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
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
收藏
页码:715 / 735
页数:21
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