The impact of taxation on the value of companies

The study aims to analyze the factors that determine the financial structure of listed companies based on  the impact of taxation on the value of companies (effective tax rate, tax savings, growth opportunities, asset tangibility, company size, Return on Assets (ROA), company seniority), and the impact of indebtedness on the profitability of enterprises measured by indebtedness rate, turnover, tangibility of assets and seniority of companies. The information collected from the annual financial statements for the period 2010 to 2019 related to the sample of companies was the basis for the analysis of the data panel using the method of multiple regressions. The results show that companies prefer equity as a means of financing and not debt because companies are sensitive to fiscal policies that are sometimes unpredictable and frequently changed. The influence that the fiscal variable has on the financial structure of the companies and its value is a constant result on the entire study. The result of the research also shows that there is an inverse proportion between the degree of indebtedness and the economic profitability of companies; very profitable companies have the ability to secure financing for most of the profits retained for this purpose.    Key words:  Investments, models, factors, influences, value.