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Körperschaftsbesteuerung und Unternehmensverschuldung: Empirische Evidenz von europäischen Firmendaten

Author

Listed:
  • Stöckl, Matthias

    (University of Salzburg)

  • Winner, Hannes

    (University of Salzburg)

Abstract

Die vorliegende Arbeit untersucht anhand von europäischen Firmendaten den Ein uss der Körperschaftsteuer auf die Unternehmensverschuldung. Dabei wird insbesondere auf Firmenheterogentiät in Bezug auf Firmengröße und Gesellschaftsform fokussiert. Der verwendete Datensatz enthält Bilanzinformationen von etwa 400.000 Firmen aus den 27 EU-Ländern im Zeitraum zwischen 1999 und 2004. Im Einklang mit den theoretischen Erwartungen zeigen die empirischen Ergebnisse einen signi kant positiven Zusammenhang zwischen der Höhe des Körperschaftsteuersatzes und der Fremdkapitalquote. Im Durchschnitt bewirkt eine Senkung des Körperschaftsteuersatzes um 10 Prozentpunkte einen Rückgang der Fremdkapitalquote von zweieinhalb bis drei Prozentpunkten. Dieser E ffekt streut allerdings über die betrachteten Firmentypen.

Suggested Citation

  • Stöckl, Matthias & Winner, Hannes, 2010. "Körperschaftsbesteuerung und Unternehmensverschuldung: Empirische Evidenz von europäischen Firmendaten," Working Papers in Economics 2010-2, University of Salzburg.
    • Handle: RePEc:ris:sbgwpe:2010_002
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    Cited by:

    1. Robert Krämer & Vilen Lipatov, 2013. "The Effect of Corporate Taxation and Ownership on Raising Shareholder Capital," CESifo Working Paper Series 4436, CESifo.

    More about this item

    Keywords

    Capital Structure; Corporate Taxation;

    JEL classification:

    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • H32 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Firm

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