Taxes, Inflation and Corporate Financial Policy

Lawrence D. Schall

22 citations0/0 files storedThe Journal of Finance

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Corporate Taxation and Avoidance Corporate Finance and Governance Economic and Fiscal Studies

Abstract

ABSTRACT This paper examines inflation‐induced distortions in personal and corporate income taxes and discusses the implications for corporate dividend and financial structure policies and for shareholder unanimity. The tax effects relating to capital gains and debt interest cause changes in aggregate corporate borrowing and lead to equilibrium tax relationships which differ from the zero‐inflation tax relationships.

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1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1977Determinants of corporate borrowing 1980Optimal capital structure under corporate and personal taxation 1977DEBT AND TAXES*1973A STATE‐PREFERENCE MODEL OF OPTIMAL FINANCIAL LEVERAGE 2004Investment–Cash Flow Sensitivities: Constrained versus Unconstrained Firms 1978A MEAN‐VARIANCE THEORY OF OPTIMAL CAPITAL STRUCTURE AND CORPORATE DEBT CAPACITY 1967LEVERAGE, RISK OF RUIN AND THE COST OF CAPITAL*

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