The effects of income taxation on entrepreneurial investment: A puzzle?

被引：3

作者：

Fossen, Frank M. ^{[1
,2
]}

Rees, Ray ^{[3
]}

Rostam-Afschar, Davud ^{[4
,5
]}

Steiner, Viktor ^{[6
]}

机构：

[1] Univ Nevada, Dept Econ, Reno, NV 89557 USA

[2] IZA, Bonn, Germany

[3] Ludwig Maximilians Univ Munchen, Fac Econ, CES, Schackstr 4, D-80539 Munich, Germany

[4] Univ Mannheim, D-68131 Mannheim, Germany

[5] Univ Hohenheim, D-70593 Stuttgart, Germany

[6] Free Univ Berlin, Dept Econ, Boltzmannstr 20, D-14195 Berlin, Germany

来源：

INTERNATIONAL TAX AND PUBLIC FINANCE | 2020年 / 27卷 / 06期

关键词：

Taxation; Entrepreneurship; Portfolio choice; Tax sheltering; Investment; PORTFOLIO COMPOSITION; PERSONAL TAXATION; TAXABLE INCOME; COMPARATIVE STATICS; RISK-TAKING; TAX EVASION; CHOICE; ELASTICITY; MODEL; SYSTEM;

D O I：

10.1007/s10797-020-09606-5

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We investigate how personal income taxes affect the portfolio share of personal wealth that entrepreneurs invest in their own business. In a portfolio choice model that allows for tax sheltering, we show that lower tax rates may increase investment in entrepreneurial equity at the intensive margin, but decrease it at the extensive margin. Using German panel data, we identify tax effects on the portfolio shares of six asset classes by exploiting tax and entry regulation reforms. Our results indicate that lower taxes drive out businesses that are viable only due to tax sheltering, but increase investment in productive entrepreneurial businesses.

引用

页码：1321 / 1363

页数：43

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