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Taxes and the efficiency costs of capital distortions

Weichenrieder, Alfons J. (contributor); … - 2008

political debate. At the same time, the literature is surprisingly silent about the magnitude of possible efficiency costs of a … backof-the-envelope calculations of the possible efficiency cost of a tax distortion of the debtequity decision. -- Debt …

Persistent link: https://www.econbiz.de/10003771865

Efficient Public-Private Capital Structures

Moszoro, Marian W. - 2014

This paper presents a rationale for hybrid public-private capital structures in public utilities. The public sector can borrow money cheaper, while private investors can spawn life-cycle cost savings. When investment vehicles enable the internalization of the financial advantage of the public...

Persistent link: https://www.econbiz.de/10013068849

Intellectual capital-bank efficiency nexus : evidence from an emerging market

Tu Dq Le; Trang Nt Ho; Nguyen, Dat T.; Thanh Ngo - In: Cogent economics & finance 10 (2022) 1, pp. 1-18

This paper investigates the effect of intellectual capital (IC) and its components on the efficiency of Vietnamese … commercial banks from 2007 to 2019 using the two-step Data Envelopment Analysis approach. Banks' efficiency scores are firstly … estimated, while the relationship between IC and bank efficiency is examined in the second stage. The results indicate a …

Persistent link: https://www.econbiz.de/10014500234

Impact of firm characteristics and ownership structure on firm efficiency : evidence from non-financial firms of Pakistan

Habib, Shafaat Muhammad; Hussain, Haroon; Al-Faryan, … - In: Cogent economics & finance 10 (2022) 1, pp. 1-21

efficiency is reported by using DEA CRS approach and results show that the year 2014 was the best year because 24% firms were …This study aims to examine the impact of firm characteristics and ownership structure on the firm efficiency of listed … concentration ownership while controlling for firm size, profitability, leverage and age. Data related to firm efficiency, cash …

Persistent link: https://www.econbiz.de/10013400090

Capital structure, corporate taxation and firm age

Pfaffermayr, Michael; Stöckl, Matthias; Winner, Hannes - 2009

This paper analyzes the relationship between corporate taxation, firm age and debt. We adapt a standard model of capital structure choice under corporate taxation, focusing on the financing and investment decisions a firm is typically faced with. Our model suggests that the debt ratio is...

Persistent link: https://www.econbiz.de/10010293328

Dynamic Optimal Capital Structure and Technological Change

Lööf, Hans - 2003

This paper incorporates the cost of adjustment between observed and optimal leverage in explaining the variation in firm?s equity or bank-debt financing investments. Using a dynamic adjustment approach identifies the determinants to capital structure between different financial systems. In...

Persistent link: https://www.econbiz.de/10010298124

Capital structure and the firm under uncertainty

Broll, Udo; Wong, Kit Pong - 2003

This paper examines the interplay between the real and financial decisions of the competitive firm `a la Sandmo. Besides output price uncertainty, the firm faces additional sources of risk which are aggregated into an additive background risk. We show that the firm always chooses its optimal...

Persistent link: https://www.econbiz.de/10010300602

The firm under uncertainty: capital structure and background risk

Broll, Udo; Wong, Keith K.P. - 2010

This paper examines the interplay between the real and financial decisions of the competitive firm under output price uncertainty. The firm faces additional sources of uncertainty that are aggregated into a background risk. We show that the firm always chooses its optimal debt-equity ratio to...

Persistent link: https://www.econbiz.de/10010301363

Bank Market Structure and Firm Capital Structure

Baert, Lieven; Vennet, Rudi Vander - 2008

We explore the impact of concentration in the banking markets on the capital structure of publicly quoted non-financial firms in the EU15 over the period 1997- 2005, an era marked by intensive merger activity in the banking sector. Our main finding is a negative and significant relationship...

Persistent link: https://www.econbiz.de/10011335539

Bank Ownership, Firm Value and Firm Capital Structure in Europe

Baert, Lieven; Vennet, Rudi Vander - 2009

We investigate whether or not banks play a positive role in the ownership structure of European listed firms. We distinguish between banks and other institutional investors as shareholders and examine empirically the relationship between financial institution ownership and the performance of the...

Persistent link: https://www.econbiz.de/10011335540

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