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The Effect of Financial Constraint on Shareholder Taxes and Firm Investments

Dai, Zhonglan - 2012

We demonstrate that firms' investment and job creation are influenced by shareholder taxes on capital gains and … dividend. More importantly, the relation between shareholder taxes and firms' investment and job creation varies with financial … constraint that firms face. Less financially constrained firms show larger increases in capital investment than more financially …

Persistent link: https://www.econbiz.de/10013109712

Heterogeneous tax sensitivity of firm-level investments

Egger, Peter; Erhardt, Katharina; Keuschnigg, Christian - 2014

investment of small entrepreneurial and larger managerial firms in different financial regimes that are largely in line with …

Persistent link: https://www.econbiz.de/10010412040

The Effect of Taxation on Corporate Financing and Investment

Chen, Hong - 2020

Extensive empirical research concerning the impact of taxes on corporate decisions has had trouble identifying seemingly obvious effects. Perhaps the problem is that the seemingly obvious tax predictions are not quite right. We provide an equilibrium model with both corporate and personal taxes....

Persistent link: https://www.econbiz.de/10012854903

The tax sensitivity of debt in multinationals : a review

Schjelderup, Guttorm - 2015

interest payments. Their main concern is interest deductions between outbound and inbound investment by groups. Studies of …

Persistent link: https://www.econbiz.de/10011384345

The tax-efficient use of debt in multinational corporations

Møen, Jarle; Schindler, Dirk; Schjelderup, Guttorm; … - 2018

Some multinationals use the parent company as a lender to the group, whereas others set up an internal bank in a low 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...

Persistent link: https://www.econbiz.de/10011872932

Capital structure and taxation of companies operating within national and multinational corporate groups : evidence from the Visegrad Group of countries

Kluzek, Marta; Schmidt-Jessa, Katarzyna - In: Journal of business economics and management 23 (2022) 2, pp. 451-481

The aim of this study is to review the level of debt and the impact of taxation on the capital structure of companies operating within national and multinational corporate groups in the countries of the Visegrad Group. In the research, financial data was used from 2012-2018 regarding entities...

Persistent link: https://www.econbiz.de/10013259024

Taxes and Corporate Policies : Evidence From a Quasi Natural Experiment

Doidge, Craig - 2013

We document important interactions between tax incentives and corporate policies using a “quasi natural experiment” provided by a surprise announcement that imposed corporate taxes on a group of Canadian publicly-traded firms. The announcement caused a dramatic decrease in value although...

Persistent link: https://www.econbiz.de/10013090798

Do Personal Taxes Affect Investment Decisions and Stock Returns?

Kontoghiorghes, Alexander P. - 2022

This paper studies the causal effects of personal investment taxes on stock demand, stock returns, and the financial … decisions of companies. I exploit a change in legislation in 2013 which allowed stocks listed on the Alternative Investment … Market, a sub-market of the London Stock Exchange, to be held in a capital gains and dividend tax-exempt investment account …

Persistent link: https://www.econbiz.de/10013404343

Collateral, Taxes, and Leverage

Li, Shaojin - 2019

We quantify the importance of collateral versus taxes for firms' capital structures. We estimate a dynamic contracting model in which a firm seeks financing and is subject to taxation. In the model, collateral constraints arise endogenously. Optimal leverage stays a safe distance from the...

Persistent link: https://www.econbiz.de/10012905122

Capital Allocation and Delegation of Decision-Making Authority within Firms

Graham, John R. - 2014

We use a unique dataset of more than 1,000 Chief Executive Officers (CEOs) and Chief Financial Officers around the world to investigate the degree to which executives delegate financial decisions and the circumstances that drive variation in delegation. Delegation does not appear to be...

Persistent link: https://www.econbiz.de/10013070199

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