Taxation and Capital Structure: Evidence from Russian Companies

Authors

  • Elena Makeeva Department of Finance, National Research University Higher School of Economic, Russia
  • Tatiana Kozenkova Department of Financial Management, Financial University under the Government of the Russian Federation

Keywords:

Taxation, Capital structure, Russian companies, Bankruptcy probability, Effective tax rate, Debt.

Abstract

This paper presents a study of the impact of taxation on the capital structure of Russian companies, based on the Graham model. The study revealed that it is more appropriate to include the effective tax rate in the model, rather than use the marginal tax rate since it is more applicable for the Russian companies.

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Published

2015-06-08

How to Cite

Makeeva, E., & Kozenkova, T. (2015). Taxation and Capital Structure: Evidence from Russian Companies. Asian Journal of Economics and Empirical Research, 2(1), 39–46. Retrieved from https://asianonlinejournals.com/index.php/AJEER/article/view/197

Issue

Vol. 2 No. 1 (2015)

Section

Articles