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Dividend Taxes and the Allocation of Capital
Boissel, Charles; Matray, Adrien - National Bureau of Economic Research - 2022
higher dividend taxes increase the cost of capital and show that the tax-induced increase in liquidity relaxes credit …
Persistent link: https://www.econbiz.de/10013334318
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Screen Now, Save Later? The Trade-Off between Administrative Ordeals and Fraud
Aman-Rana, Shan; Gingerich, Daniel W.; Sukhtankar, Sandip - National Bureau of Economic Research - 2023
Screening requirements are common features of fraud and corruption mitigation efforts around the world. Yet imposing these requirements involves trade-offs between higher administrative costs, delayed benefits, and exclusion of genuine beneficiaries on one hand and lower fraud on the other. We...
Persistent link: https://www.econbiz.de/10014322752
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Corporate Social Responsibility
Hong, Harrison G.; Shore, Edward P. - National Bureau of Economic Research - 2022
Is shareholder interest in corporate social responsibility driven by pecuniary motives (abnormal rates of return) or non-pecuniary ones (willingness to sacrifice returns to address various firm externalities)? To answer this question, we categorize the literature into seven tests: (1) costs of...
Persistent link: https://www.econbiz.de/10013477263
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Why do firms hold so much cash? A tax-based explanation
Foley, C. Fritz - 2006
U.S. corporations hold significant amounts of cash on their balance sheets, and these cash holdings have been justified in the existing empirical literature by transaction costs and precautionary motives. An additional explanation, considered in this study, is that U.S. multinational firms hold...
Persistent link: https://www.econbiz.de/10012466012
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Dividend Taxation and Firm Performance with Heterogeneous Payout Responses
Bilicka, Katarzyna A.; Guceri, Irem; Koumanakos, … - National Bureau of Economic Research - 2022
We analyze the short and long-run performance of firms that were differentially affected by a new tax on dividends in the lead-up to the Global Financial Crisis. We use exogenous policy variation for firms with different legal statuses and financial year-end dates to causally identify the policy...
Persistent link: https://www.econbiz.de/10013477300
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Competition, Harmonization and Redistribution : Corporate Taxes in Switzerland
Brülhart, Marius; Köthenbürger, Marko; Krapf, Matthias; … - National Bureau of Economic Research - 2023
Switzerland could be considered as a test case for international corporate-tax policy coordination. It is a federation of 26 fiscally autonomous cantons that have been taxing corporate profits more or less independently for over a century. We document and discuss corporate taxation in...
Persistent link: https://www.econbiz.de/10014436961
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International Trade Responses to Labor Market Regulations
Muñoz, Mathilde - National Bureau of Economic Research - 2023
variation in labor taxes and minimum wages faced by exporting firms engaged in a large European trade program. Firms from … different payroll taxes and minimum wages. These rules varied across countries, sectors, and over time. Reduced-form country … case-studies as well as model-implied gravity estimates show evidence of large trade responses to lower labor taxes and …
Persistent link: https://www.econbiz.de/10014437007
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Evaluating Tax Harmonization
Hines, James R. - National Bureau of Economic Research - 2023
Tax harmonization entails a uniform rate that may not suit all governments. Harmonization can advance collective governmental objectives only if the standard deviation of tax rates is less than the average downward effect of tax competition on rates. Since an efficient harmonized tax rate undoes...
Persistent link: https://www.econbiz.de/10014437031
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Tax Policy and Investment in a Global Economy
Chodorow-Reich, Gabriel; Smith, Matthew; Zidar, Owen M.; … - National Bureau of Economic Research - 2024
We evaluate the 2017 Tax Cuts and Jobs Act. Combining reduced-form estimates from tax data with a global investment model, we estimate responses, identify parameters, and conduct counterfactuals. Domestic investment of firms with the mean tax change increases 20% versus a no-change baseline. Due...
Persistent link: https://www.econbiz.de/10014512034
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EXIM's Exit : The Real Effects of Trade Financing by Export Credit Agencies
Kabir, Poorya; Matray, Adrien; Mueller, Karsten; Xu, Chenzi - National Bureau of Economic Research - 2024
We study the role of export credit agencies--the predominant tool of industrial policy--on firm behavior by using the effective shutdown of the Export-Import Bank of the United States (EXIM) from 2015-2019 as a natural experiment. We show that firms that previously relied on EXIM support saw a...
Persistent link: https://www.econbiz.de/10014468219