marginal tax rates affect the debt policies of Spanish listed companies, and the existence of non-debt tax shields constitutes … an alternative to the use of debt as a tax shelter. Consistent with theoretical expectations, there is a stronger …This study explores the role of taxes in explaining companies’ financing decisions. We test whether the corporate tax …

country effect. We find empirical evidence that French, Italian and Spanish firms are influenced by tax rules, while German …

, we empirically analyse whether several firm-specific characteristics-namely, the level of leverage, the cost of debt, and … constrained firms-that is, firms with higher levels of leverage, especially in the short-term, facing a higher cost of debt … listed companies in the period from 2000 to 2017. The results show that the level and cost of debt and financial distress are …

information and reduce the agency costs of debt, as it has a positive relationship with the maturity of debt and a negative … relationship with the cost of debt. These results are consistent with the predominance of the monitoring effect in bank ownership … over the expropriation effect. The role of banks as shareholders and lenders also contributes to reduce agency cost of debt …

. Finally, we observe that firms finance their funds flow deficits with long term debt …

relationship with non-debt tax shield and direct relationship with investment in fixed assets, supporting the trade-off theory … problems of information asymmetry, which is more usual in small-sized firms. The results show that debt level has an inverse …. However, the positive coefficient of growth opportunities and negative coefficient of debt cost, age and cash flows is …

the parent and the affiliates; (iv) both parental debt and external debt increase when the tax rate increases, all else … tax jurisdiction. This paper discusses the link between capital structure choices and tax planning motives in … multinational groups. We model the trade-off between the use of external debt, parental debt and an internal bank. We test the …

With a severe debt overhang problem in Spain, either public or private, the analysis of the factors that influence … companies' leverage in this country reveals essential, in particular for the high-indebted firms. This study benefits from the … quantile regression approach advantages over the OLS method to analyze the leverage determinants for a large sample of …

. Optimal leverage stays a safe distance from the constraint, balancing the tax benefit of debt with the cost of lost financial … flexibility. Models with different tax rates fit the data equally well, and leverage responds to the tax rate only when taxes are … low. We estimate the value of preserving financial flexibility at 7.2% of firm assets, which is comparable to the tax …