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dc.contributor.authorGrossmann, Volkeren
dc.contributor.authorStrulik, Holgeren
dc.date.accessioned2008-02-28-
dc.date.accessioned2009-07-28T08:29:56Z-
dc.date.available2009-07-28T08:29:56Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/26280-
dc.description.abstractInheritance taxes may induce heirs to discontinue family firms. Because firm dissolution incurs transaction costs, a preferential tax treatment of transferred family businesses seems to be desirable from a macroeconomic viewpoint. The support of dynastic succession, however, entails also a cost on the economy if firm continuation by less able heirs prevents entry into entrepreneurship. Here, we investigate analytically and quantitatively the trade-off between transaction costs saved and creative destruction prevented. We find that a unique general equilibrium exists at which, depending on the institutional setup, low-ability heirs either abandon (Type 1) or continue (Type 2) a family business. A calibration of the model with German data suggests that preferential tax treatment of family firms has severe negative consequences on macroeconomic performance if it causes a threshold crossing from Type 1 to Type 2 equilibrium. It also reveals that the targeted persons, i.e. the entrepreneurs that are caused to continue a business, always lose relative to their status in an economy without continuation-friendly tax policy.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2235en
dc.subject.jelH25en
dc.subject.jelL26en
dc.subject.jelJ24en
dc.subject.ddc330en
dc.subject.keywordbequest taxationen
dc.subject.keywordcreative destructionen
dc.subject.keywordentrepreneurshipen
dc.subject.keywordfamily firmsen
dc.subject.keywordpreferential tax treatmenten
dc.subject.stwSteuerbegünstigungen
dc.subject.stwFamilienunternehmenen
dc.subject.stwBetriebsübergangen
dc.subject.stwUnternehmeren
dc.subject.stwInnovationen
dc.subject.stwTransaktionskostenen
dc.subject.stwAllgemeines Gleichgewichten
dc.subject.stwDeutschlanden
dc.titleShould continued family firms face lower taxes than other estates?-
dc.typeWorking Paperen
dc.identifier.ppn559092016en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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