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Taxes Financial Distress and Capital Structure in Japan
List of References
Appendix A Discussion of MacKieMason 1990
amortization expense book value capital structure ceteris paribus close to tax consistent with Hypothesis control variables debt and non-debt debt is negatively debt tax shields depreciation and amortization descriptive statistics distress and tax divided by book divided by total dummy variables earnings before interest effective tax rate estimating equation F-statistic financial distress costs financially distressed firms financing decisions finding that debt firm's debt firm's proximity Four-year average growth information asymmetries intangible assets Japan Japanese firms keiretsu and non-keiretsu keiretsu firms keiretsu membership little changed negatively related non-debt tax shields non-financially distressed firms non-keiretsu firms positively related predicted prior studies proximity to financial proximity to tax regressions related to non-debt relation between debt report the results Rows sample shareholders significantly negative significantly positive standard error Table 1.6 report tax exhaustion tax expense tax rate distribution tax variable tax-based variables total assets Trezevant value of total Z-score zero otherwise