This paper documents that standard cross-sectional determinants of firm leverage also apply to the capital structure of …

This paper documents that standard cross-sectional determinants of firm leverage also apply to the capital structure of …

investment but also their tax-sensitivity. An empirical investigation of leverage and investment reported for affiliates of … multinationals. A theoretical analysis shows that the imposition of such rules tends to affect not only the leverage and the level of …. While Thin-Capitalization rules are found to be effective in restricting debt finance, investment is found to be more …

investment but also their tax-sensitivity. An empirical investigation of leverage and investment reported for affiliates of … multinationals. A theoretical analysis shows that the imposition of such rules tends to affect not only the leverage and the level of …. While Thin-Capitalization rules are found to be effective in restricting debt finance, investment is found to be more …

whereas we cannot identify an effect on the supply. Equilibrium values of leverage increase significantly in SNWI but there is …

show that companies with a high potential loss of control do indeed have smaller equity increases, use more debt and grow …

from 1996 until 2003. In accordance with the theoretical predictions, the effect of local taxes on leverage is positive for … both types of debt. Moreover, while adverse local credit market conditions are found to reduce external borrowing, internal … debt is increasing, supporting the view that the two channels of debt finance are substitutes. …

and leverage substantially. …

debt has the expected significant positive impact on a company's financial leverage. Particularly, we find evidence that … the capital structures of smaller companies respond more heavily to changes in the tax benefit of debt. Additional … substitutive relationships between non-debt tax shields and the effect of the corporate tax rate on capital structures. …