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dc.contributor.authorFossen, Franken
dc.contributor.authorSimmler, Martinen
dc.date.accessioned2012-03-19-
dc.date.accessioned2012-03-26T15:31:32Z-
dc.date.available2012-03-26T15:31:32Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/56056-
dc.description.abstractTax competition for the mobile factor capital has led to a trend in many countries to levy lower taxes on interest income, often introducing differential taxation between interest and business income. In this study, we analyze the effect of such differential taxation on the debt ratio of firms. We exploit a 2009 tax reform in Germany as a quasi-experiment, which introduced a flat final withholding tax and opened a gap of 18 percentage points between the tax rate on income from unincorporated businesses and the new lower tax rate on interest income. We apply a regression adjusted semi-parametric difference-in-difference matching strategy based on firm level panel data. In addition, we implement a more structural approach with a tax rate differential, taking into account its endogeneity by using instrumental variables. The results indicate that firms increase their leverage when the tax rate on interest income decreases, albeit to a small degree.en
dc.language.isoengen
dc.publisher|aFreie Universität Berlin, Fachbereich Wirtschaftswissenschaft |cBerlinen
dc.relation.ispartofseries|aDiskussionsbeiträge |x2012/4en
dc.subject.jelH25en
dc.subject.jelH24en
dc.subject.jelG32en
dc.subject.ddc330en
dc.subject.keywordincome taxationen
dc.subject.keywordcapital taxationen
dc.subject.keywordfinancial structureen
dc.subject.keywordleverageen
dc.subject.keywordmatchingen
dc.subject.stwKapitalertragsteueren
dc.subject.stwFlat Taxen
dc.subject.stwUnternehmensbesteuerungen
dc.subject.stwEinkommensteueren
dc.subject.stwSteuerwirkungen
dc.subject.stwKapitalstrukturen
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.titleDifferential taxation and firms' financial leverage: Evidence from the introduction of a flat tax on interest income-
dc.typeWorking Paperen
dc.identifier.ppn688816010en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:fubsbe:20124en

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