TAXATION AND CAPITAL STRUCTURE CHOICE - EVIDENCE FROM A PANEL OF GERMAN MULTINATIONALS

This paper analyzes the impact of taxes and lending conditions on the financial structure ofmultinationals' foreign affiliates. The empirical analysis employs a large panel of affiliates ofGerman multinationals in 26 countries in the period from 1996 until 2003. In accordance withthe theoretical predictions, the effect of local taxes on leverage is positive for both types ofdebt. Moreover...

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Year of publication:	2006-11-01
Authors:	Buettner, Thiess ; Overesch, Michael ; Schreiber, Ulrich ; Wamser, Georg
Institutions:	CESifo GmbH <München>
Subject:	Multinationales Unternehmen \| Auswirkung \| effect \| Darlehen \| Körperschaftssteuer \| Kapitalstruktur \| capital structure

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Extent:	194560 bytes 20 p. application/pdf
Series:	CESifo - Center for Economic Studies & Institute for Economic Research - Working Papers CESIFO WORKING PAPER NO. 1841 CATEGORY 1: PUBLIC FINANCE (2006)
Type of publication:	Book / Working Paper
Language:	English
Classification:	G32 - Financing Policy; Capital and Ownership Structure ; H25 - Business Taxes and Subsidies ; H26 - Tax Evasion ; Multinational corporation ; Corporate finance and investment policy. Other aspects ; Corporate taxation and accounting. General ; Individual Working Papers, Preprints ; Global Resources
Source:	USB Cologne (business full texts)

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