The Effect of Succession Taxes on Family Firm Investment: Evidence from a Natural Experiment
利用希腊2002年继承税改革这一自然实验，发现继承税导致家族企业继承前后投资下降超40%，并影响企业出售或保留在家族内的决策。
ABSTRACT This paper provides causal evidence on the impact of succession taxes on firm investment decisions and transfer of control. Using a 2002 policy change in Greece that substantially reduced the tax on intrafamily transfers of businesses, I show that succession taxes lead to a more than 40% decline in investment around family successions, slow sales growth, and a depletion of cash reserves. Furthermore, succession taxes strongly affect the decision to sell or retain the firm within the family. I conclude by discussing implications of my findings for firms in the United States and Europe.