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https://hdl.handle.net/10419/55334
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Princen, Savina | en |
dc.date.accessioned | 2012-02-14 | - |
dc.date.accessioned | 2012-02-15T17:37:31Z | - |
dc.date.available | 2012-02-15T17:37:31Z | - |
dc.date.issued | 2012 | - |
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 |
dc.language.iso | eng | en |
dc.publisher | |aCenter for Economic Studies and ifo Institute (CESifo) |cMunich | en |
dc.relation.ispartofseries | |aCESifo Working Paper |x3713 | en |
dc.subject.jel | G30 | en |
dc.subject.jel | H25 | en |
dc.subject.jel | K34 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | allowance for corporate equity | en |
dc.subject.keyword | corporate financing decisions | en |
dc.subject.stw | Kapitalstruktur | en |
dc.subject.stw | Entscheidung | en |
dc.subject.stw | Unternehmensbesteuerung | en |
dc.subject.stw | Eigenkapital | en |
dc.subject.stw | Steuerliches Anrechnungsverfahren | en |
dc.subject.stw | Steuerwirkung | en |
dc.subject.stw | Belgien | en |
dc.title | Taxes do affect corporate financing decisions: The case of Belgian ACE | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 685239462 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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