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Impactos del Sistema Tributario en el modelo de descuento de flujos de fondos. Aplicación del Modelo General

Author

Listed:
  • Gaston Silverio Milanesi

    (Universidad de Buenos Aires, Universidad Nacional del Sur)

  • Maria Agustina Tennina

    (Universidad Nacional del Sur)

Abstract

The determination of the tax savings ́ value and the impact of income tax on the firm valuation is related to the current tax systems. The tax effects imply cash out flow and savings, and, must be analyzed with the tax systems where the firm operates. Modigliani and Miller (1963) and Miller (1977) works suppose a classical system of income tax. The World Trade Organization (OCDE), identify seven tax systems classified into two large groups: integrated and classical. The paper reviews the existing models, particularly the General Model. Next, shows the value equations corresponding to the different tax systems. Through an analysis of cases, the impact on the variables of the tax system in which the firm operates is analyzed, according to the systems classified by the OECD.

Suggested Citation

  • Gaston Silverio Milanesi & Maria Agustina Tennina, 2024. "Impactos del Sistema Tributario en el modelo de descuento de flujos de fondos. Aplicación del Modelo General," Revista Ciencias Administrativas (CADM), IIA, Universidad Nacional de La Plata, Instituto de Investigaciones Administrativas, Facultad de Ciencias Económicas, Universidad Nacional de La Plata, issue 23, pages 1-14, January- .
  • Handle: RePEc:lap:recadm:186
    DOI: 10.24215/23143738e127
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    More about this item

    Keywords

    Tax savings; tax systems; firm valuation;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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