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The impact of ACE on investment: the Italian case

Alessandro Zeli ()
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Alessandro Zeli: ISTAT, Italian Institute of Statistics

Economia Politica: Journal of Analytical and Institutional Economics, 2018, vol. 35, issue 3, 741-762

Abstract: Abstract An ACE tax relief was introduced in Italy in 2011; this paper is focused on its impact on firms’ investment expenses. So far studies on ACE are mainly focused on the impact of ACE on corporate finance and balancing the fiscal bias towards the debt financing. However it is important to analyze the impact of ACE also on firms’ performance indicators such as investments. We utilize a balanced panel spanning from 2007 to 2013 to estimate a DiD model. Our findings confirm a positive impact of ACE on investment and the effect on cash flow is larger for small firms than for large firms.

Keywords: ACE; Investment incentives; Panel data; DiD model (search for similar items in EconPapers)
JEL-codes: H25 H32 C22 (search for similar items in EconPapers)
Date: 2018
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