Taxes and organizational forms: Empirical analysis of merger and acquisition activities and the Corporate Group Taxation

2014 Fiscal Year Final Research Report

• Project/Area Number: 25885050
• Research Category: Grant-in-Aid for Research Activity Start-up
• Allocation Type: Single-year Grants
• Research Field: Public finance/Public economy
• Research Institution: Osaka University
• Principal Investigator: ONJI Kazuki 大阪大学, 経済学研究科(研究院), 准教授 (80709858)
• Research Collaborator: GORDON Roger University of California at San Diego, Professor
• Project Period (FY): 2013-08-30 – 2015-03-31
• Keywords: 税制 / 企業結合 / 実証分析

Outline of Final Research Achievements

We theoretically examined legal and tax factors that can affect incentives to engage in corporate takeover activities, paying attention to institutional changes in Japan since 1990s. Those factors include tax saving from combining two streams of variable income, deferral of capital gains tax and lock-in effects of investors, among others. We constructed a dataset consisting pairs of companies publicly listed in Japan, and found that the presence of loss carried over appear to play a significant role.

Free Research Field

公共経済学