Evidências empíricas do efeito da carga tributária sobre o desempenho financeiro de empresas brasileiras do setor de consumo

Abstract

This paper aims at analyzing the drivers of the Brazilian tax burden and its effects on the return over investments (ROA), return on equity (ROE), net profit margin and earnings before taxes (EBT) margin. The research was descriptive in nature and based on documental and descriptive approaches. It was based on a regression analysis of financial data from 45 listed companies of the consumer cyclical sector, for the period from 2008 to 2014. The results show that the average tax burden for the period and studied sample was 30% and it was significantly affected by federal and state taxes, as well as by the EBT margin. It was possible to find that the tax burden negatively affects the net profit margin. Conversely, it was possible to conclude that the positive effects on the ROA, ROE and EBT margin indicate that the indirect taxes were passed on to the final consumers.