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Revista mexicana de economía y finanzas
versión On-line ISSN 2448-6795versión impresa ISSN 1665-5346
Resumen
MILANESI, Gastón S. y TENNINA, María Agustina. Tax savings and firm value in different tax systems. Rev. mex. econ. finanz [online]. 2024, vol.19, n.2, e918. Epub 15-Oct-2024. ISSN 2448-6795. https://doi.org/10.21919/remef.v19i2.918.
The taxation systems on corporate profits are grouped into two classes known as integrated and classical, with the latter being more widely recognized in financial literature. Their characteristics impact the firm's value. Using various models to estimate the present value of tax savings, the study describes the systems, sensitizes variables, and quantifies the firm's value through the discounted cash flow model. Subsequently, a descriptive and comparative analysis of tax systems, tax rates, tax savings, cost of capital, and the value of leveraged firm is conducted using the discounted cash flow model. Aggregated financial information from a set of OECD member countries and Latin America is utilized. The results allow for the exposition of common specification errors when directly employing the classical model in company valuation. Additionally, it highlights the existing functional relationships between firm value and tax effects in the different tax systems corresponding to the sample of countries studied.
Palabras llave : Tax savings; Tax systems; firm valuation.