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Impuestos corporativos y capital: veintiséis años de evidencia en empresas

Author

Listed:
  • Rodrigo Cerda N.
  • José Ignacio Llodrá V.

Abstract

We analyze the effect of corporate tax on the capital stock desired by Chilean firms. Following the theory, we present a model and then we provide empirical evidence from stocks of companies traded on the stock exchange from 1983 to 2008. Our results indicate that a one-percentage-point increase in corporate tax reduces the capital-output ratio by 0.2 to 0.6 percentage points. Furthermore, between 28% and 54% of the adjustment occurs during the year in which the tax change is implemented.

Suggested Citation

  • Rodrigo Cerda N. & José Ignacio Llodrá V., 2017. "Impuestos corporativos y capital: veintiséis años de evidencia en empresas," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 20(1), pages 050-071, April.
    • Handle: RePEc:chb:bcchec:v:20:y:2017:i:1:p:050-071
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    References listed on IDEAS

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