Stock-based payments and tax aggressiveness of non-financial companies listed on B3
Keywords:
Remuneração de executivos; Pagamentos baseados em ações;Agressividade tributária.Abstract
The objective of this article was to verify the influence of stock-based payments on the tax aggressiveness of non-financial companies listed on B3 during the years 2019 to 2023. The sample consists of 310 non-financial companies, and the method used was linear regression with pooled data. The descriptive analysis indicated that companies that compensate their executives with stock-based payments are more tax aggressive compared to companies that do not adopt this form of compensation. The statistical tests revealed a significant negative relationship between stock-based payments and tax aggressiveness, measured by the effective tax rate (Etr). On the other hand, no statistical significance was found between stock-based payments and the cash effective tax rate (CashEtr). These findings suggest that stock-based compensation encourages executives to adopt riskier behaviors, including more aggressive tax positions.
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