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Investor taxation, firm heterogeneity and capital structure choice
Haring, Magdalena; Niemann, Rainer; Rünger, Silke - 2016
We analyze the effect of investor level taxes, firm-specific ownership structure and firm-specific payout policy on firms' capital structure choice. Our analysis is based on data for 10,983 firms from 13 Central and Eastern European (CEE) countries over the time period 2002-2012. Our results...
Persistent link: https://www.econbiz.de/10011541065
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Taxes and corporate financing decisions : evidence from the Belgian ACE reform
Moore, Nils aus dem - 2014
Klassische Systeme der Unternehmensbesteuerung verzerren die Finanzierungsentscheidung von Unternehmen (‘Debt Bias … jedoch nicht, gibt das Steuersystem den Unternehmen einen Anreiz für höhere Verschuldung. Diese Verzerrung kann mithilfe … Verschuldungsgrad belgischer Unternehmen identifiziert, wobei Unternehmen aus Großbritannien die Vergleichsgruppe bilden. Es zeigt sich …
Persistent link: https://www.econbiz.de/10010487633
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Heterogeneous tax sensitivity of firm-level investments
Egger, Peter; Erhardt, Katharina; Keuschnigg, Christian - 2014
Firms are heterogeneous in size, productivity, ownership concentration, governance, financial structure and other dimensions. This paper introduces a stylized theoretical framework to account for such differences and to explain the heterogeneous tax sensitivity of firm-level investments across...
Persistent link: https://www.econbiz.de/10010412040
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Financial leverage and corporate taxation : evidence from German corporate tax return data
Dwenger, Nadja; Steiner, Viktor - 2009
We estimate the impact of effective profit taxation on the financial leverage of corporations on the basis of a pseudo-panel constructed from corporate tax return micro data for the period 1998-2001, a period which saw the introduction of a major corporate tax reform in Germany. The financial...
Persistent link: https://www.econbiz.de/10003799719
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Tax Shield, Bankruptcy and Interest Ceiling
Arnold, Sven - 2011
This paper analyses the tax shield under realistic assumptions: no immediate refund and potential corporate bankruptcy for different financing policies. Assuming a German setting, we additionally investigate the impact of the interest ceiling (“Zinsschranke”) introduced by the German Tax...
Persistent link: https://www.econbiz.de/10013131381
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Do Equity Tax Shields Reduce Leverage? The Austrian Case
Frühwirth, Manfred - 2011
The goal of this article is to analyze the impact of equity tax shields, that were allowed in Austria from 2000 to 2004, on the capital structure of Austrian firms, both at book values and at market values. We see that the choice of the leverage ratio determines whether or not one can find an...
Persistent link: https://www.econbiz.de/10013134447
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Financial Leverage and Corporate Taxation : Evidence from German Corporate Tax Return Data
Dwenger, Nadja - 2011
We estimate the impact of effective profit taxation on the financial leverage of corporations on the basis of a pseudo-panel constructed from corporate tax return micro data for the period 1998-2001, a period which saw the introduction of a major corporate tax reform in Germany. The financial...
Persistent link: https://www.econbiz.de/10013134555
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Taxation, Bank Leverage, and Financial Crises
De Mooij, Ruud A. - 2013
That most corporate tax systems favor debt over equity finance is now widely recognized as, potentially, amplifying risks to financial stability. This paper makes a first attempt to explore, empirically, the link between this tax bias and the probability of financial crisis. It finds that...
Persistent link: https://www.econbiz.de/10013085611
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Taxation and Leverage in International Banking
Gu, Weishi - 2013
This paper explores how corporate taxes affect the financial structure of multinational banks. Guided by a simple theory of optimal capital structure it tests (i) whether corporate taxes induce subsidiary banks to raise their debt-asset ratio in light of the traditional debt bias; and (ii)...
Persistent link: https://www.econbiz.de/10013088733
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The Impact of Taxation on Bank Leverage and Asset Risk
Horvath, Balint - 2013
The tax-benefit of interest deductibility encourages debt financing, but regulatory and market constraints create dependency between bank leverage and risk. Using a large international sample of banks this paper estimates the short and long run effects of corporate income taxes (CIT) on bank...
Persistent link: https://www.econbiz.de/10013071864