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• W1518968811 abstract "We estimate the causal e¤ect of corporation tax on small business incorporation and investment by exploring cross-sectional variation in the impact of a 2006/07 tax reform in a di¤erence-in-di¤erences design. Analyzing the population of UK corporation tax records from 2001/02 to 2008/09, we present three …ndings. First, a one percentage point increase in the tax gains to incorporate increases the number of newly incorporated companies by around 2-4.5%. Second, there is a strong cash ‡ow e¤ect of taxes on corporate investment. On average, a one percentage point increase in the average tax rate reduces investment rate by about 2.2 percentage points. Third, the cash ‡ow e¤ect of corporation taxes on investment is most pronounced for newly incorporated …rms, and diminishes over time as companies begin to establish a track record of providing credible information for bank loans. The empirical evidence suggests that incorporation lowers the cost of external …nance for small businesses by reducing the information cost of borrowing. Small business incorporation leads to more investment and implies potential welfare gains for the larger society. We thank the HMRC and especially sta¤ in the HMRC Datalab for providing the corporate tax return data and for helping us to merge the data with …rm accounting records. The following disclaimer applies: “This work contains statistical data from HMRC which is Crown Copyright. The research datasets used may not exactly reproduce HMRC aggregates. The use of HMRC statistical data in this work does not imply the endorsement of HMRC in relation to the interpretation or analysis of the information.”We acknowledge …nancial support from the ESRC, under grant RES-194-23-0012. yDevereux: Centre for Business Taxation, University of Oxford (michael.devereux@sbs.ox.ac.uk). Liu: Centre for Business Taxation, University of Oxford (li.liu@sbs.ox.ac.uk)." @default.
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• W1518968811 date "2014-01-01" @default.
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• W1518968811 title "Incorporation for investment" @default.
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