1995 to 2004. The results show that the DPT system has led companies to pay less in dividends and retain more profits …. Simultaneously, the importance of external financing in companies' total capital has decreased. The undistributed profits appear to …

This paper investigates whether there are systematic differences in the capital structure formation of local companies … and subsidiaries of multinational companies (MNCs) operating in the Baltic States over the period from 2000 to 2008. The … profit retention of the latter. However, MNCs appear to have had better access to external finance, resulting in their …

available from the Estonian Commercial Registry in respect of a sample of 51 thousand Estonian companies over a ten-year period … Union countries is used. The results give support to the hypothesis that the share of external financing in total capital of … Estonian companies is lower in the conditions of DPT in comparison to that under the traditional gross profit taxation system …