The Influence of Firms' Financial Policy on Tax Reform
AbstractThe effectiveness of proposed reforms to the tax system intended to stimulate investment depends on how capital structure affects corporate behavior. A dynamic general equilibrium model, calibrated for the United Kingdom, is used to investigate the difference between three models of financial structure, including one of endogenous structure motivated by agency theory. It is shown that the difference in predicted effects can be significant and that the impact of the reform on the marginal source of funds is crucial. Copyright 1998 by Royal Economic Society.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Economic Papers.
Volume (Year): 50 (1998)
Issue (Month): 4 (October)
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- Martin D. Dietz & Christian Keuschnigg, 2004.
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- Tarmo Valkonen, 2001. "The Finnish Corporate Income Tax Reform and the Financial Strategy of Firms: A General Equilibrium Approach," Empirica, Springer, vol. 28(2), pages 219-239, June.
- Holger Strulik, 2003. "Supply-Side Economics of Germany's Year 2000 Tax Reform: A Quantitative Assessment," German Economic Review, Verein für Socialpolitik, vol. 4(2), pages 183-202, 05.
- Christopher J. Green & Colin H. Kirkpatrick & Victor Murinde, 2006. "Finance for small enterprise growth and poverty reduction in developing countries," Journal of International Development, John Wiley & Sons, Ltd., vol. 18(7), pages 1017-1030.
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