Taxes and corporate financing decisions : evidence from the Belgian ACE reform / Nils aus dem Moore
VerfasserMoore, Nils aus dem In der Gemeinsamen Normdatei der DNB nachschlagen
ErschienenBochum : RWI, [2014]
Umfang71 S. : graph. Darst.
SerieRuhr economic papers ; 533
SchlagwörterBelgien In Wikipedia suchen nach Belgien / Körperschaftsteuerreform In Wikipedia suchen nach Körperschaftsteuerreform / Kapitalstruktur In Wikipedia suchen nach Kapitalstruktur / Gewinn In Wikipedia suchen nach Gewinn / Steuerrecht In Wikipedia suchen nach Steuerrecht / Verschuldungsgrad In Wikipedia suchen nach Verschuldungsgrad / Online-Publikation In Wikipedia suchen nach Online-Publikation
URNurn:nbn:de:hbz:6:2-43452 Persistent Identifier (URN)
 Das Dokument ist frei verfügbar.
Taxes and corporate financing decisions [2.53 mb]

We contribute to the empirical literature on the debt bias of corporate income taxation through a micro-econometric evaluation of the so-called ACE corporate tax reform in Belgium based on firm-level accounting data. We interpret the tax reform that came into effect in January 2006 as an economic quasi experiment. We identify its causal impact on the leverage ratio of Belgian corporations by means of a difference-in-differences (DiD) approach, using corporations from the UK as comparison group. Our results document that the ACE reform led to a systematic pattern of heterogeneous eff ects on the capital structure of Belgian corporations, as the estimated reduction of the leverage ratio is most pronounced for big firms. Estimation of quantile treatment effects further reveals that reform effects get monotonically larger across the distribution of firm leverage. Finally, we provide evidence of sectoral heterogeneity with significant effects observed for capital-intensive but not for labor-intensive sectors.