This paper studies the relative importance of tax incentives as merger motives in the Swedish industry during the period 1983-1987. Several econometric models are estimated and statistical tests performed. The tax-hypothesis is contrasted with an alternative hypothesis, suggested by Jensen, which explains mergers as a way for independent managers to increase their personal power. Neither hypothesis get any strong support in this study, the evidence is somewhat stronger in favor of Jensen's theory however.
Working Paper No. 242
Taxes and Mergers in Sweden
Working Paper
Referens
Modén, Karl-Markus (1989). ”Taxes and Mergers in Sweden”. IFN Working Paper nr 242. Stockholm: Institutet för Näringslivsforskning.
Modén, Karl-Markus (1989). ”Taxes and Mergers in Sweden”. IFN Working Paper nr 242. Stockholm: Institutet för Näringslivsforskning.
Författare
Karl-Markus Modén