Capital structure and debt tax shield: literature review and bibliometric analysis; Estructura de capital y escudo fiscal de deuda: revisión de literatura y análisis bibliométrico

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dc.contributor.affiliationFaculty of Economics, Universidad Libre, Bogota, Colombia
dc.contributor.affiliationFacultad de Ciencias Económicas y Administrativas, Universidad de Medellín, Medellin, Colombia
dc.contributor.affiliationFacultad de Ciencias Sociales y Humanas, Universidad de Medellín, Medellin, Colombia
dc.contributor.authorPinillos Villamizar, J.
dc.contributor.authorH.
dc.contributor.authorCastrillon, L.
dc.date.accessioned2025-12-03T19:34:44Z
dc.date.available2025-12-03T19:34:44Z
dc.date.issued2025
dc.descriptionIntroduction: this study presents a bibliometric analysis and literature review focused on identifying publications, key themes, and recent trends in frontier research related to capital structure and the debt tax shield. The aim is to explore how the academic field has evolved over time and highlight the most influential works and recurring topics. Method: the study analyzed 33 documents indexed in Scopus, published between 1978 and 2023. A bibliometric approach was used to determine publication patterns, countries of origin, journal prominence, and citation metrics. Results: the bibliometric analysis revealed that the United States accounts for the highest number of studies. Journals such as Applied Financial Economics and Investment Management and Financial Innovations lead in publication volume but not in citation count. The main themes explored by the authors include corporate debt policies, optimal capital structure, valuation of tax shields, trade-off and pecking order theories, corporate social responsibility, and profitability. Key research trends focus on evaluating factors such as debt levels, tax rates, credit risk, and future fiscal policies and their impact on the value of the tax shield. Additionally, recent works analyze the effects of events such as the COVID-19 crisis on leverage strategies and capital structure, as well as the integration of modern models—such as compensation and information asymmetry-based pecking order—with traditional theories. Conclusions: the literature demonstrates a growing interest in understanding the interplay between tax factors and corporate financing decisions, especially in light of evolving economic contexts and theoretical frameworks. The field continues to expand through the incorporation of new models and empirical evidence, signaling opportunities for future research in this area. © 2025 Elsevier B.V., All rights reserved.
dc.identifier.doi10.56294/dm20251031
dc.identifier.instnameinstname:Universidad de Medellínspa
dc.identifier.issn29534917
dc.identifier.reponamereponame:Repositorio Institucional Universidad de Medellínspa
dc.identifier.repourlrepourl:https://repository.udem.edu.co/
dc.identifier.urihttp://hdl.handle.net/11407/9239
dc.language.isoeng
dc.publisherAG Editor (Argentina)spa
dc.publisher.facultyFacultad de Ciencias Económicas y Administrativasspa
dc.publisher.programContaduría Públicaspa
dc.relation.citationvolume4
dc.relation.isversionofhttps://www.scopus.com/inward/record.uri?eid=2-s2.0-105018106641&doi=10.56294%2Fdm20251031&partnerID=40&md5=c4228f80b3a19d72935df74f366b0eb1
dc.relation.referencesGestion Y Desarrollo Libre, (2019)
dc.relation.referencesGestion Y Desarrollo Libre, (2023)
dc.relation.referencesKumar, Satish, Research on capital structure determinants: a review and future directions, International Journal of Managerial Finance, 13, 2, pp. 106-132, (2017)
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dc.relation.referencesHaron, Razali Bin, Firm level, ownership concentration and industry level determinants of capital structure in an emerging market: Indonesia evidence, Asian Academy of Management Journal of Accounting and Finance, 14, 1, pp. 127-151, (2018)
dc.relation.referencesValaskova, Katarina, Calculation of Tax Shields Using the Method of Adjusted Present Value, Springer Proceedings in Business and Economics, pp. 553-562, (2018)
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dc.relation.referencesHaron, Razali Bin, The influence of firm, industry and concentrated ownership on dynamic capital structure decision in emerging market, Journal of Asia Business Studies, 15, 5, pp. 689-709, (2021)
dc.rights.accesoAll Open Access
dc.rights.accesoGold Open Access
dc.rights.accessrightsinfo:eu-repo/semantics/openAccess
dc.sourceData and Metadata
dc.sourceScopus
dc.subjectCapital Structure
dc.subjectCorporate Taxes
dc.subjectInterest
dc.subjectTax Shields
dc.subjectEconomics
dc.subjectInformation management
dc.subjectInvestments
dc.subjectPublishing
dc.subjectSocial aspects
dc.subjectTaxation
dc.subjectAcademic fields
dc.subjectBibliometric
dc.subjectBibliometrics analysis
dc.subjectCapital structure
dc.subjectCorporates
dc.subjectFinancial investments
dc.subjectInterest
dc.subjectLiterature reviews
dc.subjectRecent trends
dc.subjectTax shield
dc.subjectEconomic and social effects
dc.titleCapital structure and debt tax shield: literature review and bibliometric analysis; Estructura de capital y escudo fiscal de deuda: revisión de literatura y análisis bibliométrico
dc.typeReview
dc.type.localRevisiónspa
dc.type.versioninfo:eu-repo/semantics/publishedVersion

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