Taxation and Capital Structure Choice: The Role of Ownership
利用欧洲企业数据，研究发现公司税率提高会正向影响债务比率，且这种效应在股权集中度高的企业中更强，所有权结构是重要调节因素。
Abstract Applying firm fixed‐effects estimations to European firm‐level data, I analyze how ownership structure affects the relationship between taxation and capital structure. I find that an increase in the corporate tax rate affects the debt‐to‐assets ratio positively, and that this effect is stronger for firms with concentrated ownership. These results hold independently of whether firms are standalone or subsidiaries, and are also valid if subsidiaries are divided into those that are foreign‐owned and those domestically owned. Lastly, ownership plays a role even when controlling for other potentially important determinants of the relation between corporate taxation and capital structure.