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Gestión de Beneficios Inducida por Impuestos en un Mercado Emergente: El Papel Moderador del Apalancamiento y la Gobernanza Corporativa
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El presente estudio analiza el papel moderador del apalancamiento y el gobierno corporativo (GC) en las prácticas de gestión de ganancias (GE) en respuesta a los cambios en la tasa impositiva corporativa (CTR) en India. Utilizamos un panel de 972 observaciones anuales de empresas que abarcan 81 compañías no financieras que cotizan en la NSE desde el año fiscal 2013-14 hasta el año fiscal 2024-25. El estudio revela que las empresas con apalancamiento y un cumplimiento efectivo del GC son relativamente conservadoras en la gestión de sus ganancias durante los cambios en la tasa impositiva. Mientras que, tras los recortes de impuestos en el nuevo régimen fiscal, las empresas utilizan devengos contables que aumentan los ingresos para inflar sus ganancias. Sin embargo, incluso durante los recortes de impuestos, las empresas con mejores mecanismos de GC exhiben menores niveles de discreción gerencial al utilizar devengos contables. En lo que respecta al papel moderador del apalancamiento, las empresas apalancadas tienden a gestionar sus ganancias utilizando devengos, así como transacciones en efectivo para reportar mayores ingresos y, por lo tanto, evitar el incumplimiento de los contratos de deuda para asegurar más inversiones durante el nuevo régimen fiscal. El estudio revela además que, en comparación con las empresas con bajo GC, las empresas con alto GC son relativamente más conservadoras en la gestión de sus devengos y transacciones en efectivo. Durante la pandemia, la discreción gerencial, al utilizar transacciones reales, se redujo debido a la contracción de las operaciones comerciales, y los gerentes emplearon los devengos actuales para evaluar su desempeño.
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