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dc.creatorHernández T,Leonardo
dc.date2016-10-01
dc.date.accessioned2019-05-03T14:02:41Z
dc.date.available2019-05-03T14:02:41Z
dc.identifierhttps://scielo.conicyt.cl/scielo.php?script=sci_arttext&pid=S0718-88702016000200003
dc.identifier.urihttp://revistaschilenas.uchile.cl/handle/2250/89581
dc.descriptionThis paper analyzes the effects of the 2014-2015 Chilean tax reform on firms' valuation and incentives to retain earnings and finance their operations with equity versus debt. By analyzing the effects of the reform on total taxes paid and cash flows received by investors, the paper concludes that in general the reform reduces the value of firms and lessens the incentives to retain earnings. Also, simulations show that the majority of firms would choose the accrual or 'attributed' tax based system. However, if the latter is not permitted firms will choose debt over equity. The cash-based or semi-integrated system becomes the preferred option only when tax avoidance is possible.
dc.formattext/html
dc.languageen
dc.publisherILADES. Universidad Alberto Hurtado.
dc.relation10.4067/S0718-88702016000200003
dc.rightsinfo:eu-repo/semantics/openAccess
dc.sourceRevista de análisis económico v.31 n.2 2016
dc.subjectCorporate tax
dc.subjectincome tax
dc.subjectpayout ratio
dc.subjecttax avoidance
dc.subjectfirm financing
dc.titleFirm financing in Chile after the 2014-2015 tax reform: Debt of equality?


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