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The real effects of bank taxation : evidence for corporate financing and investment
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dc.contributor.author | Sobiech, Anna Lucia | |
dc.contributor.author | Chronopoulos, Dimitris | |
dc.contributor.author | Wilson, John Ogilvie Stephen | |
dc.date.accessioned | 2022-12-01T00:42:35Z | |
dc.date.available | 2022-12-01T00:42:35Z | |
dc.date.issued | 2021-06-01 | |
dc.identifier | 274530320 | |
dc.identifier | 52eadc31-2ea3-4f97-a0ee-5876663f1701 | |
dc.identifier | 85109045469 | |
dc.identifier | 000693225000043 | |
dc.identifier.citation | Sobiech , A L , Chronopoulos , D & Wilson , J O S 2021 , ' The real effects of bank taxation : evidence for corporate financing and investment ' , Journal of Corporate Finance , vol. In press , 101989 . https://doi.org/10.1016/j.jcorpfin.2021.101989 | en |
dc.identifier.issn | 0929-1199 | |
dc.identifier.other | ORCID: /0000-0002-9554-9332/work/95772354 | |
dc.identifier.other | ORCID: /0000-0002-2288-4842/work/95772492 | |
dc.identifier.uri | https://hdl.handle.net/10023/26522 | |
dc.description.abstract | This paper examines how bank taxation affects the financing decisions and investment activities of corporates. Exploiting exogenous tax variation at the bank level, we show that taxing banks’ gross profits leads to higher bank leverage, and results in lower bank risk and credit supply. The contraction in credit supply has implications for corporate debt financing and investment activity. Corporates more exposed to banks subject to gross profit tax exhibit lower leverage and rely less on bank debt. Corporates partly offset lower bank financing by switching to bond financing. The cost of bond financing increases with corporate exposure to the tax. A greater exposure also impacts negatively on corporate investment activity. Overall, our results highlight the importance of bank taxation for corporate financing and investment decisions. | |
dc.format.extent | 1185697 | |
dc.language.iso | eng | |
dc.relation.ispartof | Journal of Corporate Finance | en |
dc.subject | Bank taxation | en |
dc.subject | Credit supply | en |
dc.subject | Japanese banks | en |
dc.subject | Natural experiment | en |
dc.subject | Corporate financing | en |
dc.subject | Investment | en |
dc.subject | HG Finance | en |
dc.subject | 3rd-DAS | en |
dc.subject.lcc | HG | en |
dc.title | The real effects of bank taxation : evidence for corporate financing and investment | en |
dc.type | Journal article | en |
dc.contributor.institution | University of St Andrews. School of Management | en |
dc.contributor.institution | University of St Andrews. Centre for Responsible Banking and Finance | en |
dc.identifier.doi | 10.1016/j.jcorpfin.2021.101989 | |
dc.description.status | Peer reviewed | en |
dc.date.embargoedUntil | 2022-12-01 |
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