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Quale interazione tra l'imposta sulle società e la corporate governance
Titolo Rivista: STUDI ECONOMICI  
Autori/Curatori: Angelo Castaldo, Gianpaolo Crudo 
Anno di pubblicazione:  2008 Fascicolo: 94  Lingua: Italiano 
Numero pagine:  43 P. 121-163 Dimensione file:  501 KB

Interaction between Corporate Tax and Corporate Governance - A Comparison between IRES 2003 and IRES 2007 This paper studies the interaction between tax system and corporate governance, investigating the change in distortionary effects produced on companies’ financial choices by the last two corporate tax regimes in Italy. In particular, the paper concentrates on the different approach provided to interest deductibility. The comparison between IRES 2003 and IRES 2007, has been conducted through a microsimulation model able to point out net present value of hypothetical investment and effective inframarginal tax rate (EITR). Furthermore, to identify which investment profile has gained from the reform, we provide a rating linked to the financial structure of the investment. We argue that interest deductibility can provide incentives to companies to adopt unbalanced financial structures that implies, on one hand, in a microeconomic perspective, an incentive to management moral hazard, and, on the other, in a macroeconomic perspective, an increase in endogenous financial instability. We show that IRES 2007 performs better than IRES 2003 in reducing the magnitude of both distortions


Angelo Castaldo, Gianpaolo Crudo, in "STUDI ECONOMICI " 94/2008, pp. 121-163, DOI:

   

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