Ellul, Andrew; Jappelli, Tullio; Pagano, Marco; … - Centro Studi di Economia e Finanza (CSEF) - 2012
In choosing transparency, firms must trade off the benefits from better access to finance against the cost of a greater … model’s predictions: First, transparency is negatively correlated with tax pressure, particularly in sectors where firms are … less dependent on external finance. Second, financial development enhances the positive effect of transparency on …