Taxation and capital structure choice—Evidence from a panel of German multinationals
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 deb...
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| Veröffentlicht in: | Economics letters 2009-12, Vol.105 (3), p.309-311 |
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| container_end_page | 311 |
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| container_issue | 3 |
| container_start_page | 309 |
| container_title | Economics letters |
| container_volume | 105 |
| creator | Buettner, Thiess Overesch, Michael Schreiber, Ulrich Wamser, Georg |
| description | 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. |
| doi_str_mv | 10.1016/j.econlet.2009.09.001 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0165-1765 |
| ispartof | Economics letters, 2009-12, Vol.105 (3), p.309-311 |
| issn | 0165-1765 1873-7374 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_37231072 |
| source | RePEc; Access via ScienceDirect (Elsevier) |
| subjects | Capital structure Corporate debt Corporate income tax Corporate income tax Multinationals Capital structure Internal debt Firm-level data Corporate taxation Firm-level data Germany Internal debt Multinational enterprises Multinationals |
| title | Taxation and capital structure choice—Evidence from a panel of German multinationals |
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