Omori, Kozo; Kitamura, Tomoki - In: Journal of Economic Studies 47 (2020) 6, pp. 1327-1337
Purpose: This study theoretically investigates the impacts of tax benefits on funding level and risk-taking of a corporate defined benefit (DB) pension plan. Design/methodology/approach: The present value of the future tax benefits is maximized while the stockholders determine the funding level...