| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8939 |
| DP8939 Transparency, Tax Pressure and Access to Finance | |
| Marco Pagano; Tullio Jappelli; Fausto Panunzi; Andrew Ellul | |
| 发表日期 | 2012-04-01 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | In choosing transparency, firms must trade off the benefits from better access to finance against the cost of a greater tax burden. We study this trade-off in a model with distortionary taxes and endogenous rationing of external finance. The evidence from two different data sets, one formed only by listed firms and another mainly by unlisted firms, bears out the model?s predictions: First, investment and access to finance are positively correlated with accounting transparency, especially in firms that depend more on external finance, and are negatively correlated with tax pressure. Second, transparency is negatively correlated with tax pressure, particularly in sectors where firms are less dependent on external finance, and is positively correlated with tax enforcement. Finally, financial development enhances the positive effect of transparency on investment, and encourages transparency by financially dependent firms. |
| 主题 | Financial Economics |
| 关键词 | Access to finance Tax pressure transparency |
| URL | https://cepr.org/publications/dp8939 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537777 |
| 推荐引用方式 GB/T 7714 | Marco Pagano,Tullio Jappelli,Fausto Panunzi,et al. DP8939 Transparency, Tax Pressure and Access to Finance. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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