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| Author: | Gropp, R. |
| Title: | The effect of expected effective corporate tax rates on incremental financing decisions |
| Journal: | Staff Papers
1997 : DEC, VOL. 44:4, p. 485-509 |
| Index terms: | COMPANY TAXATION FINANCE MARKETING |
| Language: | eng |
| Abstract: | This paper uses US panel data to estimate the effect of expected effective corporate tax rates on the amount of debt issued by firms. The paper directly estimates expected corporate tax rates using rational expectations. The estimated measures of expected effective tax rates of firms are related to a continuous measure of incremental data financing. The paper finds that expected effective tax rates are significantly and positively related to a higher level of debt financing. |
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