Steuerreform und Unternehmensfinanzierung / Tax Reform and Corporate Finance
This paper analyzes the change in tax preferences induced by the recent German corporate tax reform. The reform eliminates the imputation system and shifts the system towards a classical corporate tax system. However, financial preferences of corporations are largely unaffected if evaluated from the perspective of shareholders subject to the top marginal tax rate. A similar statement holds for the incentives to carry out share repurchases that in Germany have been allowed only recently. This paper argues that the much-discussed elimination of capital gains taxation for corporations abolishes a tax preference for new equity finance of affiliated corporations.
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Volume (Year): 222 (2002)
Issue (Month): 5 (October)
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References listed on IDEAS
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- Givoly, Dan, et al, 1992. "Taxes and Capital Structure: Evidence from Firms' Response to the Tax Reform Act of 1986," Review of Financial Studies, Society for Financial Studies, vol. 5(2), pages 331-355.
- Gordon, Roger H. & Lee, Young, 2001.
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Journal of Public Economics,
Elsevier, vol. 82(2), pages 195-224, November.
- Roger H. Gordon & Young Lee, 1999. "Do Taxes Affect Corporate Debt Policy? Evidence from US Corporate Tax Return Data," NBER Working Papers 7433, National Bureau of Economic Research, Inc.
- Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
- Graham, John R., 1999. "Do personal taxes affect corporate financing decisions?," Journal of Public Economics, Elsevier, vol. 73(2), pages 147-185, August.
- Homburg, Stefan & Theisen, René Manuel, 2000. "Steuersenkungsgesetz: Das gefangene Eigenkapital," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 1930-1931.
- Gentry, William M., 1994. "Taxes, financial decisions and organizational form : Evidence from publicly traded partnerships," Journal of Public Economics, Elsevier, vol. 53(2), pages 223-244, February. Full references (including those not matched with items on IDEAS)
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