The Effect of Risk and Tax Differences on Corporate and Limited Partnership Capital Structure
This paper extends our understanding of capital structure differences across organizational form. We build on existing capital structure literature concerning partnership debt use and suggest that high business risk, in combination with general partner (GP) unlimited liability, explains cross-sectio...
Gespeichert in:
| Veröffentlicht in: | National tax journal 1999-12, Vol.52 (4), p.699-715 |
|---|---|
| Hauptverfasser: | , |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 715 |
|---|---|
| container_issue | 4 |
| container_start_page | 699 |
| container_title | National tax journal |
| container_volume | 52 |
| creator | Omer, Thomas C. Terando, William D. |
| description | This paper extends our understanding of capital structure differences across organizational form. We build on existing capital structure literature concerning partnership debt use and suggest that high business risk, in combination with general partner (GP) unlimited liability, explains cross-sectional differences in corporate and limited partnership (LP) debt levels. We find that when considered concomitantly with the tax explanation, the risk explanation is a significant factor explaining capital structure differences between LPs and corporations. Our contribution to the literature is demonstrating the combined effect of business risk and GP unlimited liability on an LP's capital structure across multiple industry groups. |
| doi_str_mv | 10.1086/NTJ41789425 |
| format | Article |
| fullrecord | <record><control><sourceid>gale_proqu</sourceid><recordid>TN_cdi_proquest_journals_203295259</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><galeid>A58459727</galeid><jstor_id>41789425</jstor_id><sourcerecordid>A58459727</sourcerecordid><originalsourceid>FETCH-LOGICAL-c506t-d2ae930f7ec534816c16e5ef161abfe2250f48eedbc718d8c7a71e3c4e3393cb3</originalsourceid><addsrcrecordid>eNp10dtrFDEUB-AgFrrWPvVZCPokOjXXyeSxrPXG0hZdH2XIZk52s-5OpkkG6n_f1JVeYCWEwMnH75AchE4oOaWkqT9czL8JqhotmHyGJlQLUSmh1HM0IYQ1Vdn8EL1IaU0IoUVO0K_5CvC5c2AzDg5_9-k3Nn2H5-YGf_SlHqG3kHDo8TTEIUST4S-Y-a3P0OErE3MPMa38gKdm8Nls8I8cR5vHCC_RgTObBMf_ziP089P5fPqlml1-_jo9m1VWkjpXHTOgOXEKrOSiobWlNUhwtKZm4YAxSZxoALqFVbTpGquMosCtAM41twt-hF7vcocYrkdIuV2HMfalZcsIZ1oyqQt68z9EORGSMq3JQ9TSbKD1vQs5Grv1ybZnshFSK6YKer8HLaF8hNmEHpwv5ce82sPL6mDr7T7_budtDClFcO0Q_dbEPy0l7d2g20eDLvrtTo925a1ZhiFCSg-Pe2pf7ew65RDvY-_vbwH4NLAu</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>203295259</pqid></control><display><type>article</type><title>The Effect of Risk and Tax Differences on Corporate and Limited Partnership Capital Structure</title><source>Jstor Complete Legacy</source><source>Education Source</source><source>Business Source Complete</source><source>Alma/SFX Local Collection</source><source>Periodicals Index Online</source><creator>Omer, Thomas C. ; Terando, William D.</creator><creatorcontrib>Omer, Thomas C. ; Terando, William D.</creatorcontrib><description>This paper extends our understanding of capital structure differences across organizational form. We build on existing capital structure literature concerning partnership debt use and suggest that high business risk, in combination with general partner (GP) unlimited liability, explains cross-sectional differences in corporate and limited partnership (LP) debt levels. We find that when considered concomitantly with the tax explanation, the risk explanation is a significant factor explaining capital structure differences between LPs and corporations. Our contribution to the literature is demonstrating the combined effect of business risk and GP unlimited liability on an LP's capital structure across multiple industry groups.</description><identifier>ISSN: 0028-0283</identifier><identifier>EISSN: 1944-7477</identifier><identifier>DOI: 10.1086/NTJ41789425</identifier><identifier>CODEN: NTXJAC</identifier><language>eng</language><publisher>Chicago, Ill: National Tax Association</publisher><subject>Business risks ; Business structures ; Capital structure ; Comparative analysis ; Corporate debt ; Corporate taxes ; Corporations ; Costs ; Debt ; Debt financing (Corporations) ; Debt management ; Equity ; Estimated taxes ; Financial liabilities ; General partners ; Influence ; Leverage (Finance) ; Liability ; Market prices ; Master limited partnerships ; Mathematical models ; Natural resources ; Organizational structure ; Partnerships ; Studies ; Tax incentives ; Volatility</subject><ispartof>National tax journal, 1999-12, Vol.52 (4), p.699-715</ispartof><rights>Copyright 1999 National Tax Association—Tax Institute of America</rights><rights>1999 National Tax Association. All rights reserved.</rights><rights>COPYRIGHT 1999 University of Chicago Press</rights><rights>Copyright National Tax Association Dec 1999</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c506t-d2ae930f7ec534816c16e5ef161abfe2250f48eedbc718d8c7a71e3c4e3393cb3</citedby><cites>FETCH-LOGICAL-c506t-d2ae930f7ec534816c16e5ef161abfe2250f48eedbc718d8c7a71e3c4e3393cb3</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/41789425$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.jstor.org/stable/41789425$$EHTML$$P50$$Gjstor$$H</linktohtml><link.rule.ids>314,776,780,799,27848,27903,27904,57995,58228</link.rule.ids></links><search><creatorcontrib>Omer, Thomas C.</creatorcontrib><creatorcontrib>Terando, William D.</creatorcontrib><title>The Effect of Risk and Tax Differences on Corporate and Limited Partnership Capital Structure</title><title>National tax journal</title><description>This paper extends our understanding of capital structure differences across organizational form. We build on existing capital structure literature concerning partnership debt use and suggest that high business risk, in combination with general partner (GP) unlimited liability, explains cross-sectional differences in corporate and limited partnership (LP) debt levels. We find that when considered concomitantly with the tax explanation, the risk explanation is a significant factor explaining capital structure differences between LPs and corporations. Our contribution to the literature is demonstrating the combined effect of business risk and GP unlimited liability on an LP's capital structure across multiple industry groups.</description><subject>Business risks</subject><subject>Business structures</subject><subject>Capital structure</subject><subject>Comparative analysis</subject><subject>Corporate debt</subject><subject>Corporate taxes</subject><subject>Corporations</subject><subject>Costs</subject><subject>Debt</subject><subject>Debt financing (Corporations)</subject><subject>Debt management</subject><subject>Equity</subject><subject>Estimated taxes</subject><subject>Financial liabilities</subject><subject>General partners</subject><subject>Influence</subject><subject>Leverage (Finance)</subject><subject>Liability</subject><subject>Market prices</subject><subject>Master limited partnerships</subject><subject>Mathematical models</subject><subject>Natural resources</subject><subject>Organizational structure</subject><subject>Partnerships</subject><subject>Studies</subject><subject>Tax incentives</subject><subject>Volatility</subject><issn>0028-0283</issn><issn>1944-7477</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>1999</creationdate><recordtype>article</recordtype><sourceid>K30</sourceid><sourceid>8G5</sourceid><sourceid>BENPR</sourceid><sourceid>GUQSH</sourceid><sourceid>M2O</sourceid><recordid>eNp10dtrFDEUB-AgFrrWPvVZCPokOjXXyeSxrPXG0hZdH2XIZk52s-5OpkkG6n_f1JVeYCWEwMnH75AchE4oOaWkqT9czL8JqhotmHyGJlQLUSmh1HM0IYQ1Vdn8EL1IaU0IoUVO0K_5CvC5c2AzDg5_9-k3Nn2H5-YGf_SlHqG3kHDo8TTEIUST4S-Y-a3P0OErE3MPMa38gKdm8Nls8I8cR5vHCC_RgTObBMf_ziP089P5fPqlml1-_jo9m1VWkjpXHTOgOXEKrOSiobWlNUhwtKZm4YAxSZxoALqFVbTpGquMosCtAM41twt-hF7vcocYrkdIuV2HMfalZcsIZ1oyqQt68z9EORGSMq3JQ9TSbKD1vQs5Grv1ybZnshFSK6YKer8HLaF8hNmEHpwv5ce82sPL6mDr7T7_budtDClFcO0Q_dbEPy0l7d2g20eDLvrtTo925a1ZhiFCSg-Pe2pf7ew65RDvY-_vbwH4NLAu</recordid><startdate>19991201</startdate><enddate>19991201</enddate><creator>Omer, Thomas C.</creator><creator>Terando, William D.</creator><general>National Tax Association</general><general>The University of Chicago Press</general><general>University of Chicago Press</general><scope>AAYXX</scope><scope>CITATION</scope><scope>ILT</scope><scope>GHXMH</scope><scope>GPCCI</scope><scope>IOIBA</scope><scope>JVXPA</scope><scope>K30</scope><scope>PAAUG</scope><scope>PAWHS</scope><scope>PAWZZ</scope><scope>PAXOH</scope><scope>PBHAV</scope><scope>PBQSW</scope><scope>PBYQZ</scope><scope>PCIWU</scope><scope>PCMID</scope><scope>PCZJX</scope><scope>PDGRG</scope><scope>PDWWI</scope><scope>PETMR</scope><scope>PFVGT</scope><scope>PGXDX</scope><scope>PIHIL</scope><scope>PISVA</scope><scope>PJCTQ</scope><scope>PJTMS</scope><scope>PLCHJ</scope><scope>PMHAD</scope><scope>PNQDJ</scope><scope>POUND</scope><scope>PPLAD</scope><scope>PQAPC</scope><scope>PQCAN</scope><scope>PQCMW</scope><scope>PQEME</scope><scope>PQHKH</scope><scope>PQMID</scope><scope>PQNCT</scope><scope>PQNET</scope><scope>PQSCT</scope><scope>PQSET</scope><scope>PSVJG</scope><scope>PVMQY</scope><scope>PZGFC</scope><scope>0U~</scope><scope>1-H</scope><scope>3V.</scope><scope>7WY</scope><scope>7WZ</scope><scope>7X1</scope><scope>7XB</scope><scope>87Z</scope><scope>88C</scope><scope>8A9</scope><scope>8AO</scope><scope>8BJ</scope><scope>8FI</scope><scope>8FJ</scope><scope>8FK</scope><scope>8FL</scope><scope>8G5</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>ANIOZ</scope><scope>AZQEC</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FQK</scope><scope>FRAZJ</scope><scope>FRNLG</scope><scope>FYUFA</scope><scope>F~G</scope><scope>GHDGH</scope><scope>GNUQQ</scope><scope>GUQSH</scope><scope>JBE</scope><scope>K60</scope><scope>K6~</scope><scope>L.-</scope><scope>L.0</scope><scope>M0C</scope><scope>M0T</scope><scope>M2O</scope><scope>MBDVC</scope><scope>PADUT</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>PRINS</scope><scope>PYYUZ</scope><scope>Q9U</scope><scope>S0X</scope></search><sort><creationdate>19991201</creationdate><title>The Effect of Risk and Tax Differences on Corporate and Limited Partnership Capital Structure</title><author>Omer, Thomas C. ; Terando, William D.</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c506t-d2ae930f7ec534816c16e5ef161abfe2250f48eedbc718d8c7a71e3c4e3393cb3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>1999</creationdate><topic>Business risks</topic><topic>Business structures</topic><topic>Capital structure</topic><topic>Comparative analysis</topic><topic>Corporate debt</topic><topic>Corporate taxes</topic><topic>Corporations</topic><topic>Costs</topic><topic>Debt</topic><topic>Debt financing (Corporations)</topic><topic>Debt management</topic><topic>Equity</topic><topic>Estimated taxes</topic><topic>Financial liabilities</topic><topic>General partners</topic><topic>Influence</topic><topic>Leverage (Finance)</topic><topic>Liability</topic><topic>Market prices</topic><topic>Master limited partnerships</topic><topic>Mathematical models</topic><topic>Natural resources</topic><topic>Organizational structure</topic><topic>Partnerships</topic><topic>Studies</topic><topic>Tax incentives</topic><topic>Volatility</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Omer, Thomas C.</creatorcontrib><creatorcontrib>Terando, William D.</creatorcontrib><collection>CrossRef</collection><collection>Gale OneFile: LegalTrac</collection><collection>Periodicals Index Online Segment 09</collection><collection>Periodicals Index Online Segment 10</collection><collection>Periodicals Index Online Segment 29</collection><collection>Periodicals Index Online Segment 38</collection><collection>Periodicals Index Online</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - West</collection><collection>Primary Sources Access (Plan D) - International</collection><collection>Primary Sources Access & Build (Plan A) - MEA</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Midwest</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Northeast</collection><collection>Primary Sources Access (Plan D) - Southeast</collection><collection>Primary Sources Access (Plan D) - North Central</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Southeast</collection><collection>Primary Sources Access (Plan D) - South Central</collection><collection>Primary Sources Access & Build (Plan A) - UK / I</collection><collection>Primary Sources Access (Plan D) - Canada</collection><collection>Primary Sources Access (Plan D) - EMEALA</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - North Central</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - South Central</collection><collection>Primary Sources Access & Build (Plan A) - International</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - International</collection><collection>Primary Sources Access (Plan D) - West</collection><collection>Periodicals Index Online Segments 1-50</collection><collection>Primary Sources Access (Plan D) - APAC</collection><collection>Primary Sources Access (Plan D) - Midwest</collection><collection>Primary Sources Access (Plan D) - MEA</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - Canada</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - UK / I</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - EMEALA</collection><collection>Primary Sources Access & Build (Plan A) - APAC</collection><collection>Primary Sources Access & Build (Plan A) - Canada</collection><collection>Primary Sources Access & Build (Plan A) - West</collection><collection>Primary Sources Access & Build (Plan A) - EMEALA</collection><collection>Primary Sources Access (Plan D) - Northeast</collection><collection>Primary Sources Access & Build (Plan A) - Midwest</collection><collection>Primary Sources Access & Build (Plan A) - North Central</collection><collection>Primary Sources Access & Build (Plan A) - Northeast</collection><collection>Primary Sources Access & Build (Plan A) - South Central</collection><collection>Primary Sources Access & Build (Plan A) - Southeast</collection><collection>Primary Sources Access (Plan D) - UK / I</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - APAC</collection><collection>Primary Sources Access—Foundation Edition (Plan E) - MEA</collection><collection>Global News & ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>ProQuest Central (Corporate)</collection><collection>ABI/INFORM Collection</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>Accounting & Tax Database</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Global (Alumni Edition)</collection><collection>Healthcare Administration Database (Alumni)</collection><collection>Accounting & Tax Database (Alumni Edition)</collection><collection>ProQuest Pharma Collection</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>Hospital Premium Collection</collection><collection>Hospital Premium Collection (Alumni Edition)</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>Research Library (Alumni Edition)</collection><collection>ProQuest Central (Alumni Edition)</collection><collection>ProQuest Central UK/Ireland</collection><collection>Accounting, Tax & Banking Collection</collection><collection>ProQuest Central Essentials</collection><collection>ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central Korea</collection><collection>International Bibliography of the Social Sciences</collection><collection>Accounting, Tax & Banking Collection (Alumni)</collection><collection>Business Premium Collection (Alumni)</collection><collection>Health Research Premium Collection</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>Health Research Premium Collection (Alumni)</collection><collection>ProQuest Central Student</collection><collection>Research Library Prep</collection><collection>International Bibliography of the Social Sciences</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Professional Standard</collection><collection>ABI/INFORM Global</collection><collection>Healthcare Administration Database</collection><collection>Research Library</collection><collection>Research Library (Corporate)</collection><collection>Research Library China</collection><collection>ProQuest One Business</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central China</collection><collection>ABI/INFORM Collection China</collection><collection>ProQuest Central Basic</collection><collection>SIRS Editorial</collection><jtitle>National tax journal</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Omer, Thomas C.</au><au>Terando, William D.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>The Effect of Risk and Tax Differences on Corporate and Limited Partnership Capital Structure</atitle><jtitle>National tax journal</jtitle><date>1999-12-01</date><risdate>1999</risdate><volume>52</volume><issue>4</issue><spage>699</spage><epage>715</epage><pages>699-715</pages><issn>0028-0283</issn><eissn>1944-7477</eissn><coden>NTXJAC</coden><abstract>This paper extends our understanding of capital structure differences across organizational form. We build on existing capital structure literature concerning partnership debt use and suggest that high business risk, in combination with general partner (GP) unlimited liability, explains cross-sectional differences in corporate and limited partnership (LP) debt levels. We find that when considered concomitantly with the tax explanation, the risk explanation is a significant factor explaining capital structure differences between LPs and corporations. Our contribution to the literature is demonstrating the combined effect of business risk and GP unlimited liability on an LP's capital structure across multiple industry groups.</abstract><cop>Chicago, Ill</cop><pub>National Tax Association</pub><doi>10.1086/NTJ41789425</doi><tpages>17</tpages></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0028-0283 |
| ispartof | National tax journal, 1999-12, Vol.52 (4), p.699-715 |
| issn | 0028-0283 1944-7477 |
| language | eng |
| recordid | cdi_proquest_journals_203295259 |
| source | Jstor Complete Legacy; Education Source; Business Source Complete; Alma/SFX Local Collection; Periodicals Index Online |
| subjects | Business risks Business structures Capital structure Comparative analysis Corporate debt Corporate taxes Corporations Costs Debt Debt financing (Corporations) Debt management Equity Estimated taxes Financial liabilities General partners Influence Leverage (Finance) Liability Market prices Master limited partnerships Mathematical models Natural resources Organizational structure Partnerships Studies Tax incentives Volatility |
| title | The Effect of Risk and Tax Differences on Corporate and Limited Partnership Capital Structure |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-27T15%3A05%3A46IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-gale_proqu&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=The%20Effect%20of%20Risk%20and%20Tax%20Differences%20on%20Corporate%20and%20Limited%20Partnership%20Capital%20Structure&rft.jtitle=National%20tax%20journal&rft.au=Omer,%20Thomas%20C.&rft.date=1999-12-01&rft.volume=52&rft.issue=4&rft.spage=699&rft.epage=715&rft.pages=699-715&rft.issn=0028-0283&rft.eissn=1944-7477&rft.coden=NTXJAC&rft_id=info:doi/10.1086/NTJ41789425&rft_dat=%3Cgale_proqu%3EA58459727%3C/gale_proqu%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=203295259&rft_id=info:pmid/&rft_galeid=A58459727&rft_jstor_id=41789425&rfr_iscdi=true |