18,053 research outputs found
A systematic review of the influence of taxation on corporate capital structure
Purpose: The aim of this paper is a systematic review of the corporate finance literature on tax and capital structure since the complexity of legislation on taxation. It is a challenge for to researchers to understand the influence of this legislation on corporate financing. Approach/Methodology/Design: A systematic review is a useful and important tool to check what has being studied and what are the gaps on the specific subject. Therefore, the study provides an examination of a sample of 33 most cited articles in the period from 2013 to 2017 that have been published in the main international financial journals. It is assumed that this analysis is sufficiently robust to support and contribute to the knowledge gaps identification. Findings: It presents the most relevant papers about the influence of taxes on corporate capital structure, classifies and codifies the various characteristics of these articles, describes the strengths and the weaknesses of the studies in the available literature, and provides an agenda and a research framework to address the key gaps in the current knowledge on the theme. Practical Implications: The study will contribute positively to the understanding of foreign direct investment for the governments, world organizations, academia, companies and investors. Originality/Value: To the best of the authors´ knowledge, this is the first systematic review identifying what is missing in the literature on taxation and capital structure.peer-reviewe
Debt tax benefits in a high tax emerging market : evidence from Brazil
Purpose: This study hypothesizes that tax benefits encourage the use of third-party capital, and seeks to verify whether the tax benefit deriving from debts has a positive effect on Brazilian companies’ capital structure. Approach/Methodology/Design: Data on 259 nonfinancial companies over the period 20082018 are extracted from the Standard & Poor’s Capital IQ database and are analyzed through regression with dynamic data panel. The variables considered as tax benefit proxies are: marginal tax rate, kink, standardized kink and tax payment.The investigations comprise: trade off theory, pecking order theory, information asymmetry, bankruptcy costs and agency theory. Findings: A positive debt effect on capital structure, taxation as providing a systematic incentive for greater leverage, and that, Brazilian companies, despite the country’s heavy tax burden, are not taken full advantage of debt tax benefits. The study offers new evidence as to the speed of adjusting the indebtedness level relating to an optimal capital structure target. Brazilian companies have ground to contract more debt and maximize their tax benefit. Practical Implications: The study will contribute positively to the understanding of influence of high tax emerging market for the government, academia, banks, industry, managers, regulators, investors and other users. Originality/value: This study innovates by using MTR, kink and standardized kink to find debt tax benefits affecting emerging market companies’ capital structure.peer-reviewe
Dynamical Lorentz and CPT symmetry breaking in a 4D four-fermion model
In a 4D chiral Thirring model we analyse the possibility that radiative
corrections may produce spontaneous breaking of Lorentz and CPT symmetry. By
studying the effective potential, we verified that the chiral current
may assume a nonzero vacuum expectation
value which triggers the Lorentz and CPT violations. Furthermore, by making
fluctuations on the minimum of the potential we dynamically induce a bumblebee
like model containing a Chern-Simons term.Comment: Small modifications in the text and new references added, 12 pages, 4
figures, revtex4. To appear in Phys. Rev.
The Low Energy Limit of the Chern-Simons Theory Coupled to Fermions
We study the nonrelativistic limit of the theory of a quantum Chern--Simons
field minimally coupled to Dirac fermions. To get the nonrelativistic effective
Lagrangian one has to incorporate vacuum polarization and anomalous magnetic
moment effects. Besides that, an unsuspected quartic fermionic interaction may
also be induced. As a by product, the method we use to calculate loop diagrams,
separating low and high loop momenta contributions, allows to identify how a
quantum nonrelativistic theory nests in a relativistic one.Comment: 18 pages, 8 figures, Late
Importância da avaliação microbiológica na qualidade e segurança dos alimentos.
Abordagem técnológica. Abordagem metodológica. Relevância econômica, social e ambiental. Referências bibliográficasbitstream/CNPAB-2010/27380/1/doc120.pd
- …