Taxation and Corporate Financial Policy
نویسنده
چکیده
This paper reviews the theory and evidence regarding the impact of taxation on corporate financial policy. Starting from a basic characterization of the classical corporate income tax and its effects, the analysis focuses on three areas of research: equity policy, debt-equity decisions, and choices regarding ownership structure and organizational form. The discussion stresses the distinction between nominal and more fundamental financial differences for example, in the relationship between borrowing and leasing and that financial policy involves choices not only among different underlying policies but also among characterizations of a given policy. The final section offers some brief reflections on the implications of continuing financial innovation. JEL Classification: H32, G30 Alan J. Auerbach Department of Economics 549 Evans Hall University of California Berkeley, CA 94720-3880 [email protected]
منابع مشابه
An Essay on the Effects of Taxation on the Corporate Financial Policy
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