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All you need is cash : corporate cash holdings and investment after the global financial crisis
Joseph, Andreas; Kneer, Christiane; Horen, Neeltje van - 2021
Cash holdings at the onset of a financial crisis are a key determinant of investment by SMEs not only during the crisis … persistent and growing investment gap. The amplification effect was present for SMEs with both volatile and stable cash holdings …
Persistent link: https://www.econbiz.de/10012509557
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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
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Relational contracts, the cost of enforcing formal contracts, and capital structure choice : theory and evidence
Fahn, Matthias; Merlo, Valeria; Wamser, Georg - 2017
debt and equity capital. Second, the World Bank's Doing Business Database, which provides information on the average cost …
Persistent link: https://www.econbiz.de/10011674383
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Microeconometric evidence of financing frictions and innovative activity
Tiwari, Amaresh K.; 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
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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
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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
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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
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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
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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
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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