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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/10419/55334
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Princen, Savina | | en_US |
| dc.date.accessioned | | 2012-02-14 | | en_US |
| dc.date.accessioned | | 2012-02-15T17:37:31Z | | - |
| dc.date.available | | 2012-02-15T17:37:31Z | | - |
| dc.date.issued | | 2012 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/55334 | | - |
| dc.description.abstract | | In this paper, I use difference-in-differences regressions to measure how the debt tax shield affects the capital structure of a company. By comparing the financial leverage of treatment and control companies before and after the introduction of an equity tax shield, I infer the impact of the tax discrimination between debt and equity. Consistent with the theoretical prediction, the estimated results show that the introduction of an equity tax shield has a significant negative effect on the financial leverage of a company. This effect amounts to approximately 2-7%, meaning that a classical tax system encourages companies to use on average 2-7% more debt than when there is an equal tax treatment of debt and equity. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | CESifo München | | en_US |
| dc.relation.ispartofseries | | CESifo working paper: Public Finance 3713 | | en_US |
| dc.subject.jel | | G30 | | en_US |
| dc.subject.jel | | H25 | | en_US |
| dc.subject.jel | | K34 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | allowance for corporate equity | | en_US |
| dc.subject.keyword | | corporate financing decisions | | en_US |
| dc.subject.stw | | Kapitalstruktur | | en_US |
| dc.subject.stw | | Entscheidung | | en_US |
| dc.subject.stw | | Unternehmensbesteuerung | | en_US |
| dc.subject.stw | | Eigenkapital | | en_US |
| dc.subject.stw | | Steuerliches Anrechnungsverfahren | | en_US |
| dc.subject.stw | | Steuerwirkung | | en_US |
| dc.subject.stw | | Belgien | | en_US |
| dc.title | | Taxes do affect corporate financing decisions: The case of Belgian ACE | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 685239462 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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