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The effects of corporate and country sustainability characteristics on the cost of debt: An international investigation

Hoepner, Andreas; Oikonomou, Ioannis; Scholtens, Bert; … - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014

We investigate the relationship between corporate and country sustainability on the cost of bank loans. We look into 470 loan agreements signed between 2005 and 2012 with borrowers based on 28 different countries across the world and operating in all major industries. Our principal findings...

Persistent link: https://www.econbiz.de/10011095353

University spinoffs and the 'performance premium'

Czarnitzki, Dirk; Rammer, Christian; Toole, Andrew A. - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013

The creation of spinoff companies is often promoted as a desirable mechanism for transferring knowledge and technologies from research organizations to the private sector for commercialization. In the promotion process, policymakers typically treat these 'university' spinoffs like industry...

Persistent link: https://www.econbiz.de/10010957596

Voter Involvement, Fiscal Autonomy and Public Sector Efficiency: Evidence from German Municipalities

Geys, Benny; Heinemann, Friedrich; Kalb, Alexander - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2008

In den letzten 15 Jahren hat sich ein Literaturstrang entwickelt, der den positiven Einfluss von Sozialkapital auf das … ?Sozialkapital-Bereichs? angesehen werden kann ? das Leistungsverhalten des öffentlichen Sektors tatsächlich erhöht, wobei ein ?gutes …

Persistent link: https://www.econbiz.de/10005097578

Good enough! Are socially responsible companies the more successful environmental innovators?

Reif, Christiane; Rexhäuser, Sascha - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2015

The link between Corporate Social Responsibility (CSR) activities and financial performance of firms has been …. This paper investigates whether CSR is complementary to environmental innovations, so that a joint introduction of both … environmental innovators can generate higher financial performance by signalling their environmental engagement through CSR. For …

Persistent link: https://www.econbiz.de/10011212006

Finanzierungsstrukturen im Vergleich - Eine Analyse europäischer Unternehmen -

Ramb, Fred - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 1998

Kapitalstruktur analysiert. Für die meisten der analysierten Länder - darunter Deutschland, Frankreich, Spanien und die Niederlande … - können keine wesentlichen Unterschiede hinsichtlich der Determinanten der Kapitalstruktur von Aktiengesellschaften und Nicht …

Persistent link: https://www.econbiz.de/10005098404

The interdependence of R&D activity and debt financing of young firms

Fryges, Helmut; Kohn, Karsten; Ullrich, Katrin - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2012

We investigate the interdependence of debt financing and R&D activities of young firms. Using micro-level data of the KfW/ZEW Start-up Panel, our estimation results show that firm characteristics are more important than personal characteristics of the founders for explaining young firms'...

Persistent link: https://www.econbiz.de/10010957587

M&A and the tax benefits of debt-financing

Scheuering, Uwe - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014

The deductibility of interest expenses from the corporate tax base creates an incentive for acquiring companies to finance a takeover with debt. In this paper, I investigate the impact of profit taxation on the financing decision in corporate acquisitions for the first time for a sample of...

Persistent link: https://www.econbiz.de/10010957629

Capital structure choice and company taxation: A meta-study

Feld, Lars P.; Heckemeyer, Jost H.; Overesch, Michael - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

This paper provides a quantitative review of the empirical literature on the tax impact on corporate debt financing. Synthesizing the evidence from 46 previous studies, we find that this impact is substantial. In particular, the tax rate proxy determines the outcome of primary analyses. Measures...

Persistent link: https://www.econbiz.de/10009646599

The rat race of capital structure research for REITs and REOCs: Two spotlights on leverage

Hohenstatt, Ralf; Steininger, Bertram - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

This paper presents a dynamic multi-equation model based on a balance sheet identity, where technical aspects of capital structure are highlighted through separately observing debt and equity and their relationship to investment. Additionally, leverage dynamics are interpreted in their role for...

Persistent link: https://www.econbiz.de/10009646611

How does owners' exposure to idiosyncratic risk influence the capital structure of private companies?

Müller, Elisabeth - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2007

This paper identifies the entrepreneur's exposure to idiosyncratic risk as an important determinant of the demand for loans and the capital structure. The analysis is based on a sample of small and medium-sized private companies from the United States. The exposure to idiosyncratic risk is...

Persistent link: https://www.econbiz.de/10008533678