Steuern und Risikobereitschaft in Modellen irreversibler Investitionen |
| |
Authors: | Rainer Niemann Caren Sureth |
| |
Institution: | 1. Institut für Unternehmensrechnung und Steuerlehre, Karl-Franzens-Universit?t Graz, Universit?tsstra?e 15, 8010, Graz, ?sterreich 2. Fakult?t für Wirtschaftswissenschaften, Lehrstuhl für Betriebswirtschaftslehre,
insb. Betriebswirtschaftliche Steuerlehre, Universit?t Paderborn, Warburger Str. 100, 33098, Paderborn, Deutschland
|
| |
Abstract: | This paper provides an overview of the literature on the influence of taxation on investment behavior under uncertainty, especially under the real options paradigm. We analyze the impact of taxation on risk-taking under irreversibility. Extending the existing literature we integrate a simple tax system into a real option model. Under irreversibility and risk neutrality, raising the tax rate can either increase or reduce risk-taking. Referring to combinations of volatility and tax rate it is possible to identify conditions for an unambiguous influence of taxes on risk-taking. Numerical simulations indicate that raising the tax rate increases risk-taking under low volatility. Implementing a final withholding tax on capital income tends to reduce risky investment. Our findings confirm the well-known results under certainty and extend them with respect to uncertainty, irreversibility, and risk-taking. |
| |
Keywords: | Schlagworte" target="_blank">Schlagworte Risikobereitschaft Steuern und Investitionsentscheidungen Unsicherheit Realoptionen |
本文献已被 SpringerLink 等数据库收录! |
|