Taxes and corporate finance: A review

• 成果类型: Review
• 署名作者: Graham, JR
• 署名单位: Duke University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhg033
• 发表日期: 2003
• 页码: 1075
• 关键词: optimal capital structure; DIVIDEND DAY BEHAVIOR; STOCK-PRICE BEHAVIOR; RISK-MANAGEMENT; FIRMS RESPONSES; trading volume; REFORM ACT; debt; valuation; equity

摘要

This article reviews tax research related to domestic and multinational capital structure, payout policy, compensation policy, risk management, and organizational form. For each topic, the theoretical arguments explaining how taxes can affect corporate decision making and firm value are reviewed, followed by a summary of the related empirical evidence and a discussion of unresolved issues. Tax research generally supports the hypothesis that high tax rate firms pursue policies that provide tax benefits. Many issues remain unresolved, however, including understanding whether tax effects are of first-order importance, why firms do not pursue tax benefits more aggressively, and whether corporate actions are affected by investor-level taxes.