Grunderwerbsteuerliche Konsequenzen der Umstrukturierung von Konzernen
Daniel Martin Teichmann, Heinrich-Heine Universität Düsseldorf (Bachelorarbeit)
Junior Management Science 4(4), 2019, 635-655
Keywords: Grunderwerbsteuer; Kapitalgesellschaft; Konzern; share deal; Umstrukturierung.
The Tax System and Corporate Payout Policies
Nicholas Herold, WHU – Otto Beisheim School of Management (Bachelorarbeit)
Junior Management Science 4(1), 2019, 63-80
payout behaviour. Using rich international panel data that consist of 40,609 firms across 115 countries from 1999 to 2013,
I run linear regressions of each of the four tax rates on three payout variables which measure frequency and magnitude of
regular cash dividends distributed by firms. In my baseline model, I find that the predictions of the new view – one of the
two views in neoclassical theory – on short-run payout responses only partially hold true. Inconsistent with initial hypotheses, corporate taxes on average do not impact a firm’s dividend payout behaviour in the short run. Regarding dividend taxes, my results show that the hypothesised dividend tax neutrality only holds true for the relative amount of dividends but not for a firm’s likelihood to distribute, increase, and initiate dividends. Consistent with initial hypotheses, personal income taxes and consumption taxes trigger mostly large payout responses in terms of frequency and magnitude of dividend payouts. In my two model extensions, in which I focus on payout behaviour of cash-rich firms and employ a more flexible definition of the time horizon characterising short-run payout, my findings are again only partially in line with predictions of the new view on short-run payout responses. With these results, this thesis not only analyses well-investigated tax rates – corporate taxes and dividend taxes – for which current literature shows mixed empirical evidence but also examines hitherto scarcely considered tax rates – personal income taxes and consumption taxes – in the neoclassical framework and determines their impact on corporate payout.
Keywords: corporate payout; corporate tax; dividend tax; personal income tax; consumption tax.
Personal Taxes and Corporate Investment
Frédéric Herold, WHU – Otto Beisheim School of Management (Bachelorarbeit)
Junior Management Science 4(1), 2019, 81-100
reveals that, if the pure personal tax rate increases, firms on average show a positive capital investment response. That is, if firms cannot shift the economic burden of personal taxes to other stakeholders, an increase in personal taxes, ceteris paribus, increases the factor price of labour and thus exerts higher pressure on corporate profits. Profit-maximising firms therefore counteract this pressure by (partially) substituting the more expensive input factor labour by capital, increasing their capital investment. This effect, however, does not hold true for alternative definitions of the personal tax wedge that additionally include social security contributions. Likewise, I obtain mixed results when testing for cross-sectional variation in capital investment responses arising from differences in relative market power, the ability to substitute input factors, and financial constraints. In this context, my thesis provides empirical evidence on the effect of personal taxes on investment behaviour at the firm level and thus adds to current literature, which mainly considers the effect of personal taxes on aggregate investment, economic growth, and total factor productivity.
Keywords: investment; personal tax; tax wedge.
Besteuerung unternehmensverbundener Stiftungen
Iris Krampe, Westfälische Hochschule Gelsenkirchen (Bachelorarbeit)
Junior Management Science 3(3), 2018, 55-73
Keywords: Unternehmensstiftung, Unternehmensnachfolge, Gemeinnützigkeit,
Effects of fiscal R&D incentives on R&D expenditure
Anna Theresa Bührle, Universität Mannheim (Masterarbeit)
Junior Management Science 3(2), 2018, 57-79
Special tax incentives aiming to foster research and development (R&D) investment are widely spread among the members of the Organisation for Economic Co-operation and Development (OCED). I investigate the effect such tax incentives have on business R&D investment. Fiscal R&D incentives can be categorized as input-oriented tax incentives such as tax credits, super deductions and accelerated depreciation, and as output-oriented incentives such as patent box regimes. In the first part of my thesis I provide an overview over the methodology of the B-Index, a measure for the generosity of input-oriented tax incentives. Calculations of the B-Index for 33 OECD-countries and China from 1991 to 2014 show an overall trend towards an increase in the generosity of input-oriented fiscal R&D incentives. In the second part of my thesis, I create a panel with country-level data on business R&D investment provided by the OECD. I test reactions to changes in R&D tax incentives and find a positive effect of input-oriented R&D tax incentives, but no significant impact of output-oriented R&D tax incentives. A more detailed analysis on the industry-level shows that the results are driven by effects on business R&D investment in the manufacturing and services sector.
Keywords: R&D, tax incentives, B-Index, taxation, OECD
Measuring Corporate Tax Avoidance – An Analysis of Different Measures
Markus Sebastian Gebhart, Ludwig-Maximilians-Universität München (Bachelorarbeit)
Junior Management Science 2(2), 2017, 43-60
Keywords: tax avoidance, tax sheltering, Effective Tax Rate, Book-Tax-Difference
Der Einfluss von CEO Duality auf die Bewertung von Schweizer Unternehmen
Raphael Uster, Universität Zürich (Bachelorarbeit)
Junior Management Science 2(2), 2017, 61-83
Keywords: CEO Duality, Corporate Governance, Chief Executive Officer, Personalunion, Unternehmensbewertung