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dc.contributor.authorKanniainen, Vesaen
dc.contributor.authorKari, Seppoen
dc.contributor.authorYlä-Liedenpohja, Joukoen
dc.date.accessioned2009-01-28T15:53:57Z-
dc.date.available2009-01-28T15:53:57Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/18940-
dc.description.abstractEarly-stage uncertainty makes the initial cost of capital greater than the expansion-stage one.Tax effects on enterprise formation, entrepreneurial effort and quality, and on capital costs arederived. For an incorporated enterprise (i) the entrepreneur's ability threshold rises with thetax rate of the corporate form, (ii) the initial cost of capital due to a dividend tax is above theold view double-tax one, (iii) the start-up investment is not affected by undervaluation, but thediscouragement engendered by dividend taxation is compensated by realization-based capitalgains tax, (iv) with undervaluation, the expansion-stage cost of capital corresponds to theJohansson-Samuelson tax which is lower than the new view suggests, (v) withoutundervaluation, the dividend tax boosts expansion investment.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1476en
dc.subject.jelH25en
dc.subject.ddc330en
dc.subject.keywordtaxation of start-up enterprisesen
dc.subject.stwUnternehmensgründungen
dc.subject.stwUnternehmensbesteuerungen
dc.subject.stwDividendeen
dc.subject.stwKapitalkostenen
dc.subject.stwTheorieen
dc.titleThe start-up and growth stages in enterprise formation : the"new view" of dividend taxation reconsidered-
dc.typeWorking Paperen
dc.identifier.ppn50044756Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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