Capital structure choice and cimpany taxation a meta-study Lars P. Feld; Jost H. Heckemeyer; and Michael Overesch 

Erscheinungsform: einbändiges Werk
Autor/Urheber:
Beteiligte:
  • Heckemeyer, Jost H.
  • Overesch, Michael
Umfang: 60 S.
Gesamttitel: Discussion paper / Zentrum für Europäische Wirtschaftsforschung 11-075
Anmerkungen: Literaturverz. S. 55 - 60
Zusätzliches Online-Angebot unter http://ftp.zew.de/pub/zew-docs/dp/dp11075.pdf
Identifikatoren/​Sonstige Nummern: 1428266097 [PPN]
Inhalt:
  • This paper provides a quantitative review of the empirical literature on the tax impact on corporate debt financing. Synthesizing the evidence from 46 previous studies, we find that this impact is substantial. In particular, the tax rate proxy determines the outcome of primary analyses. Measures like the simulated marginal tax rate (Graham (1996a)) avoid a downward bias in estimates for the debt response to tax. Moreover, debt characteristics, econometric specifications, and the set of control-variables affect tax effects. Accounting for misspecification biases by means of meta-regressions, we predict a marginal tax effect on the debt ratio of 0.3.
URL: ftp://ftp.zew.de/pub/zew-docs/dp/dp11075.pdf
Weiter im Partnersystem: https://swb.bsz-bw.de/DB=2.1/PPNSET?PPN=1428266097
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