Effective tax rates and the user cost of capital when interest rates are low

被引：2
|
作者：
Creedy, John [1 ,2 ]
Gemmell, Norman [2 ]
机构：
[1] New Zealand Treasury, Wellington, New Zealand
[2] Victoria Univ Wellington, Wellington, New Zealand
来源：
ECONOMICS LETTERS | 2017年 / 156卷
关键词：
Effective corporate tax rates; User cost of capital; Investment; LOCATION DECISIONS; TAXATION; POLICY;
D O I：
10.1016/j.econlet.2017.04.012
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Interest rates are a key component of both user cost and effective tax rate measures of company taxation, and each is regularly used in empirical tests of tax impacts on investment. However, it is shown that when interest rates are low the two measures are not monotonically related. Using a simulated sample of observations, this feature is found to generate perverse estimates of the effects of taxation on the investment plans of firms. (C) 2017 Elsevier B.V. All rights reserved.
引用
收藏
页码：82 / 87
页数：6
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