The study of capital structure is one of the most relevant topics in finance because, despite the various theories that seek to explain it, there is still no consensus on the determining factors or the behaviors of financing decisions in companies. This study empirically analyzes the capital structure decisions of Latin American companies during the period of 2013–2023, in light of trade-off and pecking order theories. A panel data methodology was applied to 62 companies, using fixed and random effects models. The results show that, on average, companies correct around 5.80% of the gap between their current and optimal level of indebtedness per period, partially supporting the trade-off theory. However, the effects of the financial deficit on indebtedness are heterogeneous and, in most cases, inconsistent with the pecking order theory, especially in countries such as Colombia. It is concluded that country risk has a marginal influence on debt decisions, and the need to consider each country’s institutional and market particularities when analyzing the dynamics of capital structure in emerging economies is emphasized.

Introduction: 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. Methods: 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.

The purpose of this work was to analyze the collection and characterization of the Industry and Commerce tax and the accelerated collection mechanism in the municipalities of Cúcuta, Los Patios and Villa del Rosario (North of Santander), during 2017. The methodology is based on a descriptive-documentary research with a quantitative approach, made up of the bibliographic review, the analysis of the normativity characteristics showed that the application of the tax is similar in the three municipalities, since the elements of the assessment are clearly defined and part of the direct or indirect realization of any economic activity. Similarly, similar collection policies were identified regarding discounts for prompt payment, amnesties and coercive collection, also finding differences in the use of communication strategies with the community, which has facilitate the payment of the tax and the recovery of defaulters. Finally, strategies were proposed to improve the collection of industry and commerce tax in these municipalities

Este artículo analiza los factores asociados a la informalidad empresarial en micronegocios de San José de Cúcuta y su Área Metropolitana durante el periodo 2019-2021. Se utiliza un enfoque cuantitativo a partir de datos de la Encuesta de Micronegocios (Emicron) del DANE y se aplican modelos econométricos probit para evaluar la probabilidad de pertenecer a distintos grados de informalidad. El estudio considera dimensiones como características sociodemográficas del propietario, tipo de creación del negocio y motivaciones para emprender. Los resultados revelan una alta prevalencia de informalidad, especialmente entre negocios creados por familiares, sin registro mercantil ni contabilidad formal. Ser mujer y tener un local físico reduce la probabilidad de operar informalmente, mientras que emprender por oportunidad o ejercer un oficio aumenta las probabilidades de formalización. El análisis sugiere que la informalidad es un fenómeno estructural influenciado por barreras institucionales, económicas y culturales. Se concluye que las políticas públicas deben enfocarse en reducir la burocracia, facilitar el acceso al crédito y ofrecer educación financiera, además de promover incentivos específicos para mujeres emprendedoras y negocios con potencial de sostenibilidad. Estos hallazgos son relevantes para el diseño de estrategias de formalización en contextos fronterizos con alta informalidad.

Colombia decidió internacionalizar su economía, llevando a cabo un proceso continuo de globalización teniendo como base el comercio exterior y el aumento tanto de importaciones como de exportaciones. Esto se definió desde un principio como el punto ideal dentro del desarrollo del país, y de esta manera a través del tiempo se negociaron aproximadamente 9 tratados de libre comercio que de alguna manera hacen más fácil el acceso de los demás países a las mercancías nacionales. Sin embargo, cabe resaltar que siempre se han tenido problemas en cuanto a la cadena de suministros y como se implementa desde las pequeñas empresas hasta las macroempresas, ya que no se ha planteado que la base de este problema es la creciente falta de productividad y competitividad de la economía colombiana, esto debido a que existe una falta de reformas y leyes que permitan reducir de gran manera los costos dentro del país, lo que se agrava en el momento de la inexistencia de una política que proteja de manera coherente el comercio exterior.

The origin of the tax obligation for the industry and commerce tax in Colombia was established through Decree Law 1333 of 1986. At the territorial level, the municipality of Cúcuta issued Agreement 040 of 2010, which regulates the collection of this tax. The municipality’s Department of Treasury considers it the most important tax for implementing and fulfilling the development plan. However, in 2020, due to the COVID-19 pandemic, an unforeseen economic impact occurred. The aim of this study was to establish the impact of the pandemic on the collection of the industry and commerce tax in Cúcuta. A descriptive research approach was employed, focusing on the determination of qualitative variables, with a non-experimental design concerning the figures determining the tax collection. The results show a 26% decrease in 2020 compared to 2019. In conclusion, the findings indicate a decline in the collection of the industry and commerce tax as a consequence of the suspension of economic activities due to the COVID-19 pandemic.