Similar Search Results

Reallocation of corporate resources and managerial incentives in internal capital markets

Brusco, Sandro; Panunzi, Fausto - 2002

. As a result, the investment in a given division is more sensitive to the division s cash flow than to other divisions …

Persistent link: https://www.econbiz.de/10011410226

The commitment role of equity financing

Fahn, Matthias; Merlo, Valeria; Wamser, Georg - 2014

Existing theories of a firm’s optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...

Persistent link: https://www.econbiz.de/10010366170

Relational contracts, the cost of enforcing formal contracts, and capital structure choice : theory and evidence

Fahn, Matthias; Merlo, Valeria; Wamser, Georg - 2017

records balance-sheet information on the universe of German investments abroad, including detailed information on external …

Persistent link: https://www.econbiz.de/10011674383

Microeconometric evidence of financing frictions and innovative activity

Tiwari, Amaresh; Mohnen, Pierre A.; Palm, Franz C.; … - 2014

Using Dutch data we empirically investigate how financing and innovation vary across firm characteristics. We find that when firms face financial constraints, debt financing and innovation choices are not independent of firm characteristics, and R&D slows down. In the absence of financial...

Persistent link: https://www.econbiz.de/10010249680

Capital structure and regulation in US local telephony: an exploratory econometric study

Resende, Marcelo - 2009

as a response to previous physical capital investment with an ultimate goal of inducing higher rates. Theoretical models …) and gross investment (INV) in physical capital. The evidence accruing from a dynamic panel data estimation indicates an … with the notion that the size of the firmś investment project can impose a restriction on the amount of new debt. The …

Persistent link: https://www.econbiz.de/10003854388

On the capital structure of foreign subsidiaries : evidence from a panel data quantile regression model

Miniaci, Raffaele; Panteghini, Paolo - 2021

This paper studies how variations in tax rates and profitability affect the (unconditional) quantiles of the distribution of the leverage of European foreign owned subsidiaries in the presence of unobserved company characteristics, possibly correlated with their observable dimensions. To achieve...

Persistent link: https://www.econbiz.de/10012514927

Taxation and the optimal constraint on corporate debt finance

Sørensen, Peter Birch - 2014

interest deductibility. This paper sets up a model of corporate finance and investment in a small open economy to quantify the … would arise partly from a fall in the social risks associated with corporate investment, and partly from the cut in the …

Persistent link: https://www.econbiz.de/10010438191

Neutral taxation of shareholder income? : corporate responses to an announced dividend tax

Alstadsæter, Annette; Fjaerli, Erik - 2009

The introduction of the 2006 Norwegian shareholder income tax was announced in advance, and it increased top marginal tax rates on individual dividend income from zero to 28 percent. We document strong timing effects on dividend payout on a large panel of non-listed corporations, with a surge of...

Persistent link: https://www.econbiz.de/10003806745

Investor taxation, firm heterogeneity and capital structure choice

Haring, Magdalena; Niemann, Rainer; Rünger, Silke - 2016

We analyze the effect of investor level taxes, firm-specific ownership structure and firm-specific payout policy on firms' capital structure choice. Our analysis is based on data for 10,983 firms from 13 Central and Eastern European (CEE) countries over the time period 2002-2012. Our results...

Persistent link: https://www.econbiz.de/10011541065

Evaluating the effects of ACE systems on multinational debt financing and investment

Hebous, Shafik; Ruf, Martin - 2015

, passive investment, and active investment of multinational firms, using high-quality administrative data on virtually all … multinational affiliates. Additionally, an ACE increases intra-group lending and other forms of passive investment but has no … effects on production investment of multinational affiliates. The findings indicate that a unilateral implementation of an ACE …

Persistent link: https://www.econbiz.de/10010519931