Influência da covid-19 na agressividade fiscal das empresas do setor de energia elétrica listadas na B3

Abstract

This study examines the impact of the COVID-19 pandemic on the tax aggressiveness of compa-nies listed on the Brazilian Stock Exchange (B3) in the electricity sector. A total of 41 companies were analyzed from 2009 to 2022. Tax aggressiveness was assessed using the effective tax payment rate (CASHETR) and Effective Tax Rate (ETR). The primary independent variable of interest was a dummy variable representing the pandemic period (COVID-19), while Return on Assets (ROA), leve-rage (LEV), and Company Size (TAM) served as control variables. Two panel data regression models are employed to test the hypothesis that COVID-19 influences companies’ tax aggressiveness. The findings indicate that companies exhibited increased tax aggressiveness during the COVID-19 period for the dependent variable, CASHETR, thereby supporting the established hypothesis. Regarding the control variables, the results demonstrate that ROA has a significant positive effect on tax aggres-siveness, suggesting that companies with higher returns on assets tend to adopt less aggressive tax strategies. The LEV variable yielded varying results across models but was statistically significant in both models. Conversely, the TAM did not show statistical significance. It is concluded that electric power companies engaged in tax management during the COVID-19 pandemic, seeking more effec-tive strategies to reduce tax liabilities and mitigate the impact of the crisis.