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Ítem Tax shields in Colombia and their effect on leverage and investments(Emerald, 2014-08-01) Benavides Franco, JuliánThe 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.