Narrow search
Showing 1 - 10 of 90
Cover Image
Financial Leverage and Corporate Taxation: Evidence from German Corporate Tax Return Data
Dwenger, Nadja; Steiner, Viktor - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
We estimate the impact of effective profit taxation on the financial leverage of corporations on the basis of a pseudo-panel constructed from corporate tax return micro data for the period 1998-2001, a period which saw the introduction of a major corporate tax reform in Germany. The financial...
Persistent link: https://www.econbiz.de/10005068732
Cover Image
How Do Taxes Affect Investment When Firms Face Financial Constraints?
Simmler, Martin - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012
average tax rate to measure liquidity outflow through taxation that corporate taxation affects investment through changing …
Persistent link: https://www.econbiz.de/10009401159
Cover Image
Corporate Taxation and Investment: Explaining Investment Dynamics with Firm-Level Panel Data
Dwenger, Nadja - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
Using a firm-level panel data set I assess whether dynamic models of in- vestment provide an empirically fruitful framework for analyzing tax effects on changes in capital stock. In particular I estimate a one-step error correction model (ECM) complementing the usual estimation of a distributed...
Persistent link: https://www.econbiz.de/10008479303
Cover Image
Die kurzfristigen Steuereffekte der "Thesaurierungsbegünstigung" für Personenunternehmen: eine mikrofundierte Analyse
Broer, Michael; Dwenger, Nadja - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008
With the 2008 reform of business taxation (Unternehmensteuerreform 2008) a preferential treatment of retained earnings for non-incorporated companies was introduced: Earnings may be retained at a preferential tax rate (29.8%) and will be subjected to supplementary tax (26.4%) when they will be...
Persistent link: https://www.econbiz.de/10005068719
Cover Image
Differential Taxation and Firms' Financial Leverage: Evidence from the Introduction of a Flat Tax on Interest Income
Fossen, Frank M.; Simmler, Martin - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012
Tax competition for the mobile factor capital has led to a trend in many countries to levy lower taxes on interest income, often introducing differential taxation between interest and business income. In this study, we analyze the effect of such differential taxation on the debt ratio of firms....
Persistent link: https://www.econbiz.de/10009651334
Cover Image
The Impact of Introducing an Interest Barrier: Evidence from the German Corporation Tax Reform 2008
Buslei, Hermann; Simmler, Martin - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012
In this study we investigate the impact of the thin capitalization rule (TCR), introduced in Germany in 2008, on firms' capital structure, investment and profitability. The identification of the causal effects is based on the escape clauses in the regulation using a difference-in-difference...
Persistent link: https://www.econbiz.de/10010552491
Cover Image
How Has the Global Financial Crisis Affected Syndicated Loan Terms in Emerging Markets?: Evidence from China
Caporale, Guglielmo Maria; Lodh, Suman; Nandy, Monomita - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2015
This paper examines the impact of the recent global financial crisis on the cost of debt capital (syndicated loans) in a leading emerging market, namely China, using difference-in-differences and GARCH approaches. Before the crisis China adopted banking reforms allowing entry of foreign banks...
Persistent link: https://www.econbiz.de/10011276389
Cover Image
Why Do Firms Switch Their Main Bank?: Theory and Evidence from Ukraine
Stephan, Andreas; Tsapin, Andriy; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
We examine why firms change their main bank and how this affects loans, interest payments and firm performance after … switching. Using unique firm-bank matched Ukrainian data, the treatment effect estimates suggest that more transparent and … riskier companies are more likely to switch their main bank. Importantly, main bank power, measured by equity holdings …
Persistent link: https://www.econbiz.de/10005068870
Cover Image
Bank Market Structure and Firm Capital Structure
Baert, Lieven; Vennet, Rudi Vander - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008
finding is a negative and significant relationship between the degree of concentration of European bank markets and the market … bank conduct. This support for the market power hypothesis indicates that further measures are needed to make bank lending …
Persistent link: https://www.econbiz.de/10005069147
Cover Image
Bank Market Structure and Firm Capital Structure
Baert, Lieven; Vennet, Rudi Vander - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008
finding is a negative and significant relationship between the degree of concentration of European bank markets and the market … bank conduct. This support for the market power hypothesis indicates that further measures are needed to make bank lending …
Persistent link: https://www.econbiz.de/10010896118