Los impuestos como determinantes de la inversión empresarial. Evidencia empírica en empresas españolas que no cotizan en bolsa

This paper analyzes whether business companies investment decisions are affected by the desire to alleviate future tax payments measured in terms of the net deferred taxes recognized in the balance sheet, besides other explanatory factors documented by previous literature. Our empirical analysis yielded robust results which demonstrate that future tax payments represent an additional incentive for undertaking investments. However, our findings also reveal that, to some extent, tax-based incentives may explain overinvestment, even though the statistical significance of those parameters is only moderate.