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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/46522
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| Title: | | Capital structure choice and company taxation: A meta-study  |
| Authors: | | Feld, Lars P. Heckemeyer, Jost Henrich Overesch, Michael |
| Issue Date: | | 2011 |
| Series/Report no.: | | CESifo working paper: Public Finance 3400 |
| Abstract: | | This paper provides a quantitative review of the empirical literature on the tax impact on corporate debt financing. Synthesizing the evidence from 46 previous studies, we find that this impact is substantial. In particular, the tax rate proxy determines the outcome of primary analyses. Measures like the simulated marginal tax rate (Graham (1996a)) avoid a downward bias in estimates for the debt response to tax. Moreover, debt characteristics, econometric specifications, and the set of control-variables affect tax effects. Accounting for misspecification biases by means of meta-regressions, we predict a marginal tax effect on the debt ratio of 0.3. |
| Subjects: | | capital structure corporate income tax meta-analysis |
| JEL: | | G30 H32 F23 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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