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<p style="text-align:justify;">In Brazil, there are no mechanisms to identify&nbsp;cases where controlling shareholders might be using tax aggressiveness as a&nbsp;strategy to expropriate value from minority shareholders, the practice known as&nbsp;tunneling. This deserves attention because investors should be able to&nbsp;understand when tax aggressiveness is not designed to generate the purported&nbsp;value. Hence, this study analyzes the relation between tax aggressiveness and&nbsp;tunneling in companies listed on the Brazilian securities exchange (B3), in the&nbsp;period from 2010 to 2017. The data were obtained from the Economática® database&nbsp;and were submitted to analysis by ordinary least squares in two stages. The&nbsp;results show that tax aggressiveness, measured by the differential effective&nbsp;tax rate (DETR), is statistically significant to explain tunneling since the&nbsp;coefficient of aggressiveness is significant and positive at 5%. Therefore, on&nbsp;average firms in the sample considered to be more aggressive (based on DETR)&nbsp;presented greater tunneling. The coefficient of the variable DETR allowed&nbsp;inferring that a 1% increase in tax aggressiveness is associated with an&nbsp;increase of 0.46% in the proportion of accounts receivable from related parties&nbsp;concerning assets. Thus, tax aggressiveness can reduce the probability of&nbsp;generating value for minority shareholders. This result agrees with the finding&nbsp;of Chan, Mo and Tang (2016), who identified direct evidence of the existence of tax aggressiveness related to&nbsp;tunneling.</p>

mbrq.2020.15.05.pdf

Original Research 

mbrq.2020.15.05.xml

Tunneling and Tax Aggressiveness

<p style="text-align:justify;">The objective of this study is to evaluate whether managers’ tone of&nbsp;voice of Brazilian companies that publish the results in the presentation phase&nbsp;of the conference call is influenced by the personal characteristics of these&nbsp;agents. A total of 10 Brazilian companies were traded on the New York Stock&nbsp;Exchange (ADR) between 2002 and 2016, which made voluntary disclosure. The&nbsp;sample was limited to the companies with negotiations in North American market,&nbsp;that make the voluntary disclosure of the results by the necessity of the&nbsp;availability of the conference calls in English. To calculate the tone of&nbsp;voice, the dictionary developed by Loughran and McDonald (2011) was used. The&nbsp;tone was calculated based on the conference calls of quarterly disclosure of&nbsp;the results of the companies and related to the characteristics of the managers&nbsp;like gender, position and academic formation. The results verified in the&nbsp;Brazilian companies confirm the same ones found in international surveys, which&nbsp;find evidences that the personal characteristics influence the tone of voice&nbsp;used in the phase of presentation of the conference calls, controlling other&nbsp;factors like the performance of the company.</p>

JBSO.2020.04.01.pdf

JBSO.2020.04.01.xml

Do the Manager's Personal Features Influence the Verbal Tone Used in Conference Calls?