A trade-off theory of ownership and capital structure

被引：11

作者：

Nicodano, Giovanna ^{[1
,2
,3
]}

Regis, Luca ^{[4
]}

机构：

[1] Univ Torino, Coll Carlo Alberto, Piazza Arbarello 8, I-10100 Turin, Italy

[2] Univ Torino, ESOMAS, Piazza Arbarello 8, I-10100 Turin, Italy

[3] ECGI, Piazza Arbarello 8, I-10100 Turin, Italy

[4] Univ Siena, Dept Econ & Stat, Piazza San Francesco 7-8, I-53100 Siena, Italy

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2019年 / 131卷 / 03期

关键词：

Ownership; Leverage; Taxes; Thin capitalization; Groups; CORPORATE-OWNERSHIP; BUSINESS GROUPS; BUYOUTS; MODEL; DIVIDENDS; SPINOFFS; TAXATION; MERGERS; TAXES; FIRMS;

D O I：

10.1016/j.jfineco.2018.09.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper determines the optimal ownership share held by a unit into a second unit when both face a tax-bankruptcy trade-off. Full ownership is optimal when the first unit has positive debt, because dividends help avoid its default. Positive debt is, in turn, optimal when its corporate tax rate exceeds a threshold, and/or thin capitalization rules place an upper limit on the debt level in the second unit, and/or the Volcker Rule bans bailout transfers to the second unit. Full ownership is no longer optimal only if there is a tax on intercorporate dividend. This theory rationalizes observations on multinationals, financial conglomerates, and family groups. (C) 2018 Elsevier B.V. All rights reserved.

引用

页码：715 / 735

页数：21

共 50 条

[1] Testing the Trade-off Theory of Capital Structure
Howe, John S.
Jain, Ravi
[J]. REVIEW OF BUSINESS, 2010, 31 (01): : 54 - 67
[2] An alternative test of the trade-off theory of capital structure
Canarella, Giorgio
Nourayi, Mahmoud
Sullivan, Michael J.
[J]. CONTEMPORARY ECONOMICS, 2014, 8 (04) : 365 - 385
[3] Horses and rabbits? Trade-off theory and optimal capital structure
Ju, NJ
Parrino, R
Poteshman, AM
Weisbach, MS
[J]. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2005, 40 (02) : 259 - 281
[4] Capital Structure and Trade-Off Theory: Evidence from Vietnam
Bui Thanh Khoa
Duy Tung Thai
[J]. JOURNAL OF ASIAN FINANCE ECONOMICS AND BUSINESS, 2021, 8 (01): : 45 - 52
[5] On a trade-off in the evolution of ownership
Haruki, Miyashita
[J]. ECONOMICS BULLETIN, 2018, 38 (03): : 1257 - 1260
[6] SMEs capital structure: trade-off or pecking order theory: a systematic review
Martinez, Lisana B.
Scherger, Valeria
Belen Guercio, M.
[J]. JOURNAL OF SMALL BUSINESS AND ENTERPRISE DEVELOPMENT, 2019, 26 (01) : 105 - 132
[7] TRADE-OFF THEORY
CAMPBELL, DE
KELLY, JS
[J]. AMERICAN ECONOMIC REVIEW, 1994, 84 (02): : 422 - 426
[8] Pecking Order Theory versus Trade-Off Theory: are service SMEs' capital structure decisions different?
Serrasqueiro, Zelia Silva
Armada, Manuel Rocha
Nunes, Paulo Macas
[J]. SERVICE BUSINESS, 2011, 5 (04) : 381 - 409
[9] Pecking Order Theory versus Trade-Off Theory: are service SMEs’ capital structure decisions different?
Zélia Silva Serrasqueiro
Manuel Rocha Armada
Paulo Maçãs Nunes
[J]. Service Business, 2011, 5 : 381 - 409
[10] Trade-Off Theory versus Pecking Order Theory: capital structure decisions in a peripheral region of Portugal
Serrasqueiro, Zelia
Caetano, Ana
[J]. JOURNAL OF BUSINESS ECONOMICS AND MANAGEMENT, 2015, 16 (02) : 445 - 466

← 1 2 3 4 5 →