Taxation and capital structure choice-Evidence from a panel of German multinationals

被引：52

作者：

Buettner, Thiess ^{[1
]}

Overesch, Michael

Schreiber, Ulrich ^{[2
]}

Wamser, Georg

机构：

[1] Munich Univ LMU, Munich, Germany

[2] Univ Mannheim, D-6800 Mannheim 1, Germany

来源：

ECONOMICS LETTERS | 2009年 / 105卷 / 03期

关键词：

Corporate income tax; Multinationals; Capital structure; Internal debt; Firm-level data; TAXES; INVESTMENT; FINANCE; CANADA;

D O I：

10.1016/j.econlet.2009.09.001

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The capital structure of foreign affiliates is analyzed using a large panel of German multinationals. While taxes are found to encourage debt finance in general, adverse local credit market conditions result in lower external borrowing but higher internal debt indicating that the two channels of debt finance are substitutes. (C) 2009 Elsevier B.V. All rights reserved.

引用

页码：309 / 311

页数：3

共 16 条

[1] Repatriation taxes, repatriation strategies and multinational financial policy [J].