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https://hdl.handle.net/10419/64815
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DC Field | Value | Language |
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dc.contributor.author | Hartmann-Wendels, Thomas | en |
dc.contributor.author | Stein, Ingrid | en |
dc.contributor.author | Stöter, Alwin | en |
dc.date.accessioned | 2012-10-04 | - |
dc.date.accessioned | 2012-10-11T12:59:40Z | - |
dc.date.available | 2012-10-11T12:59:40Z | - |
dc.date.issued | 2012 | - |
dc.identifier.isbn | 978-3-86558-830-2 | en |
dc.identifier.uri | http://hdl.handle.net/10419/64815 | - |
dc.description.abstract | This paper provides new evidence that taxes affect capital structure choice, using a unique and comprehensive panel data set which covers 86,173 German non-financial firms over the years 1973-2008. Following the Graham methodology to simulate marginal tax rates, we find a statistically and economically significant positive relationship between the marginal tax benefit of debt (net and gross of investor taxes) and the debt ratio. A 10% increase in the net (gross) marginal tax benefit of debt causes a 1.5% (1.6%) increase in the debt ratio, ceteris paribus. The results are robust to various specifications like using changes in debt or debt to capital ratios. A significantly positive effect of taxes on the debt ratio can also be identified in a partial adjustment model. | en |
dc.language.iso | eng | en |
dc.publisher | |aDeutsche Bundesbank |cFrankfurt a. M. | en |
dc.relation.ispartofseries | |aBundesbank Discussion Paper |x18/2012 | en |
dc.subject.jel | G32 | en |
dc.subject.jel | H20 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | debt | en |
dc.subject.keyword | capital structure | en |
dc.subject.keyword | marginal tax rate | en |
dc.subject.keyword | corporate taxes | en |
dc.subject.keyword | personal taxes | en |
dc.title | Tax incentives and capital structure choice: Evidence from Germany | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 726774529 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:zbw:bubdps:182012 | en |
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