Journal article icon

Journal article

Levelling the debt–equity playing field: evidence from Belgium

Abstract:
I explore whether a Belgian policy that reduced the corporate tax bias towards debt finance was successful in lowering firm leverage. Using putatively exogenous time series variation in the cost of equity financing and a difference-in-differences strategy that includes similar firms from surrounding countries, I find that the policy did lead to increased equity ratios, with some evidence of a shift from short-term debt to long-term debt.
Publication status:
Published
Peer review status:
Peer reviewed

Actions


Access Document


Files:
Publisher copy:
10.1016/j.euroecorev.2022.104305

Authors


More by this author
Institution:
University of Oxford
Division:
College Only
Oxford college:
Pembroke College
Role:
Author
ORCID:
0000-0001-6148-0413
Publisher:
Elsevier
Journal:
European Economic Review More from this journal
Volume:
151
Article number:
104305
Publication date:
2022-10-11
Acceptance date:
2022-08-26
DOI:
EISSN:
1873-572X
ISSN:
0014-2921
Language:
English
Keywords:
Pubs id:
1303199
Local pid:
pubs:1303199
Deposit date:
2022-11-12

Terms of use


Views and Downloads






If you are the owner of this record, you can report an update to it here: Report update to this record

TO TOP