Análisis de los factores determinantes en el reconocimiento de créditos por pérdidas fiscales en las empresas españolas

Abstract

This paper analyzes the determinants of the managerial decision to recognize tax credits arising from past losses. Results based on a sample of Spanish companies ranging from 1540 to 3872 firm-year observations suggest that the decision to recognize tax credits is mainly determined by past earnings and leverage and, to a lesser extent, by future earnings expectations. Moreover, we found evidence of the existence of a positive relationship between tax credits and some variables proxying for income smoothing practices. The evidence presented here has implications for financial analysis as well as for the accounting standard setting process. © 2001 Asociación Española de Contabilidad y Administración de Empresas.