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The effect of corporate taxes on investment : evidence from the colombian firms

dc.creatorMelo-Becerra, Ligia Alba
dc.creatorÁvila-Mahecha, Javier
dc.creatorRamos-Forero, Jorge Enrique
dc.date.created2017-06-05
dc.date.issued2017-06-05
dc.identifier.urihttps://repositorio.banrep.gov.co/handle/20.500.12134/6314
dc.description.abstractThe paper assesses the role of taxes on investment in Colombian firms. The analysis is carried out at the firm level for the period 2003-2014. During this period, the national government set five different tax reforms, including changes in the statutory tax rates, tax credits and incentives for corporate investment. The effect of corporate taxation on investment is estimated by first determining the impact of taxation on the cost of capital by computing the effective marginal tax rates (EMTRs) at firm level. Then, we estimate the impact of the cost of capital on investment through a panel data regression. Endogeneity is controlled by an instrumental variable approach, simulating post-reform effective marginal tax rates under pre-reform firm characteristics. Results are robust with different control variables, although some significant differences by size and economic sector of the firm are found.
dc.format.extent50 páginas : gráficas, tablas
dc.format.mimetypePDF
dc.language.isoeng
dc.publisherBanco de la República de Colombia
dc.relation.ispartofDocumentos de trabajo
dc.relation.ispartofseriesBorradores de Economía
dc.relation.isversionofBorradores de Economía; No. 1001
dc.rights.accessRightsOpen Access
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/
dc.subjectImpuestos corporativos
dc.subjectTasa impositiva efectiva marginal
dc.subjectInversiones
dc.subjectFlujo de caja
dc.titleThe effect of corporate taxes on investment : evidence from the colombian firms
dc.typeWorking Paper
dc.subject.jelD22 - Firm Behavior: Empirical Analysis
dc.subject.jelC23 - Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Models
dc.subject.jelH25 - Business Taxes and Subsidies
dc.subject.jelH32 - Firm
dc.audiencePolicymakers
dc.audienceResearchers
dc.audienceStudents
dc.audienceTeachers
dc.subject.keywordCorporate taxes
dc.subject.keywordMarginal effective tax rate
dc.subject.keywordInvestment
dc.subject.keywordCash flows
dc.subject.lembEmpresas -- Impuestos -- Colombia -- 2003-2014
dc.subject.lembPolítica fiscal -- Colombia -- 2003-2014
dc.subject.lembIncentivos fiscales -- Colombia -- 2003-2014
dc.subject.lembCostos de capital -- Impuestos -- Colombia -- 2003-2014
dc.type.spaDocumentos de trabajo
dc.rights.spaAcceso abierto
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0
dc.subject.jelspaD22 - Comportamiento de la empresa: análisis empíricos
dc.subject.jelspaH32 - Empresas
dc.subject.jelspaH25 - Impuestos y subvenciones de las rentas empresariales
dc.subject.jelspaC23 - Modelos uniecuacionales; variables simples: Modelos con datos de panel; Modelos espacio-temporales
dc.type.hasversionPublished Version
dc.coverage.sucursalBogotá
dc.source.bibliographicCitationAbbas, S. A., and Klemm, A. (2013). A Partial Race to the Bottom: corporate tax developments in emerging and developing economies. International Tax and Public Finance, Vol. 20, No. 4, pp. 596–617.
dc.source.bibliographicCitationAbramovsky, L., Klemm, A., and Phillips, D. (2014). Corporate tax in developing countries: Current trends and design issues. Fiscal Studies, Vol. 35, No. 4, pp. 559-588.
dc.source.bibliographicCitationAuerbach, A. (2002). Taxation and Corporate Financial Policy. In Alan Auerbach and Martin Feldstein (eds.) Handbook of Public Economics (pp. 1251-1292), Vol. III. Amsterdam: North-Holland.
dc.relation.doihttps://doi.org/10.32468/be.1001
dc.rights.disclaimerLas opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.
dc.relation.repechttps://ideas.repec.org/p/bdr/borrec/1001.html
dc.identifier.handlehttps://hdl.handle.net/20.500.12134/6314
dc.creator.firmaLigia Alba Melo-Becerra
dc.source.handleRepecRePEc:bdr:borrec:1001


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