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

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dc.audiencePolicymakerseng
dc.audienceResearcherseng
dc.audienceStudentseng
dc.audienceTeacherseng
dc.coverage.sucursalBogotáspa
dc.creatorMelo-Becerra, Ligia Albaspa
dc.creatorÁvila-Mahecha, Javierspa
dc.creatorRamos-Forero, Jorge Enriquespa
dc.creator.firmaLigia Alba Melo-Becerraspa
dc.date.accessioned2017-06-05T08:30:10Zeng
dc.date.available2017-06-05T08:30:10Zspa
dc.date.created2017-06-05spa
dc.date.issued2017-06-05eng
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.eng
dc.format.extent50 páginas : gráficas, tablasspa
dc.format.mimetypePDFeng
dc.identifier.handlehttps://hdl.handle.net/20.500.12134/6314spa
dc.identifier.urihttps://repositorio.banrep.gov.co/handle/20.500.12134/6314eng
dc.language.isoengeng
dc.publisherBanco de la República de Colombiaeng
dc.relation.doihttps://doi.org/10.32468/be.1001spa
dc.relation.ispartofDocumentos de trabajospa
dc.relation.ispartofseriesBorradores de Economíaspa
dc.relation.isversionofBorradores de Economía; No. 1001spa
dc.relation.numberBorrador 1001spa
dc.relation.repechttps://ideas.repec.org/p/bdr/borrec/1001.htmlspa
dc.rights.accessRightsOpen Accesseng
dc.rights.ccAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0eng
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.spa
dc.rights.spaAcceso abiertospa
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/eng
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.eng
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.eng
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.eng
dc.source.handleRepecRePEc:bdr:borrec:1001spa
dc.subjectImpuestos corporativosspa
dc.subjectTasa impositiva efectiva marginalspa
dc.subjectInversionesspa
dc.subjectFlujo de cajaspa
dc.subject.jelD22 - Firm Behavior: Empirical Analysiseng
dc.subject.jelC23 - Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal Modelseng
dc.subject.jelH25 - Business Taxes and Subsidieseng
dc.subject.jelH32 - Firmeng
dc.subject.jelspaD22 - Comportamiento de la empresa: análisis empíricosspa
dc.subject.jelspaH32 - Empresasspa
dc.subject.jelspaH25 - Impuestos y subvenciones de las rentas empresarialesspa
dc.subject.jelspaC23 - Modelos uniecuacionales; variables simples: Modelos con datos de panel; Modelos espacio-temporalesspa
dc.subject.keywordCorporate taxeseng
dc.subject.keywordMarginal effective tax rateeng
dc.subject.keywordInvestmenteng
dc.subject.keywordCash flowseng
dc.subject.lembEmpresas -- Impuestos -- Colombia -- 2003-2014spa
dc.subject.lembPolítica fiscal -- Colombia -- 2003-2014spa
dc.subject.lembIncentivos fiscales -- Colombia -- 2003-2014spa
dc.subject.lembCostos de capital -- Impuestos -- Colombia -- 2003-2014spa
dc.titleThe effect of corporate taxes on investment : evidence from the colombian firmseng
dc.typeWorking Papereng
dc.type.hasversionPublished Versioneng
dc.type.spaDocumentos de trabajospa

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