O efeito moderador da responsabilidade social corporativa na relação entre conexões políticas, oportunidade de investimento e a tax avoidance.

Abstract

This study examines the relationship between political connections, the set of investment opportunities, and tax avoidance activities, both directly and when moderated by corporate social responsibility (CSR). The research is grounded in the political cost hypothesis of positive accounting theory, as well as stakeholder theory and legitimacy theory. The sample comprises non-financial firms listed on B3 (Brasil, Bolsa, Balcão) over the period from 2013 to 2024. Tax avoidance is proxied by a single variable derived from factor analysis of ETR GAAP, current ETR, TTVA, and TTVAF measures. Political connections are defined as the presence of shareholders, executives, or board members who are concurrently politically exposed people. The set of investment opportunities is also measured through factor analysis of five market-based indicators. The moderating variable, CSR, is constructed based on ESG scores. A quantitative methodology is employed, using panel data regression models for econometric analysis. The results indicate that political connections are positively and significantly associated with tax avoidance, whereas the set of investment opportunities exhibits a smaller and heterogeneous association. CSR disclosure presents a significant moderate effect on the relationship between political connections and tax avoidance, attenuating the intensity of tax reduction strategies associated with the use of political capital. In contrast, the relationship between investment opportunities and tax avoidance remains heterogeneous. Overall, the findings suggest that CSR acts as a mechanism to mitigate political costs and reputational risks, indicating that a commitment to sustainability may reduce corporate tax aggressiveness, including a more restrained use of political channels. This study contributes to the accounting literature by pioneering, in the Brazilian context, the analysis of the role of CSR in the relationship between political connections, investment opportunities, and tax avoidance, while also offering theoretical and practical implications for firms, policymakers, and tax authorities.