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来源类型Working Paper
规范类型报告
DOI10.3386/w3222
来源IDWorking Paper 3222
Effects of the Tax Reform Act of 1986 on Corporate Financial Policy and Organizational Form
Roger H. Gordon; Jeffrey K. MacKie-Mason
发表日期1990
出版年1990
语种英语
摘要We examine the effects of the Tax Reform Act of 1986 on the financial decisions made by firms. We review the theory and empirical predictions of prior literature for corporate debt policy, for dividend and equity repurchase payouts to shareholders, and for the choice of organizational form. We then compare the predictions to post-1986 experience. The change in debt/value ratios has been substantially smaller than expected. Dividend payouts increased as predicted, but stock repurchases increased even more rapidly which was unexpected and is difficult to understand. Based on very scant data, it appears that some activities have shuffled among organizational forms; in particular, loss activities may have been moved into corporate form where they are deducted at a higher tax rate, while gain activities may have shifted towards noncorporate form, to be taxed at the lower personal rates. In addition, several interesting new issues are raised. One concerns previously neglected implications for the effective tax on retained earnings that follow from optimal trading strategies when long- and short-term capital gains are taxed at different rates. Also, new interest allocation rules for multinational corporations provide a substantial incentive for many firms to shift their borrowing abroad.
主题Macroeconomics ; Financial Economics
URLhttps://www.nber.org/papers/w3222
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/560508
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Roger H. Gordon,Jeffrey K. MacKie-Mason. Effects of the Tax Reform Act of 1986 on Corporate Financial Policy and Organizational Form. 1990.
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