BoJ paper finds limited impact of tax benefits on corporate capital structure

bankofjapan

In a Bank of Japan discussion paper, A macroeconomic approach to corporate capital structure, author Mitsuru Katagiri investigates the cross-sectional determinants of corporate capital structure using a general equilibrium model with endogenous firm dynamics, a realistic tax environment and financial frictions.

The research finds that the equilibrium firm distribution in the model replicates fairly well the distribution of corporate capital structure as well as the relationship between capital

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