Capital structure and taxation of companies operating within national and multinational corporate groups: evidence from the Visegrad Group of countries
Abstract
The aim of this study is to review the level of debt and the impact of taxation on the capital structure of companies operating within national and multinational corporate groups in the countries of the Visegrad Group. In the research, financial data was used from 2012–2018 regarding entities forming part of corporate groups, and panel regression models with fixed effects were applied. According to the results of the research, domestic corporations are generally more leveraged and have a lower effective tax rate than multinational corporations. At the same time, the effective tax rate was significant only in six models out of sixteen, and mostly in the case of multinational corporations. The direction of impact was inhomogeneous. Other determinants of the financing structure which most often appeared as significant, in the case of companies operating both within domestic and international capital groups, include sales profitability as well as the tangibility and the age of the company. An additional analysis made for Poland and Slovakia determined that a change in the law on thin capitalization influenced entities’ capital structure determinants, but had no significant impact on the companies’ level of debt.
First published online 25 February 2022
Keyword : corporate group, capital structure, leverage, domestic corporations, multinational corporations, tax avoidance
How to Cite
Kluzek, M., & Schmidt-Jessa, K. (2022). Capital structure and taxation of companies operating within national and multinational corporate groups: evidence from the Visegrad Group of countries. Journal of Business Economics and Management, 23(2), 451–481. https://doi.org/10.3846/jbem.2022.15634
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Bonacchi, M., Marra, A., & Zarowin, P. (2019). Organizational structure and earnings quality of private and public firms. Review of Accounting Studies, 24(3), 1066–1113. https://doi.org/10.1007/s11142-019-09495-y
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Castaldi, S., Gubbi, S. R., Kunst, V. E., & Beugelsdijk, S. (2019). Business group affiliation and foreign subsidiary performance. Global Strategy Journal, 9(4), 595–617. https://doi.org/10.1002/gsj.1357
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Chakraborty, I. (2015). The effect of business risk on capital structure of Indian Corporate Firms: Business groups vs. stand-alone firms. Global Economic Review, 44(2), 237–268. https://doi.org/10.1080/1226508X.2015.1013486
De Haas, R., & Peeters, M. (2006). The dynamic adjustment towards target capital structures of firms in transition economies. Economics of Transition, 14(1), 133–169. https://doi.org/10.1111/j.1468-0351.2006.00237.x
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De Mooij, R., & Liu, L. (2021). At a cost: The real effects of thin capitalization rules (IMF Working Paper, WP/21/23). https://doi.org/10.5089/9781513568553.001
Desai, M. A., Foley, C. F., & Hines, Jr, J. R. (2004). A multinational perspective on capital structure choice and internal capital markets. The Journal of Finance, 59(6), 2451–2487. https://doi.org/10.1111/j.1540-6261.2004.00706.x
Dewaelheyns, N., & Van Hulle, C. (2012). Capital structure adjustments in private business group companies. Applied Financial Economics, 22(15), 1275–1288. https://doi.org/10.1080/09603107.2012.654912
Dine, J., & Koutsias, M. (2019). The three shades of tax avoidance of corporate groups: Company law, ethics and the multiplicity of jurisdictions involved. European Business Law Review, 30(1), 149–181. http://repository.essex.ac.uk/21654/
Eurostat. (n.d.). Database. Retrieved September 20, 2020, from https://ec.europa.eu/eurostat/data/database
Frank, M. Z., Goyal, V. K. (2009). Capital structure decisions: which factors are reliably important? Financial Management, 38(1), 1–37. https://doi.org/10.1111/j.1755-053X.2009.01026.x
Gaur, A., & Delios, A. (2015). International diversification of emerging market firms: The role of ownership structure and group affiliation. Management International Review, 55(2), 235–253. https://doi.org/10.1007/s11575-015-0240-0
Grabia, T. (2014). Sytuacja gospodarcza w krajach Grupy Wyszehradzkiej analiza porównawcza. Gosopdarka w Praktyce i Teorii, 2(35), 36–47. http://hdl.handle.net/11089/11531
Guillén, M. F. (2000). Business groups in emerging economies: A resource-based view. Academy of Management Journal, 43(3), 362–380. https://doi.org/10.5465/1556400
Hiemann, M., & Reichelstein, S. (2012). Transfer pricing in multinational corporations: An integrated management – and Tax perspective. In W. Schön & K. Konrad (Eds.), Fundamentals of international transfer pricing in law and economics (pp. 3–18). Springer. https://www8.gsb.columbia.edu/researcharchive/articles/11572
Hsieh, T. J., Yeh, R. S., & Chen, Y. J. (2010). Business group characteristics and affiliated firm innovation: The case of Taiwan. Industrial Marketing Management, 39(4), 560–570. https://doi.org/10.1016/j.indmarman.2008.12.018
Huang, G., & Song, F. M. (2006). The determinants of capital structure: Evidence from China. China Economic Review, 17(1), 14–36. https://doi.org/10.1016/j.chieco.2005.02.007
Janský, P. (2019). Effective tax rates of multinational enterprises in the EU (A report commissioned by the Greens/EFA Group in the European Parliament). https://www.wts.com/wts.de/publications/wts-tax-weekly/anhange/2019/2019_3_1_studie.pdf
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Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911–922. https://doi.org/10.2307/2978343
Lee, K. C., & Kwok, C. C. (1988). Multinational corporations vs. domestic corporations: International environmental factors and determinants of capital structure. Journal of International Business Studies, 19(2), 195–217. https://doi.org/10.1057/palgrave.jibs.8490381
Lemmon, M. L., Roberts, M. R., & Zender, J. F. (2008). Back to the beginning: persistence and the cross‐section of corporate capital structure. The Journal of Finance, 63(4), 1575–1608. https://doi.org/10.1111/j.1540-6261.2008.01369.x
Mazur, K. (2007). The determinants of capital structure choice: Evidence from Polish companies. International Advances in Economic Research, 13(4), 495–514. https://doi.org/10.1007/s11294-007-9114-y
Michel, A., & Shaked, I. (1986). Multinational corporations vs. domestic corporations: Financial performance and characteristics. Journal of International Business Studies, 17(3), 89–100. https://doi.org/10.1057/palgrave.jibs.8490435
Modigliani, F., & Miller, M. (1958). The cost of capital. Corporate finance and the theory of investment. American Economic Review, 48(3), 261–297. https://www.jstor.org/stable/1809766
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. The American Economic Review, 53(3), 433–443. https://www.jstor.org/stable/1809167
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Nivorozhkin, E. (2002). Capital structures in emerging stock markets: The case of Hungary. The Developing Economies, 40(2), 166–187. https://doi.org/10.1111/j.1746-1049.2002.tb01006.x
Noulas, A., & Genimakis, G. (2011). The determinants of capital structure choice: Evidence from Greek listed companies. Applied Financial Economics, 21(6), 379–387. https://doi.org/10.1080/09603107.2010.532108
Pattnaik, C., Lu, Q., & Gaur, A. S. (2018). Group affiliation and entry barriers: The dark side of business groups in emerging markets. Journal of Business Ethics, 153(4), 1051–1066. https://doi.org/10.1007/s10551-018-3914-2
Pinková, P. (2012). Determinants of capital structure: Evidence from the Czech automotive industry. Acta Universitatis Agriculturae Et Silviculturae Mendelianae Brunensis, 60(7), 217–224. https://doi.org/10.11118/actaun201260070217
Poczter, S. (2018). Business groups in emerging markets: A survey and analysis. Emerging Markets Finance and Trade, 54(5), 1150–1182. https://doi.org/10.1080/1540496X.2017.1286587
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421–1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x
Saona, P., San Martín, P., & Jara, M. (2018). Group affiliation and ownership concentration as determinants of capital structure decisions: Contextualizing the facts for an emerging economy. Emerging Markets Finance and Trade, 54(14), 3312–3329. https://doi.org/10.1080/1540496X.2017.1392850
Schmidt, K., & Gajtkowski, M. (2020). Imperfect competition and business groups in selected countries. In D. Zarzecki (Ed.), Zarządzanie finansami: analiza finansowa, bankowość, finanse samorządowe (pp. 284–295). Wydawnictwo Naukowe Uniwersytetu Szczecińskiego. https://www.ksiegarnia-ekonomiczna.com.pl/modules.php?name=Sklep&plik=lista&nazwa=opis&nr_katal=9788379723515&hthost=1&store_id=2
Sheikh, A. N., & Wang, Z. (2011). Determinants of capital structure: An empirical study of firms in manufacturing industry of Pakistan. Managerial Finance, 37(2), 117–133. https://doi.org/10.1108/03074351111103668
Singh, D., Pattnaik, C., Gaur, A. S., & Ketencioglu, E. (2018). Corporate expansion during pro-market reforms in emerging markets: The contingent value of group affiliation and diversification. Journal of Business Research, 82, 220–229. https://doi.org/10.1016/j.jbusres.2017.09.043
Singh, M., & Nejadmalayeri, A. (2004). Internationalization, capital structure, and cost of capital: Evidence from French corporations. Journal of Multinational Financial Management, 14(2), 153–169. https://doi.org/10.1016/j.mulfin.2003.07.003
Su, W., & Tan, D. (2018). Business groups and tax havens. Journal of Business Ethics, 153(4), 1067–1081. https://doi.org/10.1007/s10551-018-3910-6
The Visegrad Group. (2019). About the Visegrad Group. http://www.visegradgroup.eu/v4-110412-1
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