Comportamento tributário das empresas familiares: o papel do gerenciamento de resultados por atividades reais
DOI:
https://doi.org/10.1590/1808-057x20262333.enResumo
Este estudo examina de que forma a propriedade familiar influencia a minimização do imposto de renda (corporate income
tax [CIT]) no Brasil e analisa o papel do gerenciamento de resultados por atividades reais (real earnings management [REM])
na configuração dessas estratégias tributárias. O artigo preenche uma lacuna ainda pouco explorada ao articular o REM com a
minimização de CIT em empresas familiares. Ancorado no complexo ambiente tributário brasileiro, o estudo amplia a teoria
da riqueza socioemocional (socioemotional wealth [SEW]) ao esclarecer de que modo as prioridades familiares influenciam
a manipulação de atividades reais e a definição de estratégias tributárias. A compreensão de como as orientações da SEW
moldam o comportamento tributário das empresas familiares assume especial importância em mercados emergentes, nos
quais os mecanismos de enforcement reputacional são limitados. Além disso, o estudo elucida de que forma REM interage
com a propriedade familiar para influenciar a minimização de CIT, destacando a necessidade de análises comparativas entre
empresas familiares e não familiares para captar adequadamente seus distintos padrões comportamentais. O estudo contribui
para o avanço teórico ao evidenciar que orientações restritas da SEW favorecem comportamentos de curto prazo associados
à minimização tributária em empresas familiares, além de demonstrar como as prioridades familiares influenciam as decisões
tributárias em contextos institucionais complexos e caracterizados por elevada carga tributária, como o brasileiro. O estudo
utiliza 710 observações empresa-ano de 142 companhias não financeiras cotadas na bolsa de valores brasileira (2018-2022), para
estimar o impacto da propriedade familiar sobre a minimização de CIT. Adicionalmente, a fim de avaliar o papel de REM nessa
relação, são conduzidas análises específicas restritas ao subconjunto de empresas familiares. Fundamentando-se na abordagem
da SEW, este estudo mostra que as empresas familiares brasileiras adotam estratégias tributárias mais agressivas do que suas
contrapartes não familiares. Ademais, entre as empresas familiares, os fluxos de caixa operacionais anormais exercem influência
negativa sobre a alíquota efetiva de impostos incidentes sobre a renda, indicando que estratégias orientadas por vendas, como a
concessão de descontos e a ampliação da flexibilidade de crédito, favorecem práticas de minimização tributária. Em contraste,
as despesas de vendas, gerais e administrativas anormais, bem como os custos de produção anormais, não apresentam efeito
estatisticamente significativo. Esses achados ampliam evidências empíricas anteriores ao incorporar REM à análise, revelando
um mecanismo adicional por meio do qual as empresas familiares moldam suas decisões tributárias.
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