Impact of Taxation on Capital Structure in BRICS Countries

Student: Gruzin Alexandr

Educational Programme: Strategic Corporate Finance (Master)

Year of Graduation: 2016

The study examines the impact of taxation on capital structure in BRICS countries from 2010 to 2015. The sample consists of public nonfinancial companies. I used the survey data from Bloomberg database. To conduct the analyses it is employed panel regression. Each country is analyzed separately, because of possible country specific differences, i.e. to avoid biased estimates. I found that in most cases effective tax rate and Miller tax index are statistically significant, but the effect of taxation varies across countries.

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