Taxation and capital structure choice--Evidence from a panel of German multinationals
The capital structure of foreign affiliates is analyzed using a large panel of German multinationals. While taxes are found to encourage debt finance in general, adverse local credit market conditions result in lower external borrowing but higher internal debt indicating that the two channels of debt finance are substitutes.
Year of publication: |
2009
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Authors: | Buettner, Thiess ; Overesch, Michael ; Schreiber, Ulrich ; Wamser, Georg |
Published in: |
Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 105.2009, 3, p. 309-311
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Publisher: |
Elsevier |
Keywords: | Corporate income tax Multinationals Capital structure Internal debt Firm-level data |
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