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A review of taxes and corporate finance
This paper reviews domestic and multinational corporate tax research. 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.