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Titel
Corporate taxation and investment : evidence from the Belgian ACE reform / Nils aus dem Moore
VerfasserMoore, Nils aus dem In der Gemeinsamen Normdatei der DNB nachschlagen
ErschienenBochum : RWI, [2014]
Umfang38 S. : graph. Darst.
SerieRuhr economic papers ; 534
SchlagwörterBelgien In Wikipedia suchen nach Belgien / Körperschaftsteuerreform In Wikipedia suchen nach Körperschaftsteuerreform / Investitionsquote In Wikipedia suchen nach Investitionsquote / Gewinn In Wikipedia suchen nach Gewinn / Steuerrecht In Wikipedia suchen nach Steuerrecht / Online-Publikation In Wikipedia suchen nach Online-Publikation
URNurn:nbn:de:hbz:6:2-43447 Persistent Identifier (URN)
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Corporate taxation and investment [0.3 mb]
Zusammenfassung

We contribute to the empirical literature on the relationship between corporate taxes and investment. We exploit the introduction of the so-called ACE corporate tax reform in Belgium that came into effect in January 2006 to evaluate this relationship in a quasiexperimental setting based on firm-level accounting data. To identify the causal effect of the reform on capital spending of Belgian corporations, we focus on the indirect effect of taxes on investment via their impact on free cash-flow. We use the systematic variation of the cash-flow sensitivity of investment between small and medium versus large firms to form treatment and control groups for difference-in-diff erences (DiD) estimations. Our benchmark results provide highly significant and robust estimates that correspond to an increase in investment activity by small and medium-sized firms of about 3 percent in response to the ACE reform. We substantiate the robustness of our results by means of triple differences estimations (DDD) that use a matched sample of French companies as an additional dimension of contrast.

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