Debt tax benefits in a high tax emerging market : evidence from Brazil

Purpose: This study hypothesizes that tax benefits encourage the use of third-party capital, and seeks to verify whether the tax benefit deriving from debts has a positive effect on Brazilian companies’ capital structure. Approach/Methodology/Design: Data on 259 nonfinancial companies over the period 20082018 are extracted from the Standard & Poor’s Capital IQ database and are analyzed through regression with dynamic data panel. The variables considered as tax benefit proxies are: marginal tax rate, kink, standardized kink and tax payment.The investigations comprise: trade off theory, pecking order theory, information asymmetry, bankruptcy costs and agency theory. Findings: A positive debt effect on capital structure, taxation as providing a systematic incentive for greater leverage, and that, Brazilian companies, despite the country’s heavy tax burden, are not taken full advantage of debt tax benefits. The study offers new evidence as to the speed of adjusting the indebtedness level relating to an optimal capital structure target. Brazilian companies have ground to contract more debt and maximize their tax benefit. Practical Implications: The study will contribute positively to the understanding of influence of high tax emerging market for the government, academia, banks, industry, managers, regulators, investors and other users. Originality/value: This study innovates by using MTR, kink and standardized kink to find debt tax benefits affecting emerging market companies’ capital structure.peer-reviewe

A systematic review of the influence of taxation on corporate capital structure

Purpose: The aim of this paper is a systematic review of the corporate finance literature on tax and capital structure since the complexity of legislation on taxation. It is a challenge for to researchers to understand the influence of this legislation on corporate financing. Approach/Methodology/Design: A systematic review is a useful and important tool to check what has being studied and what are the gaps on the specific subject. Therefore, the study provides an examination of a sample of 33 most cited articles in the period from 2013 to 2017 that have been published in the main international financial journals. It is assumed that this analysis is sufficiently robust to support and contribute to the knowledge gaps identification. Findings: It presents the most relevant papers about the influence of taxes on corporate capital structure, classifies and codifies the various characteristics of these articles, describes the strengths and the weaknesses of the studies in the available literature, and provides an agenda and a research framework to address the key gaps in the current knowledge on the theme. Practical Implications: The study will contribute positively to the understanding of foreign direct investment for the governments, world organizations, academia, companies and investors. Originality/Value: To the best of the authors´ knowledge, this is the first systematic review identifying what is missing in the literature on taxation and capital structure.peer-reviewe

Financial crisis effect on Latin American companies’ debts

Purpose: This study aims to verify changes in the debt structure of companies in the main Latin American countries. Approach/Methodology/Design: A difference-in-differences test is applied in a sample of 520 publicly-traded and closed companies, whose data are collected in the previous (2003-2007) and subsequent (2008-2012) periods of the crisis. Findings: The results include the replacement of bank debts by private and public non-bank debts, reduction of maturity of debts and relevance of better level of governance or regulatory environment of countries in guaranteeing the rights of creditors in this process. Practical Implications: These results are in line with the countercyclical fiscal policy adopted by these countries, guaranteeing them greater credibility in international markets. Social Implications: This study also suggest questions for future research. Each Latin American country faces many problems that are motivated by diverse events - political, for example - that impact the economy. That task involves the broadening of this methodology to incorporate internal shocks as well as global crisis. Originality/Value: One of the principal contributions of this study is the finding that companies in the main Latin American countries replace their banking credit by utilizing non-banks, just as done by the developed countries. Understanding better this effect of the global financial crisis may lead to helpful permanent macroeconomic and microeconomic measures.peer-reviewe

Mental Health Activities in the Program of Family Health: Congruencies and Difficulties of Practicing the Principles of Psychiatric Reform and Health

Objectives: To discuss linkages between the Psychiatric Reform and the Health Reform in Brazil by analyzing the practices of mental health care in the Family Health Program (PSF, in Portuguese)

The influence of taxes on foreign direct investment : systematic literature review and bibliometric analysis

Purpose: The paper proposes a systematic review and bibliometric analysis of the corporate finance literature on tax and multinational investment, since the complexity of legislations and taxation is a challenge to researchers who seek to understand their influence on corporate financing decisions. It presents the most relevant papers about the influence of taxes on corporate capital structure, classifies and codifies the various characteristics of these articles, describes the strengths and weaknesses of the studies and provides an agenda and a research framework to address the key gaps in the current knowledge on the theme. Approach/Methodology/Design: The study classifies 41 selected articles cited in the WoS database. The papers are reviewed and their main contributions are identified. Findings: The results indicate that tax is a determinant for multinational companies. However, the complexity of the legislations implies problems in estimating and the results of these studies. Among the knowledge gaps identified, the estimation problems of the models stand out, due to the difficulty in calculating the tax proxies. The papers present opposite results for the same information bases and research problems, depending on how the tax independent variable is modulated. Practical Implications: The study will contribute positively to the understanding of foreign direct investments, world organizations, multinational companies and investors. Originality/Value: To the best of the authors´ knowledge, this is the first systematic review identifying what is missing in the literature on taxation and capital structure of multinationals, while offering recommendations for future studies.peer-reviewe

Relative and absolute density estimates of land planarians (Platyhelminthes, Tricladida) in urban rainforest patches

Land planarians (Platyhelminthes) are likely important components of the soil cryptofauna, although relevant aspects of their ecology such as their density remain largely unstudied. We investigated absolute and relative densities of flatworms in three patches of secondary Brazilian Atlantic rainforest in an urban environment. Two methods of sampling were carried out, one consisting of 90 hours of active search in delimited plots covering 6,000 m² over a year, and the other consisting of leaf litter extraction from a 60 m² soil area, totaling 480‑600 l leaf litter. We found 288 specimens of 16 species belonging to the genera Geobia, Geoplana, Issoca, Luteostriata, Obama, Paraba, Pasipha, Rhynchodemus, Xerapoa, and the exotic species Bipalium kewense and Dolichoplana striata. Specimens up to 10 mm long were mostly sampled only with the leaf litter extraction method. Absolute densities, calculated from data obtained with leaf litter extraction, ranged between 1.25 and 2.10 individuals m‑². These values are 30 to 161 times higher than relative densities, calculated from data obtained by active search. Since most common sampling method used in land planarian studies on species composition and faunal inventories is active search for a few hours in a locality, our results suggest that small species might be overlooked. It remains to be tested whether similar densities of this cryptofauna are also found in primary forests

El factor psicológico en la morfología del verbo de las lenguas ibéricas

En el siglo xix los filósofos naturalistas (Lamarck 1744-1829, Darwin 1809-82, Spencer 1820-1903, Haeckel 1834-1919, etc.), algunos de ellos escritores brillantes y reputados, dieron un carácter científico a las especulaciones tanto botánicas, como zoológicas. Trataron seriamente de las 'leyes’ naturales, que regulan la vida, y las especies, y de las 'leyes’ fatales que reglan el mecanismo de la gravitación universal. Y con una dialéctica envolvente procuraron explicar el origen de la vida, y su evolución, como si fueran ellos venturosos testigos de tales sucesos. El hombre, es decir el rey de la creación, era el término necesario de una evolución ineluctable.Facultad de Humanidades y Ciencias de la Educació

The importance of Art in the school environment for the construction of critical and reflexive knowledge: an analysis through debate about the exhibition Quermuseu

O objetivo do presente artigo é fornecer conclusões referentes às contribuições do debate em sala de aula em relação às manifestações de Arte Contemporânea. Neste viés, utilizou-se o método qualitativo onde os dados foram analisados por meio de aplicação de uma sequência didática acerca da exposição denominada Queermuseu, exposta pelo museu Santander Cultural, em Porto Alegre. Desta forma, se propôs a construção de textos colaborativos acerca do tema e um questionário aplicado aos discentes, tendo em vista as impressões e contribuições da atividade aplicada. Neste sentido, como público alvo, participaram alunos do 3º ano do Ensino Médio Integrado ao Técnico de Agroindústria do Campus Paraíso do Tocantins do IFTO. A base teórica sobre a qual se baseia este estudo orienta-se, na abordagem das Inteligências Múltiplas propostas por Gardner (1994), enfatizando principalmente as inteligências linguística, interpessoal e intrapessoal. Os resultados obtidos nesta pesquisa contribuem para a orientação do professor em proporcionar debates sobre a Arte no ambiente escolar, tendo a melhoria na resolução de conflitos culturais e sociais, garantindo assim a qualidade na educação em vista o desenvolvimento e transformação do educandoThe present article tries to find out the relation between the role of the school and the critical and reflexive construction of the adolescents in front of the manifestations of Contemporary Art. In this bias, for purposes of obtaining data, a didactic sequence was proposed through a debate about the exhibition called Queermuseo, exhibited by the Santander Cultural Museum, in Porto Alegre. The main objective was to identify whether discussions and awareness-raising activities involving Art in the school environment can contribute to the transformation and awareness of the students' critical and reflective sense. In this sense, students participated in the 3rd year of the Integrated Middle School to the Technician of Agroindustry of Campus Paraíso del Tocantins of IFTO. For the analysis of the data, quantitative research was used. The theoretical contribution was based on the conception of the multiple intelligences, proposed by Gardner (1994). It is hoped that the results of this research may contribute to future work on the importance of debates about Art in the school environment, with a view to the development and transformation of the individual in society

There exist transitive piecewise smooth vector fields on S2\mathbb{S}^2 but not robustly transitive

It is well known that smooth (or continuous) vector fields cannot be topologically transitive on the sphere $\S^2$. Piecewise-smooth vector fields, on the other hand, may present non-trivial recurrence even on $\S^2$. Accordingly, in this paper the existence of topologically transitive piecewise-smooth vector fields on $\S^2$ is proved, see Theorem \ref{teorema-principal}. We also prove that transitivity occurs alongside the presence of some particular portions of the phase portrait known as {\it sliding region} and {\it escaping region}. More precisely, Theorem \ref{main:transitivity} states that, under the presence of transitivity, trajectories must interchange between sliding and escaping regions through tangency points. In addition, we prove that every transitive piecewise-smooth vector field is neither robustly transitive nor structural stable on $\S^2$, see Theorem \ref{main:no-transitive}. We finish the paper proving Theorem \ref{main:general} addressing non-robustness on general compact two-dimensional manifolds