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dc.contributor.authorPrincen, Savinaen
dc.date.accessioned2012-02-14-
dc.date.accessioned2012-02-15T17:37:31Z-
dc.date.available2012-02-15T17:37:31Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/55334-
dc.description.abstractIn 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.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3713en
dc.subject.jelG30en
dc.subject.jelH25en
dc.subject.jelK34en
dc.subject.ddc330en
dc.subject.keywordallowance for corporate equityen
dc.subject.keywordcorporate financing decisionsen
dc.subject.stwKapitalstrukturen
dc.subject.stwEntscheidungen
dc.subject.stwUnternehmensbesteuerungen
dc.subject.stwEigenkapitalen
dc.subject.stwSteuerliches Anrechnungsverfahrenen
dc.subject.stwSteuerwirkungen
dc.subject.stwBelgienen
dc.titleTaxes do affect corporate financing decisions: The case of Belgian ACE-
dc.typeWorking Paperen
dc.identifier.ppn685239462en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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