El efecto escudo fiscal como determinante de la estructura de capital y la generación de valor: un análisis empírico para el mercado colombiano

National tax policy has a broad impact on investment, growth, job creation and other relevant macroeconomic variables. In microeconomic terms, it has a direct impact on the financial performance of companies in the country, to the extent that tax obligations affect corporate financial management. In this sense, the present work aims to analyze the impact that fiscal conditions may have on the debt decisions of companies, their impact on the economic value added and the cost of capital of Colombian companies that are listed on the stock market and make part of the Colcap index during the period 2015 to 2019. A descriptive study of a quantitative, comparative and longitudinal type was developed in the context of national financial and tax management. The research shows that fiscal aspects at the business level are highly correlated with capital structure decisions according to the empirical evidence provided by companies listed on the Colombian Stock Exchange; These findings are comparable to research results in other economies, both developed and emerging.