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| Author: | Aivazian, V. A. Berkowitz, M. K. |
| Title: | Precommitment and financial structure: an analysis of the effects of taxes. |
| Journal: | Economica
1992 : FEB, VOL. 59:233, p. 93-106 |
| Index terms: | TAXATION ECONOMETRIC MODELS FINANCIAL STRUCTURE |
| Language: | eng |
| Abstract: | Some factors that might act to moderate the commitment value of capital are examined in the paper. It is shown that the tax system and the financial contracts of the incumbent firm may affect its optimal precommitment decision and attenuate the strategic incentives for precommitment. The degree of flexibility inherent in the firm's production technology and entry conditions in the output market are taken into account. The decisions of an incumbent firm facing, alternately, a market with no entry and a market with potential entry 'ex post' are considered. |
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