Pfaffermayr, Michael; Stöckl, Matthias; Winner, Hannes - 2008
taxation, a firm's age and its debt to asset ratio. To test these hypotheses empirically, we use a cross-section of 405 …,000 firms from 35 European countries and 126 NACE 3-digit industries. In line with previous research, we find that a firm's debt … ratio increases with the corporate tax rate. Further, we observe that older firms exhibit smaller debt ratios than their …