IDEAS home Printed from https://ideas.repec.org/a/spr/sjobre/v51y1999i4d10.1007_bf03371569.html
   My bibliography  Save this article

Leasing, Steuern und Intermediäre

Author

Listed:
  • Gerhard Satzger

    (Universität Augsburg)

Abstract

Summary Leasing companies are acting as intermediaries between manufacturers of investment goods and their customers. The article tries to explain their existence based on fiscal and financial reasons and develops design patterns in particular for crossborder transactions that will increasingly be vital to the competitiveness of suppliers in global markets. In contrast to widespread beliefs in business practice, it can be shown, e. g., that the deployment of financial intermediaries in high-tax countries or the use of leasing contracts without a financing function may be advisable.

Suggested Citation

  • Gerhard Satzger, 1999. "Leasing, Steuern und Intermediäre," Schmalenbach Journal of Business Research, Springer, vol. 51(4), pages 325-349, April.
    • Handle: RePEc:spr:sjobre:v:51:y:1999:i:4:d:10.1007_bf03371569
    DOI: 10.1007/BF03371569
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/BF03371569
    File Function: Abstract
    Download Restriction: no
    File URL: https://libkey.io/10.1007/BF03371569?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Smith, Clifford W, Jr & Wakeman, L MacDonald, 1985. "Determinants of Corporate Leasing Policy," Journal of Finance, American Finance Association, vol. 40(3), pages 895-908, July.
    2. Miller, Merton H & Upton, Charles W, 1976. "Leasing, Buying, and the Cost of Capital Services," Journal of Finance, American Finance Association, vol. 31(3), pages 761-786, June.
    3. Heaton, Hal, 1986. "Corporate Taxation and Leasing," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 21(3), pages 351-359, September.
    4. Franks, Julian R & Hodges, Stewart D, 1987. "Lease Valuation When Taxable Earnings Are a Scarce Resource," Journal of Finance, American Finance Association, vol. 42(4), pages 987-1005, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Derek K.Y. Chau & Michael Firth & Bin Srinidhi, 2006. "Leases with Purchase Options and Double Moral Hazard," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(9‐10), pages 1390-1401, November.
    2. Peter Chinloy & James Musumeci, 1994. "Shopping Center Financing: Pricing Loan Default Risk," Journal of Real Estate Research, American Real Estate Society, vol. 9(1), pages 49-64.
    3. James A. Miles & John R. Ezzell & Premal P. Vora, 2018. "Revisiting the standard lease valuation model: new results," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 42(2), pages 409-420, April.
    4. Thomas J. Finucane, 1988. "Some Empirical Evidence On The Use Of Financial Leases," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 11(4), pages 321-333, December.
    5. Ezzell, John R. & Vora, Premal P., 2001. "Leasing versus purchasing: Direct evidence on a corporation's motivations for leasing and consequences of leasing," The Quarterly Review of Economics and Finance, Elsevier, vol. 41(1), pages 33-47.
    6. Steven R. Grenadier, 2003. "An Equilibrium Analysis of Real Estate," NBER Working Papers 9475, National Bureau of Economic Research, Inc.
    7. Bourjade, Sylvain & Huc, Regis & Muller-Vibes, Catherine, 2017. "Leasing and profitability: Empirical evidence from the airline industry," Transportation Research Part A: Policy and Practice, Elsevier, vol. 97(C), pages 30-46.
    8. Sungjune Kang & Michael S Long, 2001. "The fixed payment financing decision," Review of Financial Economics, John Wiley & Sons, vol. 10(1), pages 41-55, March.
    9. Stefania Cosci & Roberto Guida & Valentina Meliciani, 2015. "Leasing Decisions and Credit Constraints: Empirical Analysis on a Sample of Italian Firms," European Financial Management, European Financial Management Association, vol. 21(2), pages 377-398, March.
    10. Grenadier, Steven R., 1996. "Leasing and credit risk," Journal of Financial Economics, Elsevier, vol. 42(3), pages 333-364, November.
    11. Andrea L. Eisfeldt & Adriano A. Rampini, 2009. "Leasing, Ability to Repossess, and Debt Capacity," The Review of Financial Studies, Society for Financial Studies, vol. 22(4), pages 1621-1657, April.
    12. Lin, Jane-Raung & Wang, Chia-Jane & Chou, De-Wei & Chueh, Fei-Chun, 2013. "Financial constraint and the choice between leasing and debt," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 171-182.
    13. Grenadier, Steven R., 1995. "Valuing lease contracts A real-options approach," Journal of Financial Economics, Elsevier, vol. 38(3), pages 297-331, July.
    14. Lim, Steve C. & Mann, Steven C. & Mihov, Vassil T., 2017. "Do operating leases expand credit capacity? Evidence from borrowing costs and credit ratings," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 100-114.
    15. Kang, Sungjune & Long, Michael S., 2001. "The fixed payment financing decision: To borrow or lease," Review of Financial Economics, Elsevier, vol. 10(1), pages 41-55.
    16. Rahman, Shofiqur & Chowdhury, Hasibul, 2023. "Tournament-based incentives and the lease-versus-buy decision," Journal of Banking & Finance, Elsevier, vol. 148(C).
    17. Landry, Suzanne & Fortin, Anne & Callimaci, Antonello, 2013. "Family firms and the lease decision," Journal of Family Business Strategy, Elsevier, vol. 4(3), pages 176-187.
    18. Elizabeth Devos & Erik Devos & He Li & Desmond Tsang, 2022. "Operating Lease as Alternative Financing for REITs: a Viable Strategy or a Sign of Trouble?," The Journal of Real Estate Finance and Economics, Springer, vol. 65(2), pages 153-180, August.
    19. Justin P. Johnson & Henry S. Schneider & Michael Waldman, 2014. "The Role and Growth of New-Car Leasing: Theory and Evidence," Journal of Law and Economics, University of Chicago Press, vol. 57(3), pages 665-698.
    20. Sharpe, Steven A. & Nguyen, Hien H., 1995. "Capital market imperfections and the incentive to lease," Journal of Financial Economics, Elsevier, vol. 39(2-3), pages 271-294.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:sjobre:v:51:y:1999:i:4:d:10.1007_bf03371569. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.