Impacto dos benefícios fiscais na estrutura de capital das empresas do agronegócio listadas na Brasil, Bolsa e Balcão (B3)

Abstract

This work reported on issues involving tax benefits, as well as their impacts on the capital structure of companies. In this work, this impact was focused on agribusiness companies, given the importance that this sector has for the country's economy. The general objective of the work was to analyze the impacts of tax benefits on the capital structure of agribusiness companies, which operate in Brasil, Bolsa, Balcão (B3). The period considered in this research was from 2011 to 2022. The research was carried out in a descriptive and quantitative way and considered the companies present in the B3 Agro and Commodities Classification, divided into the subsectors of inputs, agroindustry, agroservices and the primary sector itself, which covers fishing, forestry, livestock and agricultural activities. The variables used were capital structure indicators (general debt, short-term debt and long-term debt), fiscal variables (tax benefits not generated by debt and tax effects), as well as control variables present in the aforementioned work. The research considered annual and quarterly data. The method used in this research was linear regression and the model applied was panel data. The results showed significance, as well as a predominance of a positive relationship between tax benefits not generated by debt in the context of general and long-term debt, but negative in the context of short-term debt in terms of annual data. In the scope of fiscal effects, the results were negative in all areas of debt, proving to be significant, however, only in the field of general and long-term debt. This work contributed to society because it dealt with a topic with three central issues together (tax benefit, capital structure and agribusiness), it means that new privately held companies within the agribusiness can learn more about the existing open capital, as well as enables future academic studies in the area.