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Capital structure, corporate taxation and firm age
Pfaffermayr, Michael; Stöckl, Matthias; Winner, Hannes - 2008
This paper analyzes the relationship between capital structure, corporate taxation and firm age. We adapt a standard model of optimal capital structure choice under corporate taxation, focusing on the financing and investment decisions a young firm is typically faced with. Our model allows to...
Persistent link: https://www.econbiz.de/10009731787
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Capital structure, corporate taxation and firm age
Pfaffermayr, Michael; Stöckl, Matthias; Winner, Hannes - 2009
This paper analyzes the relationship between corporate taxation, firm age and debt. We adapt a standard model of capital structure choice under corporate taxation, focusing on the financing and investment decisions a firm is typically faced with. Our model suggests that the debt ratio is...
Persistent link: https://www.econbiz.de/10009732574
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International debt shifting : do multinationals shift internal or external debt? ; conference paper
Møen, Jarle; Schindler, Dirk; Schjelderup, Guttorm; … - 2013
Multinational companies can exploit the tax advantage of debt more aggressively than national companies. Besides utilizing the standard debt tax shield, multinationals can shift debt from affiliates in low-tax countries to affiliates in high-tax countries. We study the capital structure of...
Persistent link: https://www.econbiz.de/10010342883
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Can formula apportionment really prevent multinational enterprises from profit shifting? : the role of asset valuation, intragroup debt, and leases
Kiesewetter, Dirk; Steigenberger, Tobias; Stier, Matthias - 2014
The European Commission has been supporting a transition from a system of separate accounting to a system of formula apportionment. In 2011, it presented a proposal for a council directive on a Common Consolidated Corporate Tax Base (CCCTB). Formula apportionment is often considered more...
Persistent link: https://www.econbiz.de/10010410351
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Curbing corporate debt bias : do limitations to interest deductibility work?
Mooij, Ruud A. de; Hebous, Shafik - 2017
Tax provisions favoring corporate debt over equity finance ("debt bias") are widely recognized as a risk to financial stability. This paper explores whether and how thin-capitalization rules, which restrict interest deductibility beyond a certain amount, affect corporate debt ratios and mitigate...
Persistent link: https://www.econbiz.de/10011597274
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Zinsschranke, Unternehmensbewertung und APV Ansatz - eine Anmerkung zum Beitrag von Förster/Stöckl/Brenken (ZfB 2009, S. 985 ff.)
Arnold, Sven; Lahmann, Alexander; Schwetzler, Bernd - 2011 - Version vom 09.06.2010
Diskontierungssätze die Kenntnis des Wertbeitrages bereits voraus. -- Unternehmensbewertung ; Kapitalstruktur ; Tax Shield ; Zinsschranke …The German "Zinsschranke" limits the tax deductability of interest expenses. Recently, in this journal Förster et al … Zinsschranke und ihrer Wirkung auf die zinsinduzierte Steuerersparnis vor. Dieser Beitrag nimmt kritisch dazu Stellung: Es wird …
Persistent link: https://www.econbiz.de/10008986956
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Capital structure, corporate taxation and firm age
Pfaffermayr, Michael; Stöckl, Matthias; Winner, Hannes - 2009
This paper analyzes the relationship between corporate taxation, firm age and debt. We adapt a standard model of capital structure choice under corporate taxation, focusing on the financing and investment decisions a firm is typically faced with. Our model suggests that the debt ratio is...
Persistent link: https://www.econbiz.de/10010293328
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Capital structure, corporate taxation and firm age
Pfaffermayr, Michael; Stoeckl, Matthias; Winner, Hannes - Fachbereich Sozial- und Wirtschaftswissenschaften, … - 2009
This paper analyzes the relationship between corporate taxation, firm age and debt. We adapt a standard model of capital structure choice under corporate taxation, focusing on the financing and investment decisions a firm is typically faced with. Our model suggests that the debt ratio is...
Persistent link: https://www.econbiz.de/10008471889
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Capital Structure, Corporate Taxation and Firm Age
Pfaffermayr, Michael; Matthias St?ckl; Winner, Hannes - Institut für Finanzwissenschaft, Fakultät für …
This paper analyzes the relationship between capital structure, corporate taxation and firm age. We adapt a standard model of optimal capital structure choice under corporate taxation, focusing on the financing and investment decisions a young firm is typically faced with. Our model allows to...
Persistent link: https://www.econbiz.de/10005432655
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Capital Structure, Corporate Taxation and Firm Age
Pfaffermayr, Michael; Stöckl, Matthias; Winner, Hannes - Saïd Business School, Oxford University - 2008
This paper analyzes the relationship between corporate taxation, firm age and debt. We adapt a standard model of capital structure choice under corporate taxation, focusing on the financing and investment decisions a firm is typically faced with. Our model suggests that the debt ratio is...
Persistent link: https://www.econbiz.de/10005341558