Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/18940
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dc.contributor.authorKanniainen, Vesaen_US
dc.contributor.authorKari, Seppoen_US
dc.contributor.authorYlä-Liedenpohja, Joukoen_US
dc.date.accessioned2009-01-28T15:53:57Z-
dc.date.available2009-01-28T15:53:57Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/18940-
dc.description.abstractEarly-stage uncertainty makes the initial cost of capital greater than the expansion-stage one.Tax effects on enterprise formation, entrepreneurial effort and quality, and on capital costs arederived. For an incorporated enterprise (i) the entrepreneur's ability threshold rises with thetax rate of the corporate form, (ii) the initial cost of capital due to a dividend tax is above theold view double-tax one, (iii) the start-up investment is not affected by undervaluation, but thediscouragement engendered by dividend taxation is compensated by realization-based capitalgains tax, (iv) with undervaluation, the expansion-stage cost of capital corresponds to theJohansson-Samuelson tax which is lower than the new view suggests, (v) withoutundervaluation, the dividend tax boosts expansion investment.en_US
dc.language.isoengen_US
dc.publisher|aCenter for Economic Studies and Ifo Institute (CESifo) |cMunichen_US
dc.relation.ispartofseries|aCESifo Working Paper |x1476en_US
dc.subject.jelH25en_US
dc.subject.ddc330en_US
dc.subject.keywordtaxation of start-up enterprisesen_US
dc.subject.stwUnternehmensgründungen_US
dc.subject.stwUnternehmensbesteuerungen_US
dc.subject.stwDividendeen_US
dc.subject.stwKapitalkostenen_US
dc.subject.stwTheorieen_US
dc.titleThe start-up and growth stages in enterprise formation : the"new view" of dividend taxation reconsidereden_US
dc.typeWorking Paperen_US
dc.identifier.ppn50044756Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-

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