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Deutsche Bundesbank, Forschungszentrum, Frankfurt am Main >
Discussion Papers, Deutsche Bundesbank >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/64815
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Hartmann-Wendels, Thomas | | en_US |
| dc.contributor.author | | Stein, Ingrid | | en_US |
| dc.contributor.author | | Stöter, Alwin | | en_US |
| dc.date.accessioned | | 2012-10-04 | | en_US |
| dc.date.accessioned | | 2012-10-11T12:59:40Z | | - |
| dc.date.available | | 2012-10-11T12:59:40Z | | - |
| dc.date.issued | | 2012 | | en_US |
| dc.identifier.isbn | | 978-3-86558-830-2 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/64815 | | - |
| dc.description.abstract | | This paper provides new evidence that taxes affect capital structure choice, using a unique and comprehensive panel data set which covers 86,173 German non-financial firms over the years 1973-2008. Following the Graham methodology to simulate marginal tax rates, we find a statistically and economically significant positive relationship between the marginal tax benefit of debt (net and gross of investor taxes) and the debt ratio. A 10% increase in the net (gross) marginal tax benefit of debt causes a 1.5% (1.6%) increase in the debt ratio, ceteris paribus. The results are robust to various specifications like using changes in debt or debt to capital ratios. A significantly positive effect of taxes on the debt ratio can also be identified in a partial adjustment model. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Dt. Bundesbank Frankfurt, M. | | en_US |
| dc.relation.ispartofseries | | Discussion Paper, Deutsche Bundesbank 18/2012 | | en_US |
| dc.subject.jel | | G32 | | en_US |
| dc.subject.jel | | H20 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | debt | | en_US |
| dc.subject.keyword | | capital structure | | en_US |
| dc.subject.keyword | | marginal tax rate | | en_US |
| dc.subject.keyword | | corporate taxes | | en_US |
| dc.subject.keyword | | personal taxes | | en_US |
| dc.title | | Tax incentives and capital structure choice: Evidence from Germany | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 726774529 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| dc.identifier.repec | | RePEc:zbw:bubdps:182012 | | - |
| Appears in Collections: | | Discussion Papers, Deutsche Bundesbank
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