{"title":"公司股权补贴对资本结构的影响:来自奥地利的证据","authors":"M. Petutschnig, Silke Rünger","doi":"10.1177/10911421221125150","DOIUrl":null,"url":null,"abstract":"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.","PeriodicalId":46919,"journal":{"name":"PUBLIC FINANCE REVIEW","volume":"50 1","pages":"597 - 642"},"PeriodicalIF":0.5000,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":"{\"title\":\"The Effect of an Allowance for Corporate Equity on Capital Structure: Evidence From Austria\",\"authors\":\"M. Petutschnig, Silke Rünger\",\"doi\":\"10.1177/10911421221125150\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"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.\",\"PeriodicalId\":46919,\"journal\":{\"name\":\"PUBLIC FINANCE REVIEW\",\"volume\":\"50 1\",\"pages\":\"597 - 642\"},\"PeriodicalIF\":0.5000,\"publicationDate\":\"2022-09-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"PUBLIC FINANCE REVIEW\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1177/10911421221125150\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"PUBLIC FINANCE REVIEW","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1177/10911421221125150","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ECONOMICS","Score":null,"Total":0}
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.
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.