
Taxes and Corporate Finance: A Review
Publication
, Journal Article
Graham, JR
Published in: Review of Financial Studies
January 1, 2003
This article reviews tax research related to domestic and multinational capital structure, payout policy, compensation policy, risk management, and organizational form. For each topic, the theoretical arguments explaining how taxes can affect corporate decision making and firm value are reviewed, followed by a summary of the related empirical evidence and a discussion of unresolved issues. Tax research generally supports the hypothesis that high tax rate firms pursue policies that provide tax benefits. Many issues remain unresolved, however, including understanding whether tax effects are of first-order importance, why firms do not pursue tax benefits more aggressively, and whether corporate actions are affected by investor-level taxes.
Duke Scholars
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Published In
Review of Financial Studies
DOI
ISSN
0893-9454
Publication Date
January 1, 2003
Volume
16
Issue
4
Start / End Page
1075 / 1129
Related Subject Headings
- Finance
- 1502 Banking, Finance and Investment
- 1402 Applied Economics
- 1401 Economic Theory
Citation
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ICMJE
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Graham, J. R. (2003). Taxes and Corporate Finance: A Review. Review of Financial Studies, 16(4), 1075–1129. https://doi.org/10.1093/rfs/hhg033
Graham, J. R. “Taxes and Corporate Finance: A Review.” Review of Financial Studies 16, no. 4 (January 1, 2003): 1075–1129. https://doi.org/10.1093/rfs/hhg033.
Graham JR. Taxes and Corporate Finance: A Review. Review of Financial Studies. 2003 Jan 1;16(4):1075–129.
Graham, J. R. “Taxes and Corporate Finance: A Review.” Review of Financial Studies, vol. 16, no. 4, Jan. 2003, pp. 1075–129. Scopus, doi:10.1093/rfs/hhg033.
Graham JR. Taxes and Corporate Finance: A Review. Review of Financial Studies. 2003 Jan 1;16(4):1075–1129.

Published In
Review of Financial Studies
DOI
ISSN
0893-9454
Publication Date
January 1, 2003
Volume
16
Issue
4
Start / End Page
1075 / 1129
Related Subject Headings
- Finance
- 1502 Banking, Finance and Investment
- 1402 Applied Economics
- 1401 Economic Theory