<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-4645</journal-id>
<journal-title><![CDATA[Cuadernos de Administración (Universidad del Valle)]]></journal-title>
<abbrev-journal-title><![CDATA[cuad.adm.]]></abbrev-journal-title>
<issn>0120-4645</issn>
<publisher>
<publisher-name><![CDATA[Universidad del Valle]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-46452022000200007</article-id>
<article-id pub-id-type="doi">10.25100/cdea.v38i73.10984</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Tax incentives and financial performance: empirical evidence of Ecuadorian companies]]></article-title>
<article-title xml:lang="es"><![CDATA[Los incentivos tributarios y el desempeño financiero: evidencia empírica de empresas Ecuatorianas]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Córdova-León]]></surname>
<given-names><![CDATA[Fernando]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Duque-Espinoza]]></surname>
<given-names><![CDATA[Gabriela]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Aguirre-Quezada]]></surname>
<given-names><![CDATA[Juan Carlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sigüencia-Muñoz]]></surname>
<given-names><![CDATA[Adrián]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad del Azuay Administrative and Financial Dean ]]></institution>
<addr-line><![CDATA[Cuenca ]]></addr-line>
<country>Ecuador</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad del Azuay School of Management Sciences ]]></institution>
<addr-line><![CDATA[Cuenca ]]></addr-line>
<country>Ecuador</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad del Azuay School of Management Sciences School of Accounting and Auditing]]></institution>
<addr-line><![CDATA[Cuenca ]]></addr-line>
<country>Ecuador</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidad del Azuay School of Management Sciences ]]></institution>
<addr-line><![CDATA[Cuenca ]]></addr-line>
<country>Ecuador</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>08</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>08</month>
<year>2022</year>
</pub-date>
<volume>38</volume>
<numero>73</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-46452022000200007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-46452022000200007&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-46452022000200007&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract Fiscal policy is one of the economic aspects that demands the most significant attention from the State and the productive sectors due to, this is an economic policy tool that can influence the behavior of economic agents and the production in a country. Tax incentives are commonly applied to promote the business competitiveness of the above. Tax incentives are commonly applied to promote business competitiveness from those above. The objective of this study sought to analyze the impact caused by tax benefits on the financial performance of companies in the manufacturing and trade sectors of Ecuador in the period 2015 - 2018. Through a comparative analysis using economic indicators and a multiple regression model, the authors of this research studied the impact of this strategy on the profitability of companies. The study showed that companies that apply tax incentives reflect a better financial position; therefore, the smaller the size of the company, the higher levels of profitability they demonstrate in terms of business investment.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen La política fiscal es uno de los aspectos económicos que mayor atención demanda del Estado y los sectores productivos, debido a la influencia que ejerce en el comportamiento de los agentes económicos; dentro de esta, los incentivos tributarios constituyen una herramienta de común aplicación con miras a impulsar la competitividad empresarial. El objetivo del estudio busca analizar el impacto que causan los beneficios fiscales sobre el desempeño financiero de las empresas en los sectores manufactura y comercio del Ecuador en el periodo 2015 - 2018. Mediante un análisis comparativo a través de indicadores financieros, y un modelo de regresión múltiple, se estudia el impacto de esta estrategia en la rentabilidad de las firmas. El estudio evidenció que las empresas que aplican incentivos tributarios reflejan una mejor posición financiera; y que, mientras menor es el tamaño de la firma se muestran mayores niveles de rentabilidad con relación a la inversión empresarial.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Tax incentives]]></kwd>
<kwd lng="en"><![CDATA[Tax benefits]]></kwd>
<kwd lng="en"><![CDATA[Financial performance]]></kwd>
<kwd lng="en"><![CDATA[Tax policy]]></kwd>
<kwd lng="es"><![CDATA[Incentivos tributarios]]></kwd>
<kwd lng="es"><![CDATA[Beneficios fiscales]]></kwd>
<kwd lng="es"><![CDATA[Desempeño financiero]]></kwd>
<kwd lng="es"><![CDATA[Política fiscal]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Abuselidze]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The influence of optimal tax burden on economic activity and productive capacity]]></article-title>
<source><![CDATA[Intellectual Economics]]></source>
<year>2012</year>
<volume>6</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>493-503</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Acosta]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
<name>
<surname><![CDATA[Galarza]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Armijos]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[García]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Análisis de la aplicación de los incentivos tributarios para las pequeñas empresas del sector de alimentos del cantón Quito]]></article-title>
<source><![CDATA[CIENCIA UNEMI]]></source>
<year>2016</year>
<volume>9</volume>
<numero>19</numero>
<issue>19</issue>
<page-range>11-20</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Allingham]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Sandmo]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Income Tax Evasion: A Theoretical Analysis]]></article-title>
<source><![CDATA[Journal of Public Economics]]></source>
<year>1972</year>
<volume>1</volume>
<numero>3-4</numero>
<issue>3-4</issue>
<page-range>323-38</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Azevedo]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Portella]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Incentivos fiscales verdes como instrumento de apoyo a la política urbana: un estudio sobre el IPTU VERDE en municipios brasileños]]></article-title>
<source><![CDATA[HOLOS]]></source>
<year>2019</year>
<volume>1</volume>
<numero>35</numero>
<issue>35</issue>
<page-range>1-18</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<collab>Banco Central del Ecuador</collab>
<article-title xml:lang=""><![CDATA[Presentación informativa de resultados a precios constantes de 2007]]></article-title>
<source><![CDATA[Boletín de Cuentas Nacionales Trimestrales]]></source>
<year>2020</year>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="">
<collab>Banco Mundial [BM]</collab>
<source><![CDATA[Indicadores del desarrollo mundial]]></source>
<year>2005</year>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bayona]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Erazo]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Martínez]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La innovación en la industria manufacturera de Colombia 2013-2014]]></article-title>
<source><![CDATA[Dimensión Empresarial]]></source>
<year>2018</year>
<volume>17</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>15-28</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bechko]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Barabash]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Lysa]]></surname>
<given-names><![CDATA[N]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Tax Benefits as a Tool to Implement the Concept of Fairness in Taxation]]></article-title>
<source><![CDATA[Modern Economics]]></source>
<year>2019</year>
<volume>13</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>18-24</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Besley]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Brigham]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
</person-group>
<source><![CDATA[Fundamentos de Administración Financiera]]></source>
<year>2016</year>
<edition>14th ed</edition>
<publisher-name><![CDATA[Cengage Learning]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bhattacharya]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Okafor]]></surname>
<given-names><![CDATA[L. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Pradeep]]></surname>
<given-names><![CDATA[V]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[International firm activities, Ramp;D, and productivity: Evidence from Indian manufacturing firms]]></article-title>
<source><![CDATA[Economic Modelling]]></source>
<year>2021</year>
<volume>97</volume>
<page-range>1-13</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Calvache]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Cajiao]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Incentivos tributarios de la última década y sus beneficios a las personas jurídicas y al Estado]]></article-title>
<source><![CDATA[Publicando]]></source>
<year>2017</year>
<volume>4</volume>
<numero>11</numero>
<issue>11</issue>
<page-range>192-200</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<collab>Centro Interamericano de Administraciones Tributarias</collab>
<source><![CDATA[Diseño y evaluación de incentivos tributarios en países en desarrollo]]></source>
<year>2018</year>
<publisher-name><![CDATA[CIAT]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="">
<collab>Constitución de la República del Ecuador [Const]</collab>
<source><![CDATA[Art. 1]]></source>
<year>2008</year>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="">
<collab>Decreto Ejecutivo 757 de 2011</collab>
<source><![CDATA[Por medio del cual se expide el Reglamento a la Estructura e Institucionalidad de Desarrollo Productivo de la Inversión y de los Mecanismos e Instrumentos de Fomento Productivo, establecidos en el Código Orgánico de la Producción, Comercio e Inversiones]]></source>
<year>2011</year>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Diez]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Gómez]]></surname>
<given-names><![CDATA[N]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Incentivos tributarios para el sector farmacéutico en el Ecuador]]></article-title>
<source><![CDATA[Espacios]]></source>
<year>2018</year>
<volume>39</volume>
<numero>33</numero>
<issue>33</issue>
<page-range>1-20</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[García]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Sánchez]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Zavala]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Factores determinantes en la adopción de las alternativas de financiamiento y su evidencia en el crecimiento de las empresas manufactureras en Ecuador]]></article-title>
<source><![CDATA[Espacios]]></source>
<year>2018</year>
<numero>39</numero>
<issue>39</issue>
<page-range>1-20</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gitman]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Zutter]]></surname>
<given-names><![CDATA[C]]></given-names>
</name>
</person-group>
<source><![CDATA[Principios de Administración financiera]]></source>
<year>2012</year>
<edition>12th ed</edition>
<publisher-name><![CDATA[Pearson Education]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gomes]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Pagni]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Gouveia]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Oliveira]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Incentivo Fiscal à Cultura: Uma Análise das Divulgações das Sociedades Anônimas do Sul do Brasil]]></article-title>
<source><![CDATA[Sociedade, Contabilidade e Gestão]]></source>
<year>2016</year>
<volume>11</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>118-32</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Guceri]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Albinowski]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Investment responses to tax policy under uncertainty]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2021</year>
<volume>141</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1147-70</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gutiérrez]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Cornejo]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Chango]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La amnistía tributaria y su incidencia en la recaudación fiscal bajo la teoría de la disuasión]]></article-title>
<source><![CDATA[Publicando]]></source>
<year>2020</year>
<volume>7</volume>
<numero>23</numero>
<issue>23</issue>
<page-range>108-18</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jiménez]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Podestá]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<source><![CDATA[Inversión, incentivos fiscales y gastos tributarios en América Latina]]></source>
<year>2009</year>
<edition>1st ed</edition>
<publisher-name><![CDATA[CEPAL]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lara]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Los incentivos tributarios para las cooperativas financieras de Colombia, Costa Rica y México]]></article-title>
<source><![CDATA[Revista de Estudios Cooperativos]]></source>
<year>2018</year>
<volume>127</volume>
<page-range>159-80</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="">
<collab>Ley 26 de 2021</collab>
<source><![CDATA[Por la cual se codifica la Ley Orgánica de Régimen Tributario Interno]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Munongo]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Akanbi]]></surname>
<given-names><![CDATA[O. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Robinson]]></surname>
<given-names><![CDATA[Z]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Do tax incentives matter for investment? A literature review]]></article-title>
<source><![CDATA[Business and Economic Horizons]]></source>
<year>2017</year>
<volume>13</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>152-68</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Muñoz]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<source><![CDATA[Impuesto de Sociedades]]></source>
<year>2017</year>
<edition>1st ed</edition>
<publisher-name><![CDATA[Ministerio de Educación, Cultura y Deporte]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nugaev]]></surname>
<given-names><![CDATA[F. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Mukhametzyanova]]></surname>
<given-names><![CDATA[L. Z.]]></given-names>
</name>
<name>
<surname><![CDATA[Mulyukova]]></surname>
<given-names><![CDATA[R. R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Relationship between Tax Burden and Indicators of the Financial Position]]></article-title>
<source><![CDATA[International Journal of Economic Perspectives]]></source>
<year>2017</year>
<volume>11</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1499-505</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ponce]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Morán]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Posas]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinantes de la estructura de capital: un estudio empírico del sector manufacturero en Ecuador]]></article-title>
<source><![CDATA[Contaduría y Administración]]></source>
<year>2019</year>
<volume>64</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>1-19</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Portillo]]></surname>
<given-names><![CDATA[L. H]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[La posición cíclica de la política fiscal en Colombia durante el periodo 1990-2015]]></article-title>
<source><![CDATA[Lecturas de Economía]]></source>
<year>2021</year>
<volume>95</volume>
<page-range>45-83</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Quoc]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Van]]></surname>
<given-names><![CDATA[N]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Tax incentive policy and firm performance: evidence from Vietnam]]></article-title>
<source><![CDATA[Investment Management and Financial Innovations]]></source>
<year>2020</year>
<volume>17</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>277-96</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ramaswamy]]></surname>
<given-names><![CDATA[K. V]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Do Size-dependent Tax Incentives Discourage Plant Size Expansion? Evidence from Panel Data in Indian Manufacturing]]></article-title>
<source><![CDATA[Margin: The Journal of Applied Economic Research]]></source>
<year>2021</year>
<volume>15</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>395-417</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Reinosa]]></surname>
<given-names><![CDATA[D]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Incidencia de los incentivos fiscales en la gestión ambiental de la agroindustria]]></article-title>
<source><![CDATA[Multiciencias]]></source>
<year>2015</year>
<volume>15</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>389-96</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rocco]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Rangel]]></surname>
<given-names><![CDATA[N]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Incentivos fiscales en Brasil - una forma de ejecución de los derechos fundamentales]]></article-title>
<source><![CDATA[Saber, Ciencia y Libertad]]></source>
<year>2016</year>
<volume>11</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>19-35</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ruíz]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Velandia]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Navarro]]></surname>
<given-names><![CDATA[O]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Incidencia de la política de incentivos tributarios sobre la inversión en el sector minero energético colombiano]]></article-title>
<source><![CDATA[Cuadernos de Contabilidad]]></source>
<year>2016</year>
<volume>17</volume>
<numero>43</numero>
<issue>43</issue>
<page-range>109-26</page-range></nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="">
<collab>Superintendencia de Compañías Valores y Seguros del Ecuador</collab>
<source><![CDATA[Portal de información - Estados Financieros por Rama]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tello]]></surname>
<given-names><![CDATA[C]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Austeridad, gasto público y crecimiento económico con justicia social]]></article-title>
<source><![CDATA[Economía UNAM]]></source>
<year>2019</year>
<volume>16</volume>
<numero>46</numero>
<issue>46</issue>
<page-range>54-60</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Uwuigbe]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Adeyemo]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Anoway]]></surname>
<given-names><![CDATA[C]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Tax Incentives and the growth of manufacturing firms in Nigeria]]></article-title>
<source><![CDATA[The Social Sciences]]></source>
<year>2016</year>
<volume>11</volume>
<numero>7</numero>
<issue>7</issue>
<page-range>1338-42</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Walter]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Au-Yong]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Miranda]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Ferrerira]]></surname>
<given-names><![CDATA[D]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[RyD tax incentives and innovation: unveiling the mechanisms behind innovation capacity]]></article-title>
<source><![CDATA[Journal of Advances in Management Research]]></source>
<year>2022</year>
<volume>12</volume>
<numero>21</numero>
<issue>21</issue>
</nlm-citation>
</ref>
</ref-list>
</back>
</article>
