TY  -  JOUR 
TI  - Tax shields in Colombia and their effect on leverage and investments
PB  - Universidad Icesi
PY  - 2014
AB  - Investment tax incentives may reduce firm leverage if there is indeed an optimal leverage. To
test this hypothesis this article assembles a panel database of non-listed Colombian firms from
1995 to 2012, to study the determinants of leverage and investment and the effect of 863 Act
of 2003 (An investment tax incentive law) on this firm policy. The results support the
hypothesis of a reduction of financial leverage, and the existence of an optimum level of
financial leverage, with the advent of the 863 Act, but are less conclusive with respect to an
increase in the investment levels. The effect of explanatory variables of financial leverage,
according to the theories of financial structure, is unequivocally reduced, as expected, during
the life of 863 Act.
KW  - Regresiones
KW  - Análisis de resultados
KW  - Economía
KW  - Análisis financiero
KW  - Valoración de empresas
KW  - Inversión
KW  - Economics
KW  - NIIF (Normas Internacionales de Información Financiera)
KW  - Diagnóstico financiero
UR  - http://hdl.handle.net/10906/81995
ER  -