Tax Avoidance And Capital Structure

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Tax Avoidance and Capital Structure

Author : Alessandro Gabrielli
Publisher : Springer Nature
ISBN 13 : 3031309804
Total Pages : 103 pages
Book Rating : 4.0/5 (313 download)

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Book Synopsis Tax Avoidance and Capital Structure by : Alessandro Gabrielli

Download or read book Tax Avoidance and Capital Structure written by Alessandro Gabrielli and published by Springer Nature. This book was released on 2023-05-23 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive overview of the implications of tax avoidance for a firm’s capital structure, highlighting the key role played by free cash flow and agency conflicts. First, the book provides an outline of the theories and empirical evidence concerning the role of taxes in the Theory of Capital Structure. It reviews the studies investigating the relationship between agency conflicts and capital structure. The book explores the role of free cash flow and agency conflicts in the relationship between tax avoidance and capital structure. In the final section, the results of an empirical investigation conducted on a sample of U.S. public firms are also presented. The empirical research examines whether and how tax avoidance is associated with debt covenant violation across the stages of the corporate life cycle. Specifically, the research uses the concept of the corporate life cycle stage to analyse whether and how the association between tax avoidance and debt covenant violation varies in different agency settings. Consistent with the hypotheses drawn on the Agency Theory, the findings of the empirical research suggest life cycle stages moderate the association between tax avoidance and debt covenant violation. Overall, this book sheds light on the potential implications of tax avoidance activities for a firm’s capital structure. The book will be of interest to both experienced and early-stage scholars interested in the topic. Moreover, the book will also be of interest to policymakers, investors, analysts, lenders, and other market participants.

How Does Corporate Tax Avoidance Affect Capital Structure Under the Tax Cuts and Jobs Act of 2017?.

Author : 林筱晴
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (128 download)

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Book Synopsis How Does Corporate Tax Avoidance Affect Capital Structure Under the Tax Cuts and Jobs Act of 2017?. by : 林筱晴

Download or read book How Does Corporate Tax Avoidance Affect Capital Structure Under the Tax Cuts and Jobs Act of 2017?. written by 林筱晴 and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Capital Structure and Tax Policies in German Family Firms

Author : Martin Wendt
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (116 download)

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Book Synopsis Capital Structure and Tax Policies in German Family Firms by : Martin Wendt

Download or read book Capital Structure and Tax Policies in German Family Firms written by Martin Wendt and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate Tax Avoidance and Debt Policy

Author : Ramesh P. Rao
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Corporate Tax Avoidance and Debt Policy by : Ramesh P. Rao

Download or read book Corporate Tax Avoidance and Debt Policy written by Ramesh P. Rao and published by . This book was released on 2013 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relation between corporate tax avoidance and debt policy using a large sample of firms from 1988 to 2006. We use modified measures of book-tax difference and long-run cash effective tax rate to proxy for tax avoidance. Using both measures we find consistent evidence that tax avoidance is negatively associated with leverage ratio. Further, we find that the substitution of non-debt tax avoidance for debt dissipates for very large, highly profitable firms, and firms with higher credit rating. Our findings are robust to alternative measures of leverage. Consistent with the debt substitution hypothesis, we offer new evidence to show that tax is an important factor in corporate capital structure decisions.

International Double Taxation of Interest

Author : Sandra Martinho Fernandes
Publisher :
ISBN 13 : 9789087225483
Total Pages : 437 pages
Book Rating : 4.2/5 (254 download)

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Book Synopsis International Double Taxation of Interest by : Sandra Martinho Fernandes

Download or read book International Double Taxation of Interest written by Sandra Martinho Fernandes and published by . This book was released on 2019 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Technological Change and Technology Strategy

Author : Robert E. Evenson
Publisher :
ISBN 13 :
Total Pages : 144 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Technological Change and Technology Strategy by : Robert E. Evenson

Download or read book Technological Change and Technology Strategy written by Robert E. Evenson and published by . This book was released on 1994 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theoretical contributions; Technological infrastructure; Technological assets and development; International flows of technology; Technological investment in the private sector; Returns to technological activities; Policy issues.

Determinants and Consequences of Corporate Tax Avoidance

Author : Gerrit M. Lietz
Publisher :
ISBN 13 :
Total Pages : 65 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Determinants and Consequences of Corporate Tax Avoidance by : Gerrit M. Lietz

Download or read book Determinants and Consequences of Corporate Tax Avoidance written by Gerrit M. Lietz and published by . This book was released on 2013 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: I provide a first comprehensive literature survey with an exclusive focus on empirical corporate tax avoidance research. Shackelford and Shevlin [2001] traced the earlier developments of archival, microeconomic-based, empirical income tax research, pointing out a nascent interest for research on the determinants of tax aggressiveness. Nine years later, Hanlon and Heitzman [2010] labeled “corporate tax avoidance” as one of four “main areas” of tax research in accounting. Until and since then, work in this area has grown at a rapid pace and clearly remains a vibrant area of tax research. Hence, the goal of this study is to assist both researchers who are new to this field as well as experienced readers by providing an updated overview of empirical studies investigating firms' efforts to reduce their explicit tax burden. In a first step, the origins of tax avoidance research in the corporate context are briefly summarized. The second section briefly reviews numerous fundamental firm characteristics (e.g. size, capital structure, and asset mix) that have been shown to explain some variation in levels of tax avoidance. Third, the main part of this study is devoted to the discussion of the extensive empirical findings on the determinants and consequences of corporate tax avoidance (e.g. various corporate governance arrangements and alternative firm value implications). Finally, the study concludes with suggestions for future research.

Taxes and Business Strategy

Author : Myron S. Scholes
Publisher :
ISBN 13 : 9781292065571
Total Pages : 528 pages
Book Rating : 4.0/5 (655 download)

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Book Synopsis Taxes and Business Strategy by : Myron S. Scholes

Download or read book Taxes and Business Strategy written by Myron S. Scholes and published by . This book was released on 2015-01-03 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: For MBA students and graduates embarking on careers in investment banking, corporate finance, strategy consulting, money management, or venture capital Through integration with traditional MBA topics, Taxes and Business Strategy, Fifth Edition provides a framework for understanding how taxes affect decision-making, asset prices, equilibrium returns, and the financial and operational structure of firms. Teaching and Learning Experience This program presents a better teaching and learning experience-for you and your students: *Use a text from an active author team: All 5 authors actively teach the tax and business strategy course and provide students with relevant examples from both classroom and real-world consulting experience. *Teach students the practical uses for business strategy: Students learn important concepts that can be applied to their own lives. *Reinforce learning by using in-depth analysis: Analysis and explanatory material help students understand, think about, and retain information.

Capital Structure or Debt Tax Shielding Ratio

Author : Ilse Verschueren
Publisher :
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Capital Structure or Debt Tax Shielding Ratio by : Ilse Verschueren

Download or read book Capital Structure or Debt Tax Shielding Ratio written by Ilse Verschueren and published by . This book was released on 2001 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: So far, the trade-off theory of capital structure has received little empirical support. Berens and Cuny (1995) argue that, as firms can avoid tax payments completely without being fully debt-financed, it would be more appropriate to consider the extent to which firms avoid taxes, their so-called debt tax shielding ratio, rather than their leverage. It could then also be argued that the theoretical determinants of capital structure choice should explain firms' debt tax shielding ratios. I investigate whether the trade-off theory can explain the variance in debt tax shielding by Belgian firms. The results provide only meagre support for the trade-off theory.

Tax Biases to Debt Finance

Author : Ruud A. de Mooij
Publisher : International Monetary Fund
ISBN 13 : 1463935137
Total Pages : 25 pages
Book Rating : 4.4/5 (639 download)

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Book Synopsis Tax Biases to Debt Finance by : Ruud A. de Mooij

Download or read book Tax Biases to Debt Finance written by Ruud A. de Mooij and published by International Monetary Fund. This book was released on 2011-05-03 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

The Routledge Companion to Tax Avoidance Research

Author : Nigar Hashimzade
Publisher : Routledge
ISBN 13 : 1317377079
Total Pages : 676 pages
Book Rating : 4.3/5 (173 download)

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Book Synopsis The Routledge Companion to Tax Avoidance Research by : Nigar Hashimzade

Download or read book The Routledge Companion to Tax Avoidance Research written by Nigar Hashimzade and published by Routledge. This book was released on 2017-10-02 with total page 676 pages. Available in PDF, EPUB and Kindle. Book excerpt: An inherently interdisciplinary subject, tax avoidance has attracted growing interest of scholars in many fields. No longer limited to law and accounting, research increasingly has been conducted from other perspectives, such as anthropology, business ethics, corporate social responsibility, and economic psychology. This was –recently stimulated by politicians, mass media, and the public focussing on tax avoidance after the global financial and economic crisis put a squeeze on private and public finances. New challenges were posed by changing definitions and controversies in the interpretation of tax avoidance concept, as well as a host of new rules and policies that need to be fully understood. This collection provides a comprehensive guide to students and academics on the subjects of tax avoidance from an interdisciplinary perspective, exploring the areas of accounting, law, economics, psychology, and sociology. It covers global as well as regional issues, presents a discussion of the definition, legality, morality, and psychology of tax avoidance, and provides guidance on measurement of economic effect of tax avoidance activities. With a truly international selection of authors from the UK, North America, Africa, Asia, Australasia, Middle East, and continental Europe, with well-known experts and rising stars of the field, the contributors cover the entire terrain of this important topic. The Routledge Companion to Tax Avoidance Research is a ground-breaking attempt to bring together scholarly research in tax avoidance, offering rigorous academic analysis of an important and hotly debated issue in a structured and balanced way.

International Corporate Tax Avoidance: A Review of the Channels, Magnitudes, and Blind Spots

Author : Sebastian Beer
Publisher : International Monetary Fund
ISBN 13 : 148436399X
Total Pages : 45 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis International Corporate Tax Avoidance: A Review of the Channels, Magnitudes, and Blind Spots by : Sebastian Beer

Download or read book International Corporate Tax Avoidance: A Review of the Channels, Magnitudes, and Blind Spots written by Sebastian Beer and published by International Monetary Fund. This book was released on 2018-07-23 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the rapidly growing empirical literature on international tax avoidance by multinational corporations. It surveys evidence on main channels of corporate tax avoidance including transfer mispricing, international debt shifting, treaty shopping, tax deferral and corporate inversions. Moreover, it performs a meta analysis of the extensive literature that estimates the overall size of profit shifting. We find that the literature suggests that, on average, a 1 percentage-point lower corporate tax rate will expand before-tax income by 1 percent—an effect that is larger than reported as the consensus estimate in previous surveys and tends to be increasing over time. The literature on tax avoidance still has several unresolved puzzles and blind spots that require further research.

The Effect of Taxes on Capital Structure

Author : Susan Chaplinsky
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis The Effect of Taxes on Capital Structure by : Susan Chaplinsky

Download or read book The Effect of Taxes on Capital Structure written by Susan Chaplinsky and published by . This book was released on 1987 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Addressing Base Erosion and Profit Shifting

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264192743
Total Pages : 91 pages
Book Rating : 4.2/5 (641 download)

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Book Synopsis Addressing Base Erosion and Profit Shifting by : OECD

Download or read book Addressing Base Erosion and Profit Shifting written by OECD and published by OECD Publishing. This book was released on 2013-02-12 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report presents studies and data available regarding the existence and magnitude of base erosion and profit shifting (BEPS), and contains an overview of global developments that have an impact on corporate tax matters.

Capital Structure and International Debt Shifting

Author :
Publisher :
ISBN 13 : 9783844379679
Total Pages : 0 pages
Book Rating : 4.3/5 (796 download)

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Book Synopsis Capital Structure and International Debt Shifting by :

Download or read book Capital Structure and International Debt Shifting written by and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate Tax Avoidance, Debt Ratio, and Corporate Governance

Author : Hiroshi Onuma
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Corporate Tax Avoidance, Debt Ratio, and Corporate Governance by : Hiroshi Onuma

Download or read book Corporate Tax Avoidance, Debt Ratio, and Corporate Governance written by Hiroshi Onuma and published by . This book was released on 2018 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines whether tax avoidance is associated with corporate debt policy. Specifically, this study investigates the influence of bond investors and financial institutions such as the banks, which are long-term loan owners, on corporate governance (CG) to determine comprehensively the relationship between tax avoidance and debt ratio. Note that, the financial institutions in Japan have a larger role in indirect finance policies, relative to in the European and U.S. financial markets, and that the financial institutions of the other Asian nations seem to take on the same level of responsibility as those of Japan.This study firstly investigates the association between debt ratio and corporate tax avoidance. Secondly, we examine the influence of effectiveness of debt governance on debt ratio and CG. Thirdly, we focus on the representative tools, such as outside directors and auditors for CG and corporate tax avoidance. Finally, we test the influence of the main banks on this effect because, in addition to their monitoring role, main banks also play a significant advisory role and are thus likely to be in a better position to make superior decisions about a firm's optimal debt and capital structure mix.According to the main result of this study, it seems that the debt enhancement effect is more dominant than the debt substitution effect in Japanese firms. When tax avoidance increases, firms' profitability rise. Thus, considering the ability to afford a loan from a financial institution, the firms can borrow more. With regard to interactive effects among CG, debt policy, and tax avoidance, we find the CG of firms strengthens when they carry out tax avoidance. If the outside director ratio increases, then the monitoring function of the debtholders improves due to the enhancement of CG functions, and our result suggests that the financial institutions in Japan achieve an effective monitoring function.

Taxation and Capital Structure

Author : Leora F. Klapper
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Taxation and Capital Structure by : Leora F. Klapper

Download or read book Taxation and Capital Structure written by Leora F. Klapper and published by . This book was released on 2016 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors examine the effects of taxation on financing policy using the corporate tax reform in 2001 in Croatia as a natural experiment. Since the extant literature on tax effects on capital structure studies listed firms in developed countries, it is worth investigating whether the same results apply to privately-held, small and medium size firms in transition economies. The findings provide significant evidence that lower taxes have affected the capital structure of Croatian firms, resulting in increased equity levels and decreased long-term debt levels. The authors also find that smaller and more profitable firms were more likely to reduce their debt levels. These findings are consistent with the trade-off theory of capital structure, which suggests that lower taxes decrease the incentive to hold debt due to decreasing interest tax deductibility.