Taxation and the Firm's Leverage Decision : A Survey of Theoretical Issues
This survey outlines various models used to analyze the impact of taxation on the firm's leverage decision. The models incorporate: i) differential taxation of household from a progressive tax system; ii) loss offsetting under the corporate tax; iii) managerial incentive to avoid moral hazard; iv) bankruptcy; and v) asymmetric information between inside and outside investors. The theory is applied to the Canadian tax system.
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|Date of creation:||1986|
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