Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/103678 
Erscheinungsjahr: 
2009
Quellenangabe: 
[Journal:] BuR - Business Research [ISSN:] 1866-8658 [Volume:] 2 [Issue:] 2 [Publisher:] VHB - Verband der Hochschullehrer für Betriebswirtschaft, German Academic Association of Business Research [Place:] Göttingen [Year:] 2009 [Pages:] 147-169
Verlag: 
VHB - Verband der Hochschullehrer für Betriebswirtschaft, German Academic Association of Business Research, Göttingen
Zusammenfassung: 
Tax planners often choose debt over equity financing. As this has led to increased corporate debt financing, many countries have introduced thin capitalization rules to secure their tax revenues. In a general capital structure model we analyze if thin capitalization rules affect dividend and financing decisions, and whether they can partially explain why corporations receive both debt and equity capital. We model the Belgian, German and Italian rules as examples. We find that the so-called Miller equilibrium and definite financing effects depend significantly on the underlying tax system. Further, our results are useful for the treasury to decide what thin capitalization type to implement.
Schlagwörter: 
Miller equilibrium
business taxation
capital structure
critical income tax rate
financing decision
tax planning
thin capitalization
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Article

Datei(en):
Datei
Größe
278.03 kB





Publikationen in EconStor sind urheberrechtlich geschützt.