Taxation and Capital Structure Choice – Evidence from a Panel of German Multinationals


Buettner, Thiess ; Overesch, Michael ; Schreiber, Ulrich ; Wamser, Georg


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URL: http://ub-madoc.bib.uni-mannheim.de/1451
URN: urn:nbn:de:bsz:180-madoc-14519
Document Type: Working paper
Year of publication: 2006
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: G32 H26 H25 ,
Subject headings (SWD): Unternehmen , Steuer , Multinationales Unternehmen , Deutschland , Kapitalstruktur
Keywords (English): Corporate Income Tax , Multinationals , Capital Structure , Firm-Level Data
Abstract: This paper analyzes the impact of taxes and lending conditions on the financial structure of multinationals’ foreign affiliates. The empirical analysis employs a large panel of affiliates of German multinationals in 26 countries in the period from 1996 until 2003. In accordance with the theoretical predictions, the effect of local taxes on leverage is positive for both types of debt. Moreover, while adverse local credit market conditions are found to reduce external borrowing, internal debt is increasing, supporting the view that the two channels of debt finance are substitutes.
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Buettner, Thiess ; Overesch, Michael ; Schreiber, Ulrich ; Wamser, Georg (2006) Taxation and Capital Structure Choice – Evidence from a Panel of German Multinationals. Open Access [Working paper]
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