Het behoud van de notionele interestaftrek zorgt voor meer stabiliteit in het bankensysteem.

Thibault
Dubois
  • Daan
    Pelgrims

Gelieve bijlage te zien voor artikel.

Bibliografie

Books

De Broe, L. (2015). “Negende bewerking: overdracht van de NIA-voorraad.” Vademecum Fiscale Falconis, pp. 372- 373.

Stock J.H., and Watson M.M. (2011). Introduction to Econometrics. Pearson Third Edition, pp. 244

Articles

Adrian, T., and Shin, H. S. (2010). “Liquidity and leverage.” Journal of Financial Intermediation(19), pp. 418-437.

Akhtar, S. (2005). “The Determinants of Capital Structure for Australian Multinational and Domestic Corporations.” Australian Journal of Management, Vol. 30, No. 2, pp. 321-341.

Bhaduri, S. N. (2002). “Determinants of Corporate Borrowing: Some Evidence from the Indian Corporate Structure.” Journal of Economics and Finance, Vol.26, No. 2, pp. 200-215.

Brierly, P., and Bunn, P. (2005). “The determination of UK Corporate Capital Gearing.” Bank of England, Quarterly Bulletin, Autumn 2005, Vol. 45, No. 3, pp. 356.

Van Campenhout, G., and Van Caneghem, T. (2013). “How did the notional interest deduction affect Belgian SMEs' capital structure?” Small Business Economics(40), pp. 351-373.

Claessens, S., and Kose, A.M. (2013). “Financial Crises: Explanations, Types, and Implications.” IMF Working Paper, pp. 20-21

Cornelis, S., and Merckx, S. (2009). “The effect of notional interest deduction on the financing policy of SMEs.” Master Thesis Applied Economic Sciences. University Gent: Faculty Economics and Business.

Country report, (2013). “Belgium: Technical Note on Crisis Management and Bank Resolution Framework.” International Monetary Fund, pp. 27-29.

Devereux, M.P., and H. Freeman, (1991). “A general neutral profits tax.” Fiscal Studies 12.

Donaldson, G. (1961). “Corporate Debt Capacity: A Study of Corporate Debt Policy and determination of Corporate Debt Capacity.” Working Paper. Boston: Harvard University, Graduate school of Business, Division of Research.

Frank, M.Z., and Goyal, V.K. (2003). “Testing the pecking order theory of capital structure.” Journal of Financial Economics, Vol. 67, No. 2, pp. 217.

Frühwirth, M., and Kolbialka, M. (2011, March 25). “Do equity tax shields reduce the leverage?” The Austrian case. Institute for Banking, Finance and Insurance. Acquired from Social Science Research Network.

Graham, J.R. (1996a). “Debt and the marginal tax rate.” Journal of Financial Economics, Vol. 41 (1), pp. 41-73.

Graham, J.R. (1996b). “Proxies for the Corporate marginal Tax Rate.” Journal of Financial Economics, Vol. 42, pp. 187-221.

Graham, J.R. (2000). “How Big are Tax Benefits of Debt?” The Journal of Finance, Vol. 55 (5), pp. 1901-1941.

Graham, J.R. (2001). “Estimating the Tax Benefits of Debt.” Journal of Applied Corporate Finance, Vol. 14 (1), pp. 42-54.

Graham, J.R. (2003). “Taxes and corporate finance: A review.” Review of Financial Studies, Vol. 16 (4), pp. 1075-1129.

Graham, J.R., and Mills L.F. (2008). “Using tax return data to simulate corporate marginal tax rates.” Journal of Accounting and Economics, Vol. 46 (2-3), pp. 366-388.

Hall G., Hutchinson P., and Michaelas N. (2000). “Industry Effects on the Determinants of Unquoted SMEs’ Capital Structure.” International Journal of the Economics of Business, Volume 7, No. 3, pp. 297 – 312, 51.

Hall G., Hutchinson P., and Michaelas N. (2004). “Determinants of the Capital Structures of European SMEs.” Journal of Business Finance & Accounting, Vol. 31, No. 5 & 6, pp. 711- 728.

Hortlund, P. (2005). “Do inflation and high taxes increase bank leverage?” Working Paper Series in Economics and Finance, pp. 2-48.

Jensen, M.C., and Meckling W.H. (1976). “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.” Journal of Financial Economics, Vol. 3, No. 4, pp. 305-360.

Jordan J., Lowe J., and Taylor P. (1998). “Strategy and Financial Policy in UK Small Firms.” Journal of Business and Accounting, Vol. 25 (1) & (2), pp. 1-27.

Jung, K., Kim Y., and Stulz R. (1996). “Timing, Investment Opportunities, Managerial Discretion, and the Security Issue Decision.” Journal of Financial Economics, Volume 42, No. 2, pp. 159–85.

Kestens, K., Van Cauwenberge P., and Christiaens J. (2011). “The effect of the notional interest deduction on the capital structure of Belgian SMEs.” Environment and Planning C: Government and Policy 30.

King, M.A. (1974). “Taxation and the cost of capital.” The Review of Economic Studies 41.

Kumar, R. (2008). “Determinants of Firm’s Financial Leverage: A Critical Review.” Journal of Contemporary Research in Management, pp. 57-86.

Milané, R-J., and Rodrigues T. (2014). “Notional Interest Deduction and Belgian Banks.” Master thesis financial economics & business economics. University of Leuven.

Modigliani, F., and Miller, M. (1958). “The Cost of Capital, Corporation Finance, and the Theory of Investment.” American Economic Review, Vol. 48, pp. 261-297.

Myers, S.C., and Majluf N.S. (1984). “Corporate financing and investment decisions when firms have information that investors do not have.” Journal of Financial Economics, Vol. 13, No.2, pp 187-221.

Myers, S.C. (1984). “The Capital Structure Puzzle.” Journal of Finance, Vol. 39 No. 3, pp. 575-592.

Panier, F., Perez-Gonzalez F., and Villanueva P. (2012). “Capital structure and taxes: What happens when you (also) subsidize equity?” Working paper. Stanford University, Stanford, CA.

Princen, S. (2012). “Taxes do affect corporate financing decisions: The case of Belgian ace.” Cesifo Working Paper.

Rajan, R.G., and Zingales. L. (1995), “What Do We Know about Capital Structure? Some Evidence from International Data.” Journal of Finance, Vol. 50, No.5, pp. 1421-1460.

Rommens, A., Cuyvers L., and Deloof M. (2008). “The Dividend Policy of Privately Held Companies: Stand-alone Companies and Group Companies in Belgium.” Working paper (University of Antwerp).

Schepens, G. (2015). “Taxes and bank capital structure.” Department of Financial Economics, Ghent University and National Bank of Belgium.

Shevlin, T. (1990). “Estimating Corporate Marginal Tax Rates With Asymmetric Tax Treatment of Gains and Losses.” Journal of the American Taxation Association, Vol. 11 (1), pp. 51-67.

Stiglitz, J. E. (1972). “Some aspects of the pure theory of finance: bankruptcies and takeovers.” The Bell Journal of Economics and Management Studies (3), pp. 458-482.

Thornhill S., Gellatly G., and Riding A. (2004). “Growth history, knowledge intensity and capital structure in small firms.” Venture Capital, Vol. 6, No. 1, pp. 73 – 89.

Internet

Trading Economics. GDP growth and inflation rate. Retrieved from: http://www.tradingeconomics.com/belgium/indicators

Federale Overheidsdienst FINANCIEN. Notionele interestaftrek. Retrieved from:

http://financien.belgium.be/nl/ondernemingen/vennootschapsbelasting/bel…

KPMG. Notional Interest Deduction: boost for investment in Belgium. Retrieved from: https://www.kpmg.com/BE/en/IssuesAndInsights/ArticlesPublications/Docum…

 

Bespaar Belastingen. De Notionele Interestaftrek voor 2016 (Aj 2017). Retrieved from:

http://www.bespaarbelastingen.be/algemeen/de-notionele-intrestaftrek-vo…

 

Federal Public Service Finance. (2012). THE NOTIONAL INTEREST DEDUCTION: an innovative Belgian tax incentive. Retrieved from:

http://www.minfin.fgov.be/portail2/belinvest/downloads/en/publications/…

 

Oxford Reference. The Handbook of International Financial Terms – commercial banks. Retrieved from:

http://www.oxfordreference.com/search?q=commercial+bank&searchBtn=Searc…

 

Oxford Reference. The Handbook of International Financial Terms – savings banks. Retrieved from:

http://www.oxfordreference.com/search?q=savings+bank&searchBtn=Search&i…

 

International Co-operative Banking Association – co-operative banks. Retrieved from: http://www.icba.coop/co-operative-bank/what-is-a-co-operative-bank.html

Download scriptie (392.75 KB)
Universiteit of Hogeschool
KU Leuven
Thesis jaar
2016
Promotor(en)
Hans Degryse