WPŁYW UDZIAŁU SKARBU PAŃSTWA W AKCJONARIACIE NA EFEKTYWNE OBCIĄŻENIE PODATKIEM DOCHODOWYM
IMPACT OF THE STATE’S SHAREHOLDING ON THE EFFECTIVE INCOME TAX RATE

Summary/Abstract: The purpose of the article is to answer the question of whether the state’s ownership of companieshas an impact on the current effective corporate income tax burden. The article tests the hypoth-esis that the effective income tax rate (ETR) for state-owned companies is higher than for othercompanies. The study of the relationship between the effective income tax rate and the state’sownership is carried out employing linear regression, and the parameters of the econometric mod-els are estimated using the classical least squares method. The analysis covers 151 companieslisted on the Warsaw Stock Exchange, representing nine sectors over the period 2004–2021. Theanalysis of the cross-sectional data for the subsequent years shows that the ETR is significantlyaffected by the state’s ownership only in certain periods and the interdependencies are eitherpositive or negative. A positive correlation appears in 2007, 2013 and 2017, while a negative oc-curs in 2008 and 2020. In the latter two years, the economic prosperity index fell the fastest, inthe first case because of the financial crisis, in the second because of the COVID-19 pandemic. Inthe other years indicated, when economic prosperity was good, state-owned companies showeda higher effective income tax rate, which was in the interest of the main owner. The observationslead us to consider the extent of state authority in the sphere of dominium and respect for therights of minority shareholders.

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