Subvenções para investimento: value relevance da reserva de incentivos fiscais nas empresas brasileiras

Abstract

Government grants and assistance (SAG) are strategies frequently used in emerging countries. Governments use SAG to compensate for market imperfections, bring about economic development, and meet social policy objectives. In Brazil, investment subsidies are granted by the public authorities, through tax incentives with the purpose of implementing or expanding economic enterprises. This study aimed to investigate the value relevance of investment subsidies recorded in the tax incentive reserve account classified in the net equity of Brazilian companies. This research was based on the model by Collins et al. (1997), which is a proxy for Ohlson's (1995) Residual Income Valuation (RIV) model. The sample consisted of 81 companies listed on B3 and the study period ranged from 2012 to 2021 (10 years). Through multiple regression analysis of panel data and adaptations to the aforementioned model, it was found that there is an influence of accounting information recorded in the tax incentive reserve in relation to profit and net worth, and that investment subsidies present significance and positive influence on share prices, being value relevance for the stock market in Brazil.