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- W3123083549 abstract "We analyze the impact of changes in thin capitalization rules on corporations' capitalstructure. Thin capitalization rules prevent firms from deducting excessive interest expensesfrom their tax base. As of 2008, Germany has severely changed its thin capitalizationrule by targeting interest payments instead of debt to equity ratios. The new rulehas primarily been introduced to prohibit tax avoidance by multinationals. For reasonsof non-discrimination, the rule is, however, equally attributable on the national level andit is applicable to both internal and external financing. The theoretical and analyticalliterature has brought forward many arguments stating that the new interest barrier isharmful to firms, distorting their financing decisions. Four years after its introduction, thetime has come to empirically evaluate the interest barrier. The DAFNE database servesas our source of reference. We differentiate by firm characteristics, by industry and bykind of debt. We find that the interest barrier drove firms to lower their debt to assets ratiosand their net interest payments. Opposing its original intention, it was, however, alsothe national firms which adjusted their capital structure, and it was external rather thaninternal debt which was reduced. Thus, the interest barrier does indeed affect fnancingdecisions, but predominantly not in the intended way and not of the intended firms. Insensitivity analyses we examine highly leveraged and low profitable firms, which are likelyto be subject to the interest barrier. The results suggest a debt-reducing interest barriereffect for these companies as well." @default.
- W3123083549 created "2021-02-01" @default.
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- W3123083549 date "2012-01-01" @default.
- W3123083549 modified "2023-09-27" @default.
- W3123083549 title "Empirical evaluation of interest barrier effects" @default.
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