{"id":116064,"date":"2024-01-22T19:52:05","date_gmt":"2024-01-22T18:52:05","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/116064\/"},"modified":"2024-11-07T04:35:38","modified_gmt":"2024-11-07T03:35:38","slug":"koerperschaftsbesteuerung-und-unternehmensverschuldung-evidenz-aus-einem-europaeischen-firmenpanel","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/116064\/","title":{"rendered":"Capital Structure and Corporate Taxation. Empirical Evidence from European Panel Data"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-116064","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"This paper analyses the impact of corporate taxation on a firm's debt policy. We contribute to the existing literature in two ways: 1. we incorporate firm heterogeneity with respect to firm size and legal form, 2. we explicitly model persistence in the debt-to-asset ratio. Econometrically this implies the use of dynamic panel data econometrics. We employ a panel of about 110,000 firms from 22 EU countries between 1999 and 2007. In line with theoretical expectations, we find that the debt ratio is positively affected by the statutory corporate income tax rate. Additionally, we find that capital structures exhibit a substantial degree of persistence over time. Finally, our empirical results show that large firms react more sensitively to the incentives of corporate taxation, while this effect is considerably smaller for stock companies.","onlinedate":"2012-02-01 01:00:00","lang":"German","publication_series":"","publication_date":"20120201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"22","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":343142,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"422","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44410],"research_groups":[3481,3491],"collaboration":"","persons":[14823,4973],"persons_data":"[{\"personId\":14823,\"personName\":\"Matthias St\u00f6ckl\",\"organisationNames\":[]},{\"personId\":4973,\"personName\":\"Hannes Winner\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\">St\u00f6ckl, M.<span>, &amp; Winner, H.<\\\/span> (2012). <span>K\u00f6rperschaftsbesteuerung und Unternehmensverschuldung. Evidenz aus einem europ\u00e4ischen Firmenpanel<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (422). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/43693\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/43693<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\">St\u00f6ckl M<span>, Winner H<\\\/span>. <span class=\\\"title\\\"><span>K\u00f6rperschaftsbesteuerung und Unternehmensverschuldung. Evidenz aus einem europ\u00e4ischen Firmenpanel<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2012 Feb;(422).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{ae0d173a7d0a4389975e4d67dc0745c6,<\\\/div><div>  title    = \\\"K{\\\\\\\"o}rperschaftsbesteuerung und Unternehmensverschuldung. Evidenz aus einem europ{\\\\\\\"a}ischen Firmenpanel\\\",<\\\/div><div>  abstract = \\\"Die vorliegende Arbeit untersucht anhand von europ{\\\\\\\"a}ischen Unternehmensdaten den Einfluss der K{\\\\\\\"o}rperschaftsteuer auf die Unternehmensverschuldung. Der Datensatz enth{\\\\\\\"a}lt Bilanzinformationen von 110.620 Unternehmen aus 22 EU-L{\\\\\\\"a}ndern im Zeitraum 1999\\\/2007. Die {\\\\\\\"o}konometrische Sch{\\\\\\\"a}tzung eines dynamischen Panels mit fixen Unternehmens- und Zeiteffekten erlaubt die Ber{\\\\\\\"u}cksichtigung einer m{\\\\\\\"o}glichen Persistenz von Finanzierungsentscheidungen. Im Einklang mit den theoretischen Erwartungen zeigt sich ein signifikant positiver Zusammenhang zwischen der H{\\\\\\\"o}he des K{\\\\\\\"o}rperschaftsteuersatzes und der Fremdkapitalquote. Gro{\\\\ss}e Unternehmen reagieren st{\\\\\\\"a}rker, Aktiengesellschaften hingegen schw{\\\\\\\"a}cher auf Anreize der Unternehmensbesteuerung.\\\",<\\\/div><div>  author   = \\\"Matthias St{\\\\\\\"o}ckl and Hannes Winner\\\",<\\\/div><div>  year     = \\\"2012\\\",<\\\/div><div>  month    = feb,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  journal  = \\\"WIFO Working Papers\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - K\u00f6rperschaftsbesteuerung und Unternehmensverschuldung. Evidenz aus einem europ\u00e4ischen Firmenpanel<\\\/p><p>AU  - St\u00f6ckl, Matthias<\\\/p><p>AU  - Winner, Hannes<\\\/p><p>PY  - 2012\\\/2<\\\/p><p>Y1  - 2012\\\/2<\\\/p><p>N2  - Die vorliegende Arbeit untersucht anhand von europ\u00e4ischen Unternehmensdaten den Einfluss der K\u00f6rperschaftsteuer auf die Unternehmensverschuldung. Der Datensatz enth\u00e4lt Bilanzinformationen von 110.620 Unternehmen aus 22 EU-L\u00e4ndern im Zeitraum 1999\\\/2007. Die \u00f6konometrische Sch\u00e4tzung eines dynamischen Panels mit fixen Unternehmens- und Zeiteffekten erlaubt die Ber\u00fccksichtigung einer m\u00f6glichen Persistenz von Finanzierungsentscheidungen. Im Einklang mit den theoretischen Erwartungen zeigt sich ein signifikant positiver Zusammenhang zwischen der H\u00f6he des K\u00f6rperschaftsteuersatzes und der Fremdkapitalquote. Gro\u00dfe Unternehmen reagieren st\u00e4rker, Aktiengesellschaften hingegen schw\u00e4cher auf Anreize der Unternehmensbesteuerung.<\\\/p><p>AB  - Die vorliegende Arbeit untersucht anhand von europ\u00e4ischen Unternehmensdaten den Einfluss der K\u00f6rperschaftsteuer auf die Unternehmensverschuldung. Der Datensatz enth\u00e4lt Bilanzinformationen von 110.620 Unternehmen aus 22 EU-L\u00e4ndern im Zeitraum 1999\\\/2007. Die \u00f6konometrische Sch\u00e4tzung eines dynamischen Panels mit fixen Unternehmens- und Zeiteffekten erlaubt die Ber\u00fccksichtigung einer m\u00f6glichen Persistenz von Finanzierungsentscheidungen. Im Einklang mit den theoretischen Erwartungen zeigt sich ein signifikant positiver Zusammenhang zwischen der H\u00f6he des K\u00f6rperschaftsteuersatzes und der Fremdkapitalquote. Gro\u00dfe Unternehmen reagieren st\u00e4rker, Aktiengesellschaften hingegen schw\u00e4cher auf Anreize der Unternehmensbesteuerung.<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>JO  - WIFO Working Papers<\\\/p><p>JF  - WIFO Working Papers<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.3 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Capital Structure and Corporate Taxation. 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