1. Investigación

Permanent URI for this communityhttps://hdl.handle.net/10637/1

Incluye cualquier documento producido por un miembro de la Fundación Universitaria San Pablo CEU fruto de su actividad investigadora: tesis doctorales, artículos, comunicaciones a congresos, capítulos, libros, etc.
Access types: search.filters.acces.restricted accessSubject: search.filters.subject.Tributación

Search Results

Now showing 1 - 1 of 1
  • Thumbnail Image
    Publication
    UCH
    How much do the tax benefits of debt add to firm value? : evidence from Spanish listed firms
    2017

    The potentially important impact of taxation on corporate financing decisions is widely recognized despite the fact that the empirical evidence is far from conclusive. In this study, we assess the debt tax benefits of Spanish listed firms throughout the period 2007-2013. Specifically, using a simulation approach, we found the capitalized value of gross interest deductions amounts to approximately 6.4% of firms’ market value, while the net debt benefit (of personal taxes) is estimated at 2.1%, in contrast to the traditional 11.4% (i.e. marginal tax rate times debt). Conversely, the panel data regression approach reveals a 13.6% (34.2%) debt tax shield in terms of firm (debt) value. This evidence supports the view that taxes influence corporate decision-making and that debt makes a reasonable contribution to firm value.

x

The user has the obligation to use the services and content provided by the University, in particular, printed and electronic resources, in accordance with current legislation and the principles of good faith and generally accepted uses, without contravening with its performance the public order, especially, in the case in which, for the adequate performance of its activity, it needs to reproduce, distribute, communicate and/or make available, fragments of printed works or capable of being in analog or digital format, either on paper or electronic support. Law 23/2006, of July 7, which modifies the revised text of the Intellectual Property Law, approved by Royal Legislative Decree 1/1996, of April 12. B.O.E. n 162, of July 8, and concordant regulations.

@ 2024 Fundación Universitaria San Pablo CEU (Madrid). All rights reserved.

DSpace Software Copyright © 2002-2013 Duraspace