公司股权补贴对资本结构的影响:来自奥地利的证据

IF 0.5 Q4 ECONOMICS
M. Petutschnig, Silke Rünger
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引用次数: 2

摘要

我们通过对奥地利公司股权津贴(ACE)的企业层面评估,为企业所得税的债务偏见的实证文献做出贡献。我们发现,奥地利ACE税制将公司股本比率提高了约1.36至2.30个百分点。此外,我们发现,根据公司特定的股息水平和公司特定的所有权结构,ACE税收制度的应用存在显著差异。特别是,我们发现限制股息的成本似乎高于ACE税制的税收利益。此外,我们发现分散所有权的公司不采用ACE税制,这可能是因为分散所有权较少的公司可以更快地对税法变化做出反应。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Effect of an Allowance for Corporate Equity on Capital Structure: Evidence From Austria
We contribute to the empirical literature on the debt bias of corporate income taxation through a firm-level evaluation of the allowance for corporate equity (ACE) in Austria. We find that the Austrian ACE tax system increased corporate equity ratios by approximately 1.36 to 2.30 percentage points. Additionally, we find significant differences in the application of the ACE tax system depending on firm-specific dividend levels and firm-specific ownership structures. In particular, we find that the cost of constraining dividends appears to be higher than the tax benefit of the ACE tax system. Additionally, we find that firms with dispersed ownership refrain from applying the ACE tax system, which might be due to the fact that firms with less dispersed ownership can react more quickly to tax law changes.
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来源期刊
CiteScore
1.30
自引率
0.00%
发文量
30
期刊介绍: Public Finance Review is a professional forum devoted to US policy-oriented economic research and theory, which focuses on a variety of allocation, distribution and stabilization functions within the public-sector economy. Economists, policy makers, political scientists, and researchers all rely on Public Finance Review, to bring them the most up-to-date information on the ever changing US public finance system, and to help them put policies and research into action. Public Finance Review not only presents rigorous empirical and theoretical papers on public economic policies, but also examines and critiques their impact and consequences. The journal analyzes the nature and function of evolving US governmental fiscal policies at the national, state and local levels.
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