Capital structure choice and company taxation : a meta-study


Feld, Lars P. ; Heckemeyer, Jost H. ; Overesch, Michael


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URL: https://ub-madoc.bib.uni-mannheim.de/29947
URN: urn:nbn:de:bsz:180-madoc-299472
Document Type: Working paper
Year of publication: 2011
Place of publication: Mannheim
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: G30 , H32 , F23,
Subject headings (SWD): Körperschaftsteuer , Steuerwirkung , Kapitalstruktur , Fremdkapital , Meta-Analyse
Keywords (English): Capital structure , corporate income tax , meta-analysis
Abstract: 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.

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Feld, Lars P. ; Heckemeyer, Jost H. ; Overesch, Michael (2011) Capital structure choice and company taxation : a meta-study. Open Access Mannheim [Working paper]
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