Economics at your fingertips  

Taxation and capital structure choice--Evidence from a panel of German multinationals

Thiess Buettner, Michael Overesch, Ulrich Schreiber and Georg Wamser
Authors registered in the RePEc Author Service: Thiess Büttner

Economics Letters, 2009, vol. 105, issue 3, 309-311

Abstract: 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.

Keywords: Corporate; income; tax; Multinationals; Capital; structure; Internal; debt; Firm-level; data (search for similar items in EconPapers)
Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (64)

Downloads: (external link)
Full text for ScienceDirect subscribers only

Related works:
Working Paper: Taxation and Capital Structure Choice – Evidence from a Panel of German Multinationals (2006) Downloads
Working Paper: Taxation and capital structure choice: evidence from a panel of German multinationals (2006) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this article

Economics Letters is currently edited by Economics Letters Editorial Office

More articles in Economics Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().

Page updated 2024-07-06
Handle: RePEc:eee:ecolet:v:105:y:2009:i:3:p:309-311