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Tax incentives and capital structure choice : evidence from Germany
Hartmann-Wendels, Thomas; Stein, Ingrid; Stöter, Alwin - 2012
This paper provides new evidence that taxes affect capital structure choice, using a unique and comprehensive panel data set which covers 86,173 German non-financial firms over the years 1973–2008. Following the Graham methodology to simulate marginal tax rates, we find a statistically and...
Persistent link: https://www.econbiz.de/10009625689
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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/10010293406
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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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Capital Structure : The Case of Firms Issuing Debt
Zhu, Yushu - 2012
This study reinvestigates the relationship between financial leverage and firm characteristics in a cross-sectional setting and a panel setting. Monte-Carlo simulation-based inference results confirm the finding of Barraclough (2007) that a cross-sectional multiple regression model sharing...
Persistent link: https://www.econbiz.de/10013102754
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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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Firm Valuation : Tax Shields & Discount Rates
Ansay, Thomas - 2017
This paper proposes a new discounted cash flows' valuation setup, and derives a general expression for the tax shields' discount rate. This setup applies to any debt policy and any cash flow pattern. It only requires the equality at any time between the assets side and the liabilities side of...
Persistent link: https://www.econbiz.de/10012976531