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Corporate deductibility provisions and managerial incentives
Köthenbürger, Marko; Stimmelmayr, Michael - 2013
Using an agency model of firm behavior, the paper analyzes whether the cost of investment should be tax exempt. The findings suggest that, when managers engage in wasteful capital expenditures, welfare may decline if the cost of investment is tax deductible, as commonly advocated. The extent to...
Persistent link: https://www.econbiz.de/10010227267
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A theory of tax avoidance : managerial incentives for tax planning in a multi-task principal-agent model
Ewert, Ralf; Niemann, Rainer - 2014
We derive determinants of tax avoidance by means of a multi-task principal-agent model. We extend prevailing models by integrating both corporate and individual income taxation as well as by including tax planning effort in the agent’s action portfolio. Our model shows novel and apparently...
Persistent link: https://www.econbiz.de/10010367166
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All in the family or public? : law and appropriative costs as determinants of ownership structure
Castillo C., Ramón; Skaperdas, Stergios - 2003
We examine how the legal protection of outside shareholders and the appropriative costs that they induce influence the incentives for private firms to go public. A higher degree of protection of shareholders can increase the appropriative costs associated with the conflict between managers and...
Persistent link: https://www.econbiz.de/10011507775
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Corporate taxation and corporate governance
Köthenbürger, Marko; Stimmelmayr, Michael - 2009
The effects of corporate taxation on firm behavior have been extensively discussed in the neoclassical model of firm behavior which abstracts from agency problems. As emphasized by the corporate governance literature, corporate investment behavior is however crucially influenced by diverging...
Persistent link: https://www.econbiz.de/10003923146
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How weak is the weakest-link principle? : on the measurement of firm owners' control rights
Weichenrieder, Alfons J.; Edwards, Jeremy S. S. - 2004
The paper argues that the weakest link principle, which has been widely used as a measure of ultimate owners' control rights, has a number of serious problems. A theoretically more satisfactory method of measuring control rights, based on voting power indices, is proposed, and the different...
Persistent link: https://www.econbiz.de/10011450369
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The efficiency costs of dividend taxation with managerial firms : presented at CESifo Area Conference on Public Sector Economics, April 2015
Köthenbürger, Marko; Stimmelmayr, Michael - 2015
The paper analyzes the efficiency costs of dividend taxation in an effort-based corporate agency model in which non-verifiable managerial effort enhances taxable profits. We show that investment changes following a rise in dividend taxes might not be sufficient to infer the efficiency cost of...
Persistent link: https://www.econbiz.de/10011374208
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Subprime crisis and board (in-)competence : private vs. public banks in Germany
Hau, Harald; Thum, Marcel - 2009
We examine evidence for a systematic underperformance of Germany's state-owned banks in the current financial crisis …
Persistent link: https://www.econbiz.de/10003850179
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What explains the rise in CEO pay in Germany? : a panel data analysis for 1977-2009
Fabbri, Francesca; Marin, Dalia - 2012
The compensation of executive board members in Germany has become a highly controversial topic since Vodafone's hostile … unique panel data evidence of the 500 largest firms in Germany in the period 1977-2009 we test two prominent hypothesis in … manager power hypothesis for Germany as executives tend to be rewarded when the sector is doing well rather than the firm they …
Persistent link: https://www.econbiz.de/10009508092
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Finance, control, and profitability : the influence of German banks
Chirinko, Robert S.; Elston, Julie Ann Michelle - 2003
. Germany is the prototypical economy where universal banks allegedly exert substantial influence over firms. Despite frequent …
Persistent link: https://www.econbiz.de/10011511071
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Ownership concentration and share valuation : evidence from Germany
Edwards, Jeremy S. S.; Weichenrieder, Alfons J. - 1999
Concentrated ownership of large listed companies is widespread throughout the world, and Germany is typical in this …
Persistent link: https://www.econbiz.de/10009781688