From a tax planner’s point of view, it is often attractive to choose debt over equity finan-cing. As this has led to an increase of debt financing of corporations, many countries haveintroduced thin capitalization rules to secure their tax revenues. We analyze the influenceof section 8a of the...

Die Gesellschafter von Kapitalgesellschaften können grundsätzlich, abgesehen von gesetzlichvorgeschriebenen Mindestausstattungen an Eigenkapital, 1 frei darüber entscheiden, obsie die Unternehmungen mit Eigen- oder Fremdkapital ausstatten.2 Obwohl bekannt ist,dass Fremdkapital regelmäÿig...

We estimate the impact of effective profit taxation on the financial leverage ofcorporations on the basis of a pseudo-panel constructed from corporate tax return micro data for theperiod 1998-2001, a period which saw the introduction of a major corporate tax reform in Germany.The financial...

Tax planners often choose debt over equity financing. As this has led to increased corporate debt financing, many countries have introduced thin capitalization rules to secure their tax revenues. In a general capital structure model we analyze if thin capitalization rules affect dividend and...

Tax planners often choose debt over equity financing. As this has led to increased corporate debt financing, many countries have introduced thin capitalization rules to secure their tax revenues. In a general capital structure model we analyze if thin capitalization rules affect dividend and...

Tax planners often choose debt over equity financing. As this has led to increased corporate debt financing, many countries have introduced thin capitalization rules to secure their tax revenues. In a general capital structure model we analyze if thin capitalization rules affect dividend and...

The theoretical literature suggests that when taking tax effects into account, debt ought to be preferable to equity. However, there are no uniform predictions of the size of this tax benefit (tax shield) in comparison to an opposing increasing cost of debt (especially insolvency costs). The...

Im Rahmen von Mitarbeiterbeteiligungen bieten Genussrechte und stille Beteiligungen eine verbreitete Möglichkeit, die Vorteile aus Eigen- und Fremdfinanzierung miteinander zu kombinieren. Aus steuerlicher und finanzwirtschaftlicher Sicht stellt sich die Frage, unter welchen Bedingungen diese...