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| Author: | MacKie-Mason, J. K. |
| Title: | Do taxes affect corporate financing decisions? |
| Journal: | Journal of Finance
1990 : DEC, VOL. 45:5, p. 1471-1493 |
| Index terms: | CORPORATE FINANCE COMPANY TAXATION DEBT MANAGEMENT FINANCING DECISION MAKING |
| Language: | eng |
| Abstract: | Clear evidence of substantial tax effects on the choice between issuing debt or equity is provided. The relationship between tax shields and debt policy is clarified. It is shown that most tax shields have a negligible effect on the marginal tax rate for most firms. New predictions are strongly supported by an empirical analysis; the method is to study incremental financing decisions using discrete choice analysis. |
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