By John, R Graham
A evaluation of Taxes and company Finance investigates the results of taxation on company finance concentrating on how taxes impact company regulations and enterprise price. a typical subject matter is that tax principles impact company incentives and judgements. A moment emphasis is on learn that describes how taxes impact expenditures and advantages. A overview of Taxes and company Finance explores the a number of avenues for taxes to impact company judgements together with capital constitution judgements, organizational shape and restructurings, payout coverage, reimbursement coverage, hazard administration, and using tax shelters. the writer offers a theoretical framework, empirical predictions, and empirical proof for every of those parts. each one part concludes with a dialogue of unanswered questions and attainable avenues for destiny study. A evaluate of Taxes and company Finance is efficacious examining for researchers and pros in company finance, company governance, public finance and tax coverage.
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Additional info for A Review of Taxes and Corporate Finance
The authors regress interest expense divided by preinterest pre-NDTS income on various variables including tax expense divided by pre-interest income. , interest owed to non-owners and owners, respectively). It is diﬃcult to compare their results to Compusat-based research because Ayers et al. use a diﬀerent dependent variable than most studies, and they delete ﬁrms with a negative value for the dependent variable (which raises statistical issues). 4. Personal taxes aﬀect corporate debt vs. equity policy 27 in response to Myers’ (1984) challenge to show that corporate debt usage is positively aﬀected by tax rates.
In a less direct test of the same incentives, Thomas (1988) ﬁnds time-series evidence that ﬁrms decrease DB contributions when their tax rate is falling, and cross-sectional evidence that high-tax ﬁrms have larger DB funding levels. Clinch and Shibano (1996) study pension reversions, which occur when a ﬁrm terminates an overfunded pension, settles its liabilities, and reverts the excess assets to the ﬁrm, all in one year. The reverted assets are taxable in the reversion year. S. Tax System ﬁrms with the largest tax beneﬁt of reverting do so, and also that ﬁrms time reversion decisions to occur in years with particularly large tax beneﬁts.
An untested implication of their argument is that there should be a large value gain in deals that result in ﬁrms returning capital to investors in any form other than taxable dividends (such as mergers). Research into this area could be informative. Rather than dividend taxes, an alternative argument is that capital gains taxes on future earnings are impounded into share prices. Consider a shareholder in a nondividend-paying ﬁrm and assume that the ﬁrm is expected to pay dividends at some point in the distant future.
A Review of Taxes and Corporate Finance by John, R Graham