Levelling the debt–equity playing field: evidence from Belgium
I explore whether a Belgian policy that reduced the corporate tax bias towards debt finance was successful in lowering firm leverage. Using putatively exogenous time series variation in the cost of equity financing and a difference-in-differences strategy that includes similar firms from surrounding countries, I find that the policy did lead to increased equity ratios, with some evidence of a shift from short-term debt to long-term debt.
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Dokumenttyp: | Journal article |
Erscheinungsdatum: | 2023 |
Verlag/Hrsg.: |
Elsevier
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Sprache: | Englisch |
Permalink: | https://search.fid-benelux.de/Record/base-26988082 |
Datenquelle: | BASE; Originalkatalog |
Powered By: | BASE |
Link(s) : | https://doi.org/10.1016/j.euroecorev.2022.104305 |