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Debt and taxes: Evidence from the real estate industry

Barclay, Michael J.; Heitzman, Shane M.; Smith, Clifford W. - In: Journal of Corporate Finance 20 (2013) C, pp. 74-93

Compelling empirical evidence documenting a material effect of corporate taxes on leverage decisions is limited, in part because of difficulties in constructing an effective proxy for the firm's tax benefit of debt. We examine leverage decisions across taxable and nontaxable real estate...

Persistent link: https://www.econbiz.de/10011052904

Trade-off-theory vs. pecking order theory and the determinants of corporate leverage : evidence from a panel data analysis upon French SMEs (2002 - 2010)

Adair, Philippe; Adaskou, Mohamed - In: Cogent economics & finance 3 (2015) 1, pp. 1-11

dependent variable being the debt ratio, we apply a linear model upon a balanced panel data-set of 2,370 French SMEs over the … SMEs as well as growth opportunities support POT. However, the relationship between corporate leverage and the age of SMEs …

Persistent link: https://www.econbiz.de/10010492381

Capital structure of small companies in the Spanish footwear sector : relevant factors

Acedo-Ramírez, Miguel A.; Ayala Calvo, Juan Carlos; … - In: SERIEs : Journal of the Spanish Economic Association 4 (2013) 2, pp. 155-173

This study suggests the preponderance of the pecking order theory over the trade-off theory when there are greater problems of information asymmetry, which is more usual in small-sized firms. The results show that debt level has an inverse relationship with non-debt tax shield and direct...

Persistent link: https://www.econbiz.de/10009756929

Firming up the capital base of the Austrian business sector : consolidating Austria's business sector strengths and its social role in the face of new challenges

Dlugosch, Dennis; Gönenç, Rauf; Kim, Eun Jung; … - 2020

performance levels. The capital structure of Austrian SMEs are biased towards debt-financing and stronger equity, growth and … shortages, in particular in advanced digital technologies, should be overcome. As around one third of all SMEs are up for … dynamism. Meeting these challenges would also help to lift constraints on upscaling that many SMEs face and would provide the …

Persistent link: https://www.econbiz.de/10012203255

The separation of ownership and control and corporate tax avoidance

Badertscher, Brad A.; Katz, Sharon P.; Rego, Sonja O. - In: Journal of Accounting and Economics 56 (2013) 2, pp. 228-250

We examine whether variation in the separation of ownership and control influences the tax practices of private firms with different ownership structures. Fama and Jensen (1983) assert that when equity ownership and corporate decision-making are concentrated in just a small number of...

Persistent link: https://www.econbiz.de/10010729564

What is the Relationship Between REIT Governance and Earnings Management?

Anglin, Paul; Edelstein, Robert; Gao, Yanmin; Tsang, Desmond - In: The Journal of Real Estate Finance and Economics 47 (2013) 3, pp. 538-563

The empirical corporate finance literature claims that better corporate governance constrains earnings management, while others argue that the unique legal and reporting structure of REITs may reduce the need for such internal corporate governance. Using a sample of publicly traded REITs for the...

Persistent link: https://www.econbiz.de/10010866932

Information disclosure, CEO overconfidence, and share buyback completion rates

Andriosopoulos, Dimitris; Andriosopoulos, Kostas; … - In: Journal of Banking & Finance 37 (2013) 12, pp. 5486-5499

An open market share buyback is not a firm commitment, and there is limited evidence on whether firms repurchase the intended shares. Unlike US studies, we use data from unique UK regulatory and disclosure environment that allows to accurately measure the share buyback completion rates. We show...

Persistent link: https://www.econbiz.de/10010709473

The role of bank monitoring in borrowers׳ discretionary disclosure: Evidence from covenant violations

Vashishtha, Rahul - In: Journal of Accounting and Economics 57 (2014) 2, pp. 176-195

This study uses covenant violations to provide evidence on how firms make disclosure decisions in the presence of enhanced bank monitoring. Using a regression discontinuity design, I find that firms reduce disclosure following covenant violations. A series of analyses suggest that part of this...

Persistent link: https://www.econbiz.de/10011043069

The economic effects of financial derivatives on corporate tax avoidance

Donohoe, Michael P. - In: Journal of Accounting and Economics 59 (2015) 1, pp. 1-24

This study estimates the corporate tax savings from financial derivatives. I document a 3.6 and 4.4 percentage point reduction in three-year current and cash effective tax rates (ETRs), respectively, after a firm initiates a derivatives program. The decline in cash ETR equates to $10.69 million...

Persistent link: https://www.econbiz.de/10011189769

The implied cost of capital: A new approach

Hou, Kewei; Dijk, Mathijs A. van; Zhang, Yinglei - In: Journal of Accounting and Economics 53 (2012) 3, pp. 504-526

We use earnings forecasts from a cross-sectional model to proxy for cash flow expectations and estimate the implied cost of capital (ICC) for a large sample of firms over 1968–2008. The earnings forecasts generated by the cross-sectional model are superior to analysts' forecasts in terms of...

Persistent link: https://www.econbiz.de/10010576563

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