Capital structure and debt tax shield: literature review and bibliometric analysis

Jesús Alexander Pinillos Villamizar, Hugo Macias and Luis Castrillon

Data and Metadata, 2025, vol. 4, 1031

Abstract: 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.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:dbk:datame:v:4:y:2025:i::p:1031:id:1056294dm20251031

DOI: 10.56294/dm20251031

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