565-583. https://doi.org/10.1080/00014788.2019.1611726
Oliveira, Á. T. A., Lucena, W. G. L., Pereira, M. L., & Câmara, R. P. B. (2016). Governança corporativa: um estudo da relação entre custo de agência e conselho de administração nas empresas listadas no ibrx-100. Anais do Congresso Brasileiro de Custos -CBC, Porto de Galinhas, Brasil, 23.
Owusu-Ansah, S. (1998). The adequacy of corporate mandatory disclosure practices on emerging markets: a case study of the Zimbabwe stock exchange (Doctoral dissertation). Middlesex University, UK.
Phillips, J. D. (2003). Corporate tax‐planning effectiveness: The role of compensation‐based incentives. The Accounting Review, 78(3), 847-874. https://doi.org/10.2308/accr.2003.78.3.847
Pierk, J. (2016). Are private firms really more tax aggressive than public firms?. WU International Taxation Research Paper Series, (2016-02). https://doi.org/10.2139/ssrn.2758756
Pillai, R., & Al-Malkawi, H. A. N. (2018). On the relationship between corporate governance and firm performance: Evidence from GCC countries. Research in International Business and Finance, 44, 394-410. https://doi.org/10.1016/j.ribaf.2017.07.110.
Raffournier, B. (1995). The determinants of voluntary financial disclosure by Swiss listed companies. European Accounting Review, 4(2), 261-280. https://doi.org/10.1080/09638189500000016
Ramalho, G. C., & Martinez, A. L. (2014). Empresas familiares brasileiras e a agressividade fiscal. Anais do Congresso USP de Controladoria e Contabilidade, São Paulo, SP, Brasil, 14.
Rashid, K., & Islam, S. M. (2013). Corporate governance, complementarities and the value of a firm in an emerging market: the effect of market imperfections. Corporate Governance: The International Journal of Business in Society, 13(1), 70-87. https://doi.org/10.1108/14720701311302422
Receita Federal do Brasil (2018). Carga tributária no Brasil 2017. http://receita.economia.gov.br/noticias/ascom/2018/dezembro/carga-tributaria-bruta-atingiu-32-43-do-pib-em-2017/carga-tributaria-2017-1.pdf.
Rego, S. O., & Wilson, R. (2012). Equity risk incentives and corporate tax aggressiveness. Journal of Accounting Research, 50(3), 775-810. https://doi.org/10.1111/j.1475-679X.2012.00438.x
Resolução CVM n. 14, de 9 de dezembro de 2020. (2020). Aprova a Orientação Técnica CPC 09 – Relato Integrado. Brasília. https://www.in.gov.br/en/web/dou/-/resolucao-cvm-n-14-de-9-de-dezembro-de-2020-293251550
Richardson, G., Wang, B., & Zhang, X. (2016). Ownership structure and corporate tax avoidance: Evidence from publicly listed private firms in China. Journal of Contemporary Accounting & Economics, 12(2), 141-158. https://doi.org/10.1016/j.jcae.2016.06.003
Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. The Stata Journal, 9(1), 86-136. https://doi.org/10.1177/1536867X0900900106
Santana, S. L. L. (2014). Planejamento tributário e valor da firma no mercado de capitais brasileiro (Tese de Doutorado). Universidade de São Paulo, São Paulo, Brasil.
Scholes, M. S., & Wolfson, M. A. (1992). Taxes and Business Strategy. New Jersey: Ed. Prentice Hall.
Scholes, M. S., Wolfson, M. A., Erickson, M., Maydew, E., & Shevlin, T. (2005). Taxes & Business Strategy. Upper Saddle River, NJ: Prentice Hall.
Shackelford, D. A., & Shevlin, T. (2001). Empirical tax research in accounting. Journal of Accounting and Economics, 31(1-3), 321-387. https://doi.org/10.1016/S0165-4101(01)00022-2
Siegfried, J. J. (1974). Effective average US corporation income tax rates. National Tax Journal, 27(2), 245-259.
Sikka, P. (2010, September). Smoke and mirrors: Corporate social responsibility and tax avoidance. Accounting forum, 34(3-4), 153-168. https://doi.org/10.1016/j.accfor.2010.05.002
Silva, D. A., & Pinheiro, L. E. T. (2015). O impacto do nível de disclosure sobre o custo de capital próprio das companhias abertas brasileiras. Revista de Contabilidade e Organizações, 9(25), 73-88. https://doi.org/10.11606/rco.v9i25.97726
Silva, R. B., Castro, L. A., Ponte, V. M. R., & Domingos, S. R. M. (2019). CUE302-nível de disclosure e forma das notas explicativas: um estudo à luz da OCPC07. Anais do Congresso Anpcont, São Paulo, SP, Brasil, 8.
Souza, M. A., Kronbauer, C. A., Ott, E., & Collet, C. J. (2009). Evidenciação e análise de carga tributária: Um estudo em empresas brasileiras do setor de energia elétrica. Revista de Contabilidade e Organizações, 3(7), 3-24. https://doi.org/10.11606/rco.v3i7.34747
Stickney, C. P., & McGee, V. E. (1982). Effective corporate tax rates the effect of size, capital intensity, leverage, and other factors. Journal of Accounting and Public Policy, 1(2), 125-152. https://doi.org/10.1016/S0278-4254(82)80004-5.
Tang, T. Y. (2005). Book-tax differences, a proxy for earnings management and tax management-empirical evidence from China. SSRN 872389. https://doi.org/10.2139/ssrn.872389
Taylor, G., & Richardson, G. (2012). International corporate tax avoidance practices: Evidence from Australian firms. The International Journal of Accounting, 47(4), 469-496. https://doi.org/10.1016/j.intacc.2012.10.004.
Taylor, G., & Richardson, G. (2014). Incentives for corporate tax planning and reporting: Empirical evidence from Australia. Journal of Contemporary Accounting & Economics, 10(1), 1-15. https://doi.org/10.1016/j.jcae.2013.11.003
Teixeira, D. P. (2018). A influência das restrições financeiras na gestão tributária das empresas brasileiras (Dissertação de Mestrado). Universidade Federal de Minas Gerais, Minas Gerais, Brasil.
Tomar, S., & Bino, A. (2012). Corporate governance and bank performance: evidence from Jordanian banking industry. Jordan Journal of Business Administration, 8(2), 353-372.
Vello, A., & Martinez, A. L. (2014). Planejamento tributário eficiente: uma análise de sua relação com o risco de mercado. Revista Contemporânea de Contabilidade, 11(23), 117-140. https:/doi.org/10.5007/2175-8069.2014v11n23p117
Wallace, R. S. O., & Naser, K. (1995). Firm-specific determinants of the comprehensiveness of mandatory disclosure in the corporate annual reports of firms listed on the stock exchange of Hong Kong. Journal of Accounting and Public Policy, 14(4), 311-368. https:/doi.org/10.1016/0278-4254(95)00042-9
Wang, X. (2010). Tax Avoidance, Transparency, and Firm Value. (Doctoral dissertation). The University of Texas, USA.
Wooldridge, J. M. (2002). Inverse probability weighted M-estimators for sample selection, attrition, and stratification. Portuguese Economic Journal, 1(2), 117-139. https://doi.org/10.1007/s10258-002-0008-x
Ylönen, M., & Laine, M. (2015). For logistical reasons only? A case study of tax planning and corporate social responsibility reporting. Critical Perspectives on Accounting, 33, 5-23. https://doi.org/10.1016/j.cpa.2014.12.001
Published
How to Cite
Issue
Section
License
The authors, while doing the submission, accept the notice below:
We authors hold the copyright related to our paper and transfer Contextus journal the right for the first publication with a Creative Commons’ international license of the modality Attribution – Non-commercial 4.0, which in turn allows the paper to be shared providing that both the authorship and the journal’s right for initial release are acknowledged.
Furthermore, we are aware of our permission to take part in additional contracts independently for non-exclusive distribution of the version of our work published in this journal (e.g. publishing it in an institutional repository or as a book chapter), while acknowledging both the authorship and the journal’s initial publication.
We also certify that the paper is original and up to this date has not been released in any other journal, Brazilian or of another nationality, either in Portuguese or another language, as well as it has not been sent for simultaneous publication in other journals.
Last, we not only know that plagiarism is not tolerated by Contextus but also certify the paper presents the sources of passages from cited works, including those authored by ourselves.
