Mostly Good Robin Hood: Impact of Financial Transaction Tax on Corporate Investment
利用2012年法国金融交易税改革，研究发现该税通过促进长期持股、缓解短期主义，总体上提升了企业资本支出和研发投资，并改善了收购质量。
ABSTRACT Research Question/Issue This paper studies how corporate investments are affected by financial transaction taxes levied on stock trading and explores alternative corporate governance mechanisms behind the effect. Research Findings/Insights Exploiting the 2012 French introduction of a financial transaction tax in a difference‐in‐differences design, I find an overall positive effect of the tax on corporate investments, namely, capital expenditure and R&D. I also find an improvement in investment sensitivity and an increase in likelihood and quality of acquisitions, particularly among firms for which the tax causes a significant shift from short‐term to long‐term ownership. Theoretical/Academic Implications The evidence suggests that a financial transaction tax could have a positive effect on corporate investments by inducing long‐term ownership and alleviating short‐termism. The paper therefore addresses one major concern that the tax would hamper investments by increasing costs of capital or harming other governance mechanisms such as exit threats. Practitioner/Policy Implications This study provides evidence on economic benefits of financial transaction taxes which are relevant to the debate on the tax introduction and design in many countries.