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Os determinantes das Book-Tax Differences das empresas cotadas de Portugal e Espanha
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A presente dissertação tem como objetivo analisar os determinantes das Book-Tax Differences (BTD) das empresas cotadas em Portugal e Espanha, procurando compreender de que forma diferentes fatores influenciam as divergências entre o resultado contabilístico e o resultado fiscal. O tema tem vindo a assumir crescente relevância na literatura uma vez que as BTD se apresentam como indicador da qualidade da informação financeira, da transparência fiscal e da eventual existência de práticas de planeamento fiscal e de gestão de resultados.
Para o efeito, recorreu-se à base de dados Sistema de Análise de Balanços Ibéricos (SABI), da qual foram extraídas informações referentes ao período de 2017 a 2024, pelo que 2016 foi considerado para o cálculo de variáveis defasadas. A extração inicial de 412 registos é composta por empresas cotadas em mercados regulamentados de Portugal e Espanha, tendo sido recolhidas variáveis tais como o retorno das ações, a alavancagem, a dimensão da empresa, o tipo de auditor, se Big4 ou não, e a propriedade institucional. Como variáveis de controlo foram analisadas as perdas fiscais, a variação das vendas, a liquidez, e os accruals ajustados. As BTD foram calculadas como a diferença entre o resultado contabilístico e o resultado fiscal, escalonada pelo total de ativos.
Os resultados demonstraram que das variáveis principais, apenas a propriedade institucional obteve uma relação positiva e significativa com as BTD e no caso das variáveis de controlo foram as perdas fiscais que revelaram um comportamento de maior relevância.
This dissertation aims to analyse the determinants of Book-Tax Differences (BTD) in listed companies in Portugal and Spain, seeking to understand how different factors influence the divergences between accounting income and taxable income. The topic has gained increasing relevance in the literature, as BTD are considered indicators of the quality of financial information, tax transparency, and the potential existence of tax planning and earnings management practices. For this purpose, data were collected from the Sistema de Análise de Balanços Ibéricos (SABI) database, covering the period from 2017 to 2024, with 2016 being used for the computation of lagged variables. The initial extraction comprised 412 records of companies listed on regulated markets in Portugal and Spain, including variables such as stock returns, leverage, firm size, auditor type (Big4 or non-Big4), and institutional ownership. Control variables included tax losses, sales variation, liquidity, and adjusted accruals. BTD were calculated as the difference between accounting profit and taxable profit, scaled by total assets. The results showed that among the main variables, only institutional ownership exhibited a positive and statistically significant relationship with BTD, while among the control variables, tax losses proved to be the most relevant factor.
This dissertation aims to analyse the determinants of Book-Tax Differences (BTD) in listed companies in Portugal and Spain, seeking to understand how different factors influence the divergences between accounting income and taxable income. The topic has gained increasing relevance in the literature, as BTD are considered indicators of the quality of financial information, tax transparency, and the potential existence of tax planning and earnings management practices. For this purpose, data were collected from the Sistema de Análise de Balanços Ibéricos (SABI) database, covering the period from 2017 to 2024, with 2016 being used for the computation of lagged variables. The initial extraction comprised 412 records of companies listed on regulated markets in Portugal and Spain, including variables such as stock returns, leverage, firm size, auditor type (Big4 or non-Big4), and institutional ownership. Control variables included tax losses, sales variation, liquidity, and adjusted accruals. BTD were calculated as the difference between accounting profit and taxable profit, scaled by total assets. The results showed that among the main variables, only institutional ownership exhibited a positive and statistically significant relationship with BTD, while among the control variables, tax losses proved to be the most relevant factor.
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Book-tax Differences Determinantes Empresas cotadas Auditoria