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Holdings als Mittel der Steuerplanung zur Implementierung von steuerlich motiviertem Fremdkapital

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  • Martin Ruf

    (Universität Mannheim, Schloss)

Abstract

This paper shows the empirical importance of holdings in combination with fiscal unions for implementing tax induced debt finance. Holdings are responsible for half of the internal liabilities on the balance sheet of German subsidiaries of foreign multinationals summing up to 11 8 billion Euros in 2005. Furthermore the leverage of holdings reacts stronger to tax incentives. The specific importance of holdings for implementing tax induced debt finance may thus explain why prior empirical studies find a surprisingly low response of the leverage to tax incentives.

Suggested Citation

  • Martin Ruf, 2010. "Holdings als Mittel der Steuerplanung zur Implementierung von steuerlich motiviertem Fremdkapital," Schmalenbach Journal of Business Research, Springer, vol. 62(8), pages 883-910, December.
    • Handle: RePEc:spr:sjobre:v:62:y:2010:i:8:d:10.1007_bf03373682
    DOI: 10.1007/BF03373682
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    References listed on IDEAS

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    More about this item

    Keywords

    F23; G32; H25; M41;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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