Effect of corporate governance on effective taxation of perfomance in brazilian companies

The objective of the research was to verify the influence of the adoption of Corporate Governance practices on companies listed on the Brazilian Stock Exchange called "Brasil Bolsa Balcao (B-3)", in the relationship between the effective tax burden on profits obtained in the return on equity. The sample covered the years 2010 to 2015, excluding companies in the financial sector, insurance and those that presented negative net worth in the study period, leaving a total of 246 companies and 1456 observations studied. The results obtained indicate that in the level denominated "Novo Mercado", in the companies that quoted in B-3, it presents an inverse relationship between the effective tax burden and the return on the net patrimony, as a probable consequence of tributory planning practices, in reason for the full adoption of Corporate Governance practices in that level. The results show that companies that have Corporate Governance in the Brazilian capital market use fiscal intelligence to meet the needs demanded by corporate responsibility. In this way, the research contributes scientifically to find evidence of the use of fiscal management instruments to reduce the tax burden, within the scope of Corporate Governance, as a means of protecting the interests of investors.