In einem kürzlich erschienenen ZfB-Beitrag schlagen Förster et al. eine Vorgehensweise für die Erfassung der Zinsschranke und ihrer Wirkung auf die zinsinduzierte Steuerersparnis vor. Dieser Beitrag nimmt kritisch dazu Stellung: Es wird gezeigt, dass die dort abgeleiteten Formeln für die...

Der Beitrag entwickelt ein umfassendes Modell zur Bewertung von Unternehmen auf der Grundlage der Arbitragetheorie. Es wird gezeigt, wie Steuern auf Unternehmens- und Kapitalgeberebene in konsistenter Weise abgebildet werden können, ohne auf das mit schwerwiegenden Mängeln behaftete Konzept...

The value of debt tax shields in foundational corporate valuation models by Nobel Laureates Modigliani and Miller (MM) continues to be a controversial issue that is central to our understanding of corporate finance. This paper argues that a fundamental valuation problem exists in the MM tax...

In this paper, we investigate the impacts of the institutional environment and the entrepreneur’s education on firm growth in Vietnam. Using a firm-level dataset, we obtain a balanced panel data from 2006 to 2009 for 37,788 registered enterprises from a unique data set. We analyze the effects...

Current theories or strategies of entrepreneurship for firms mostly focus on advanced economies and rarely on emerging markets. The ongoing trend of globalisation provides great opportunities for entrepreneurs in emerging markets to engage in the global production chain and to learn technology...

This paper integrates the concept of entrepreneurial leadership and capabilities theories with Austrian economics to explain the growth of the firm in emerging economies. It argues that entrepreneurial leadership provides a vision to the development of a new product or an organisation. The...

This paper shows that the growth of firms in the Southern Italian (Mezzogiorno) regions is financed mostly by internal sources, since external financing is more problematic and costly. Hence firm growth is subject to financial constraints. The “financial growth cycle” these are used to...

This study attempts to examine the influence of six determinants on capital structure - asset collateral, life of firm, business risk, growth rate, profitability, non-tax shield - of listed aluminium companies of India for the 17 years from 1991-1992 to 2007-2008. The result reveals that the...