메뉴 건너뛰기




Volumn 88, Issue 1, 2008, Pages 80-118

Capital structure and international debt shifting

Author keywords

Corporate taxation; Debt shifting; Financial structure

Indexed keywords


EID: 42149119756     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2007.05.006     Document Type: Article
Times cited : (262)

References (39)
  • 1
    • 0041152114 scopus 로고    scopus 로고
    • A theory of dividends based on tax clienteles
    • Allen F., Bernardo A., and Welch I. A theory of dividends based on tax clienteles. Journal of Finance 55 (2000) 2499-2536
    • (2000) Journal of Finance , vol.55 , pp. 2499-2536
    • Allen, F.1    Bernardo, A.2    Welch, I.3
  • 2
    • 66049131570 scopus 로고    scopus 로고
    • Payout policy
    • Constantinides G., Harris M., and Stulz R. (Eds), Elsevier, Amsterdam, North-Holland
    • Allen F., and Michaely R. Payout policy. In: Constantinides G., Harris M., and Stulz R. (Eds). Handbook of the Economics of Finance (2003), Elsevier, Amsterdam, North-Holland 337-429
    • (2003) Handbook of the Economics of Finance , pp. 337-429
    • Allen, F.1    Michaely, R.2
  • 3
    • 0037210171 scopus 로고    scopus 로고
    • Taxes, repatriation strategies and multinational financial policy
    • Altshuler R., and Grubert H. Taxes, repatriation strategies and multinational financial policy. Journal of Public Economics 87 (2003) 73-107
    • (2003) Journal of Public Economics , vol.87 , pp. 73-107
    • Altshuler, R.1    Grubert, H.2
  • 4
    • 0041871018 scopus 로고    scopus 로고
    • The effect of taxes on corporate financing decisions: evidence from a panel of Italian firms
    • Alworth J., and Arachi G. The effect of taxes on corporate financing decisions: evidence from a panel of Italian firms. International Tax and Public Finance 8 (2001) 353-376
    • (2001) International Tax and Public Finance , vol.8 , pp. 353-376
    • Alworth, J.1    Arachi, G.2
  • 5
    • 0002425221 scopus 로고
    • Dividends, taxes, and common stock prices
    • Barclay M. Dividends, taxes, and common stock prices. Journal of Financial Economics 19 (1987) 31-44
    • (1987) Journal of Financial Economics , vol.19 , pp. 31-44
    • Barclay, M.1
  • 7
    • 26444595536 scopus 로고    scopus 로고
    • Dividend taxes and corporate behavior: Evidence from the 2003 dividend tax cut
    • Chetty R., and Saez E. Dividend taxes and corporate behavior: Evidence from the 2003 dividend tax cut. Quarterly Journal of Economics 120 (2005) 791-833
    • (2005) Quarterly Journal of Economics , vol.120 , pp. 791-833
    • Chetty, R.1    Saez, E.2
  • 8
    • 21144471842 scopus 로고
    • Foreign tax credit limitations and preferred stock issuances
    • Collins J., and Shackelford D. Foreign tax credit limitations and preferred stock issuances. Journal of Accounting Research 30 (1992) 103-124
    • (1992) Journal of Accounting Research , vol.30 , pp. 103-124
    • Collins, J.1    Shackelford, D.2
  • 9
    • 0031574509 scopus 로고    scopus 로고
    • Global organization and taxes: An analysis of the dividend, interest, royalty, and management fee payments between US multinationals' foreign affiliates
    • Collins J., and Shackelford D. Global organization and taxes: An analysis of the dividend, interest, royalty, and management fee payments between US multinationals' foreign affiliates. Journal of Accounting and Economics 24 (1997) 151-173
    • (1997) Journal of Accounting and Economics , vol.24 , pp. 151-173
    • Collins, J.1    Shackelford, D.2
  • 10
    • 37649023213 scopus 로고
    • Optimal capital structure under corporate and personal taxation
    • DeAngelo H., and Masulis R. Optimal capital structure under corporate and personal taxation. Journal of Financial Economics 8 (1980) 3-29
    • (1980) Journal of Financial Economics , vol.8 , pp. 3-29
    • DeAngelo, H.1    Masulis, R.2
  • 11
    • 10944260107 scopus 로고    scopus 로고
    • A multinational perspective on capital structure choice and internal capital markets
    • Desai M., Foley C., and Hines J. A multinational perspective on capital structure choice and internal capital markets. Journal of Finance 59 (2004) 2451-2488
    • (2004) Journal of Finance , vol.59 , pp. 2451-2488
    • Desai, M.1    Foley, C.2    Hines, J.3
  • 13
    • 0001956457 scopus 로고
    • Marginal stockholder tax rates and the clientele effect
    • Elton E., and Gruber M. Marginal stockholder tax rates and the clientele effect. Review of Economics and Statistics 52 (1970) 68-74
    • (1970) Review of Economics and Statistics , vol.52 , pp. 68-74
    • Elton, E.1    Gruber, M.2
  • 14
    • 0010095062 scopus 로고
    • Interest allocation rules, financing patterns, and the operation of US multinationals
    • Feldstein M., Hines J., and Hubbard R. (Eds), University of Chicago Press, Chicago
    • Froot K., and Hines J. Interest allocation rules, financing patterns, and the operation of US multinationals. In: Feldstein M., Hines J., and Hubbard R. (Eds). The Effect of Taxation on Multinational Corporations (1995), University of Chicago Press, Chicago 277-307
    • (1995) The Effect of Taxation on Multinational Corporations , pp. 277-307
    • Froot, K.1    Hines, J.2
  • 15
    • 0041849687 scopus 로고    scopus 로고
    • Do taxes affect corporate debt policy? Evidence from US corporate tax return data
    • Gordon R., and Lee Y. Do taxes affect corporate debt policy? Evidence from US corporate tax return data. Journal of Public Economics 82 (2001) 195-224
    • (2001) Journal of Public Economics , vol.82 , pp. 195-224
    • Gordon, R.1    Lee, Y.2
  • 16
    • 0040362553 scopus 로고    scopus 로고
    • How big are the tax benefits of debt?
    • Graham J. How big are the tax benefits of debt?. Journal of Finance 55 (2000) 1901-1941
    • (2000) Journal of Finance , vol.55 , pp. 1901-1941
    • Graham, J.1
  • 17
    • 0011308259 scopus 로고    scopus 로고
    • Taxes and the division of foreign operating income among royalties, interest, dividends and retained earnings
    • Grubert H. Taxes and the division of foreign operating income among royalties, interest, dividends and retained earnings. Journal of Public Economics 68 (1998) 269-290
    • (1998) Journal of Public Economics , vol.68 , pp. 269-290
    • Grubert, H.1
  • 18
    • 84977721089 scopus 로고
    • The theory of capital structure
    • Harris M., and Raviv A. The theory of capital structure. Journal of Finance 46 (1991) 297-355
    • (1991) Journal of Finance , vol.46 , pp. 297-355
    • Harris, M.1    Raviv, A.2
  • 19
    • 0003029091 scopus 로고
    • Coming home to America: dividend repatriations by US multinationals
    • Razin A., and Slemrod J. (Eds), University of Chicago, Chicago
    • Hines J., and Hubbard R. Coming home to America: dividend repatriations by US multinationals. In: Razin A., and Slemrod J. (Eds). Taxation and the Global Economy (1990), University of Chicago, Chicago 161-200
    • (1990) Taxation and the Global Economy , pp. 161-200
    • Hines, J.1    Hubbard, R.2
  • 20
    • 1342328696 scopus 로고    scopus 로고
    • Determinants of target capital structures: the case of dual debt and equity issues
    • Hovakimian A., Hovakimian G., and Tehranian H. Determinants of target capital structures: the case of dual debt and equity issues. Journal of Financial Economics 71 (2004) 517-540
    • (2004) Journal of Financial Economics , vol.71 , pp. 517-540
    • Hovakimian, A.1    Hovakimian, G.2    Tehranian, H.3
  • 21
    • 0040027275 scopus 로고    scopus 로고
    • Tax reforms, debt shifting and tax revenues: multinational corporations in Canada
    • Jog V., and Tang J. Tax reforms, debt shifting and tax revenues: multinational corporations in Canada. International Tax and Finance 8 (2001) 5-25
    • (2001) International Tax and Finance , vol.8 , pp. 5-25
    • Jog, V.1    Tang, J.2
  • 22
    • 42149172332 scopus 로고    scopus 로고
    • Kolasinski, A., 2006. Subsidiary debt, capital structure, and internal capital markets. Ph.D. Thesis, MIT (Chapter 1).
    • Kolasinski, A., 2006. Subsidiary debt, capital structure, and internal capital markets. Ph.D. Thesis, MIT (Chapter 1).
  • 23
    • 76649090844 scopus 로고
    • Do taxes affect corporate financing decisions?
    • MacKie-Mason J. Do taxes affect corporate financing decisions?. Journal of Finance 45 (1990) 1471-1493
    • (1990) Journal of Finance , vol.45 , pp. 1471-1493
    • MacKie-Mason, J.1
  • 24
    • 84977732954 scopus 로고
    • Ex-dividend day stock price behavior: the case of the 1986 Tax Reform Act
    • Michaely R. Ex-dividend day stock price behavior: the case of the 1986 Tax Reform Act. Journal of Finance 46 (1991) 845-859
    • (1991) Journal of Finance , vol.46 , pp. 845-859
    • Michaely, R.1
  • 25
    • 84944072660 scopus 로고
    • Debt and taxes
    • Miller M. Debt and taxes. Journal of Finance 32 (1977) 261-275
    • (1977) Journal of Finance , vol.32 , pp. 261-275
    • Miller, M.1
  • 26
    • 2442606577 scopus 로고    scopus 로고
    • Do foreign multinationals' tax incentives influence their US income reporting and debt policy?
    • Mills L., and Newberry K. Do foreign multinationals' tax incentives influence their US income reporting and debt policy?. National Tax Journal 57 (2004) 89-107
    • (2004) National Tax Journal , vol.57 , pp. 89-107
    • Mills, L.1    Newberry, K.2
  • 27
    • 42149165470 scopus 로고    scopus 로고
    • Mintz, J., Weichenrieder, A., 2005. Taxation and the financial structure of German outbound FDI. CESifo Working Paper 1612.
    • Mintz, J., Weichenrieder, A., 2005. Taxation and the financial structure of German outbound FDI. CESifo Working Paper 1612.
  • 28
    • 0000294096 scopus 로고
    • The cost of capital, corporation finance, and the theory of investment
    • Modigliani F., and Miller M. The cost of capital, corporation finance, and the theory of investment. American Economic Review 53 (1958) 433-443
    • (1958) American Economic Review , vol.53 , pp. 433-443
    • Modigliani, F.1    Miller, M.2
  • 29
    • 42149085027 scopus 로고    scopus 로고
    • Moore, P., Ruane, F., 2005. Taxation and the financial structure of foreign direct investment. Trinity College Dublin, IIIS Discussion Paper 88.
    • Moore, P., Ruane, F., 2005. Taxation and the financial structure of foreign direct investment. Trinity College Dublin, IIIS Discussion Paper 88.
  • 30
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers S., and Majluf N. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13 (1984) 187-221
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 31
    • 0035731714 scopus 로고    scopus 로고
    • Cross-jurisdictional income shifting by US multinationals: evidence from international bond offerings
    • Newberry K., and Dhaliwal D. Cross-jurisdictional income shifting by US multinationals: evidence from international bond offerings. Journal of Accounting Research 39 (2001) 643-662
    • (2001) Journal of Accounting Research , vol.39 , pp. 643-662
    • Newberry, K.1    Dhaliwal, D.2
  • 32
    • 42149136768 scopus 로고    scopus 로고
    • Organization for Economic Cooperation and Development, OECD, Paris
    • Organization for Economic Cooperation and Development. Model Tax Convention on Income and on Capital (1997), OECD, Paris
    • (1997) Model Tax Convention on Income and on Capital
  • 33
    • 84944832590 scopus 로고
    • New evidence that taxes affect the valuation of dividends
    • Poterba J., and Summers L. New evidence that taxes affect the valuation of dividends. Journal of Finance 39 (1984) 1397-1415
    • (1984) Journal of Finance , vol.39 , pp. 1397-1415
    • Poterba, J.1    Summers, L.2
  • 34
    • 84993839747 scopus 로고
    • What do we know about capital structure? Some evidence from international data
    • Rajan R., and Zingales L. What do we know about capital structure? Some evidence from international data. Journal of Finance 50 (1995) 1421-1460
    • (1995) Journal of Finance , vol.50 , pp. 1421-1460
    • Rajan, R.1    Zingales, L.2
  • 35
    • 42149128207 scopus 로고    scopus 로고
    • Ramb, F., Weichenrieder, A., 2004. Taxes and the financial structure of German inward FDI. CESifo Working Paper 1355.
    • Ramb, F., Weichenrieder, A., 2004. Taxes and the financial structure of German inward FDI. CESifo Working Paper 1355.
  • 36
    • 84952092222 scopus 로고
    • Financial structure and the cost of capital in the multinational corporation
    • Shapiro A. Financial structure and the cost of capital in the multinational corporation. Journal of Financial and Quantitative Analysis 13 (1978) 211-226
    • (1978) Journal of Financial and Quantitative Analysis , vol.13 , pp. 211-226
    • Shapiro, A.1
  • 37
    • 42149153240 scopus 로고    scopus 로고
    • Stobaugh, R., 1970. Financing foreign subsidiaries of US-controlled multinational enterprises. Journal of International Business Studies. Summer issue, p. 91.
    • Stobaugh, R., 1970. Financing foreign subsidiaries of US-controlled multinational enterprises. Journal of International Business Studies. Summer issue, p. 91.
  • 38
    • 42149133596 scopus 로고    scopus 로고
    • Stumpp, P., Rottino, W., Fanger, D, Stephan, R., Carter, D., 2003. Rating non-guaranteed subsidiaries: credit considerations in assigning subsidiary ratings in the absence of legally binding parent support. Moody's Rating Methodology, 1-12.
    • Stumpp, P., Rottino, W., Fanger, D, Stephan, R., Carter, D., 2003. Rating non-guaranteed subsidiaries: credit considerations in assigning subsidiary ratings in the absence of legally binding parent support. Moody's Rating Methodology, 1-12.
  • 39
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
    • White H. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 48 (1980) 817-838
    • (1980) Econometrica , vol.48 , pp. 817-838
    • White, H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.