Influência da reputação corporativa e da responsabilidade social corporativa na agressividade tributária

Abstract

The objective of the essay is to analyze the relationship between Corporate Social Responsibility (CSR) and Corporate Reputation (CR) in the tax aggressiveness of companies listed on the Brazil’s stock exchange. So, firstly the relationship between Corporate Social Responsibility and Tax Aggressiveness was verified, subsequently the relationship between Corporate Reputation and Tax Aggressiveness was verified. Finally, the moderation of RC with CSR was carried out, evaluating its relationship with Tax Aggressiveness. Therefore, three different econometric models were used for each of these analyzes to be carried out and the models were estimated using panel data. As proxy for Corporate Social Responsibility, Refinitiv Eikon's ESG indexes were used, covering five dimensions: environmental, social, governance, controversies and global, the latter being the integration of the first four dimensions. For Corporate Reputation, the Exame ranking of the Melhores e Maiores (M&M) companies was used. For Tax Aggressiveness, a Normalized Differential ETR was used, which is proposed by the essay as a more accurate and reliable measure to measure aggressiveness. In the findings regarding CSR, a negative relationship with aggressiveness was found in all dimensions, suggesting that companies with greater CSR practices are not engaged in tax-aggressive practices. The same negative relationship was found for Corporate Reputation. However, when moderation is carried out, the relationship is reversed, that is, companies with the highest CSR indexes and which also have a stronger Corporate Reputation are more aggressive. Additional sensitivity tests were carried out, reputation was evaluated at three levels in moderation and the relationship with aggressiveness remained positive, showing that the stronger the reputation and CSR levels together, the greater the aggressiveness. These results may be related to the Moral Licensing Theory. Companies up to a certain level take into account the risk and reputational costs of their actions, but from the point of a strong Reputation established with high CSR practices, organizations perceive themselves as having moral credit for questionable practices such as tax aggressiveness.