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|a This paper provides new evidence that taxes affect capital structure choice, using a unique and comprehensive panel data set which covers 86,173 German non-financial firms over the years 1973-2008. Following the Graham methodology to simulate marginal tax rates, we find a statistically and economically significant positive relationship between the marginal tax benefit of debt (net and gross of investor taxes) and the debt ratio. A 10% increase in the net (gross) marginal tax benefit of debt causes a 1.5% (1.6%) increase in the debt ratio, ceteris paribus. The results are robust to various specifications like using changes in debt or debt to capital ratios. A significantly positive effect of taxes on the debt ratio can also be identified in a partial adjustment model
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Hartmann-Wendels, Thomas |
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Stein, Ingrid, Stöter, Alwin |
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This paper provides new evidence that taxes affect capital structure choice, using a unique and comprehensive panel data set which covers 86,173 German non-financial firms over the years 1973-2008. Following the Graham methodology to simulate marginal tax rates, we find a statistically and economically significant positive relationship between the marginal tax benefit of debt (net and gross of investor taxes) and the debt ratio. A 10% increase in the net (gross) marginal tax benefit of debt causes a 1.5% (1.6%) increase in the debt ratio, ceteris paribus. The results are robust to various specifications like using changes in debt or debt to capital ratios. A significantly positive effect of taxes on the debt ratio can also be identified in a partial adjustment model |
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Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 28, 2012 erstellt |
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Hartmann-Wendels, Thomas aut, Tax Incentives and Capital Structure Choice Evidence from Germany, [S.l.] SSRN [2012], 1 Online-Ressource (27 p), Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 28, 2012 erstellt, Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 unrestricted online access, This paper provides new evidence that taxes affect capital structure choice, using a unique and comprehensive panel data set which covers 86,173 German non-financial firms over the years 1973-2008. Following the Graham methodology to simulate marginal tax rates, we find a statistically and economically significant positive relationship between the marginal tax benefit of debt (net and gross of investor taxes) and the debt ratio. A 10% increase in the net (gross) marginal tax benefit of debt causes a 1.5% (1.6%) increase in the debt ratio, ceteris paribus. The results are robust to various specifications like using changes in debt or debt to capital ratios. A significantly positive effect of taxes on the debt ratio can also be identified in a partial adjustment model, Stein, Ingrid oth, Stöter, Alwin oth, https://ssrn.com/abstract=2140896 X:ELVSSRN Verlag kostenfrei, https://doi.org/10.2139/ssrn.2140896 X:ELVSSRN Resolving-System kostenfrei, https://doi.org/10.2139/ssrn.2140896 LFER, https://ssrn.com/abstract=2140896 LFER, LFER epn:420541305X 2022-11-01T19:22:04Z |
spellingShingle |
Hartmann-Wendels, Thomas, Tax Incentives and Capital Structure Choice: Evidence from Germany, This paper provides new evidence that taxes affect capital structure choice, using a unique and comprehensive panel data set which covers 86,173 German non-financial firms over the years 1973-2008. Following the Graham methodology to simulate marginal tax rates, we find a statistically and economically significant positive relationship between the marginal tax benefit of debt (net and gross of investor taxes) and the debt ratio. A 10% increase in the net (gross) marginal tax benefit of debt causes a 1.5% (1.6%) increase in the debt ratio, ceteris paribus. The results are robust to various specifications like using changes in debt or debt to capital ratios. A significantly positive effect of taxes on the debt ratio can also be identified in a partial adjustment model |
title |
Tax Incentives and Capital Structure Choice: Evidence from Germany |
title_auth |
Tax Incentives and Capital Structure Choice Evidence from Germany |
title_full |
Tax Incentives and Capital Structure Choice Evidence from Germany |
title_fullStr |
Tax Incentives and Capital Structure Choice Evidence from Germany |
title_full_unstemmed |
Tax Incentives and Capital Structure Choice Evidence from Germany |
title_short |
Tax Incentives and Capital Structure Choice |
title_sort |
tax incentives and capital structure choice evidence from germany |
title_sub |
Evidence from Germany |
title_unstemmed |
Tax Incentives and Capital Structure Choice: Evidence from Germany |
url |
https://ssrn.com/abstract=2140896, https://doi.org/10.2139/ssrn.2140896 |
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AT hartmannwendelsthomas taxincentivesandcapitalstructurechoiceevidencefromgermany, AT steiningrid taxincentivesandcapitalstructurechoiceevidencefromgermany, AT stoteralwin taxincentivesandcapitalstructurechoiceevidencefromgermany |