Quale interazione tra l'imposta sulle società e la corporate governance
Interaction between Corporate Tax and Corporate Governance - A Comparison between IRES 2003 and IRES 2007 This paper studies the interaction between tax system and corporate governance, investigating the change in distortionary effects produced on companies’ financial choices by the last two corporate tax regimes in Italy. In particular, the paper concentrates on the different approach provided to interest deductibility. The comparison between IRES 2003 and IRES 2007, has been conducted through a microsimulation model able to point out net present value of hypothetical investment and effective inframarginal tax rate (EITR). Furthermore, to identify which investment profile has gained from the reform, we provide a rating linked to the financial structure of the investment. We argue that interest deductibility can provide incentives to companies to adopt unbalanced financial structures that implies, on one hand, in a microeconomic perspective, an incentive to management moral hazard, and, on the other, in a macroeconomic perspective, an increase in endogenous financial instability. We show that IRES 2007 performs better than IRES 2003 in reducing the magnitude of both distortions
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 2008/94 (2008)
Issue (Month): 94 ()
|Contact details of provider:|| Web page: http://www.francoangeli.it/riviste/sommario.asp?IDRivista=59|
|Order Information:|| Web: http://www.francoangeli.it/riviste/Elenco_Prodotti.aspx?startCode=DC Email: |
When requesting a correction, please mention this item's handle: RePEc:fan:steste:v:html10.3280/ste2008-094005. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Angelo Ventriglia)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.