Ellul, Andrew; Jappelli, Tullio; Pagano, Marco; … - C.E.P.R. Discussion Papers - 2012
tax burden. We study this trade-off in a model with distortionary taxes and endogenous rationing of external finance. The …, especially in firms that depend more on external finance, and are negatively correlated with tax pressure. Second, transparency … is negatively correlated with tax pressure, particularly in sectors where firms are less dependent on external finance …