|
EconStor >
ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/25886
|
| | |
| Title: | | Taxation and capital structure choice: evidence from a panel of German multinationals  |
| Authors: | | Buettner, Thiess Overesch, Michael Schreiber, Ulrich Wamser, Georg |
| Issue Date: | | 2006 |
| Series/Report no.: | | CESifo working paper 1841 |
| Abstract: | | This paper analyzes the impact of taxes and lending conditions on the financial structure of multinationals' foreign affiliates. The empirical analysis employs a large panel of affiliates of German multinationals in 26 countries in the period from 1996 until 2003. In accordance with the theoretical predictions, the effect of local taxes on leverage is positive for both types of debt. Moreover, while adverse local credit market conditions are found to reduce external borrowing, internal debt is increasing, supporting the view that the two channels of debt finance are substitutes. |
| JEL: | | H25 H26 G32 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
|
| |
| | |
Download bibliographical data as:
BibTeX
|
| |
Share on:http://hdl.handle.net/10419/25886
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|