Мурашкина Илона Сергеевна
The Impact of Corporate Taxation on Capital Structure and Profitability of Innovative Firms
Стратегическое управление финансами фирмы
In the century of the global innovations, there is a growing interest of the researchers to the analyses of innovative companies. Nevertheless, this topic is still poorly developed. This study is devoted to the impact of corporate tax rate and R&D tax incentive programs on capital structure and performance of innovative companies. The research is based on the data from European countries covering a period 2007-2016. It was found that corporate tax rate is a significant determinant only in capital structure choices. Moreover, R&D tax incentive programs have negative impact on the level of debt and positive one on performance of the companies.