TY  - JOUR 
TI  - Tax shields in Colombia and their effect on leverage and investments
PB  - Emerald
PY  - 2014
issn 1012-8255
AB  - The is article studies the determin ing factors of leverage and investment for Colombian companies between 1995 and 2009. Regarding leverage we test ed the predictions of the t rade - o ff and p ecking o rder t heories, particularly the impact of tax incentives and interest rates. We f ou nd that leverage decreased after enacting the tax incentive of 2003 and tha t interest rate s increase leverage. We d id not find any strong evidence of greater investment as a result of tax incentives.
KW  - Economía
KW  - Negocios y management
KW  - Economics
KW  - Business
KW  - Capital
KW  - Financiación
KW  - Inversión
KW  - Ahorro
UR  - http://hdl.handle.net/10906/79784
ER  -