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The effects of tax reform on the capital structure of Listed firms in Norway : an empirical study

Lilland, Johan Fredric; Årnes, André Seyffarth
Master thesis
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URI
http://hdl.handle.net/11250/2487985
Date
2017
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  • Master Thesis [3748]
Abstract
The goal of this thesis is to determine how changes in the corporate tax rate affect the capital

structures of Norwegian firms, and how such effects can be explained by established economic

theories. We have applied propensity score matching, difference-in-differences estimates, and

ordinary least squares regressions to determine if the capital structures of Norwegian listed

firms have been affected by the recent reductions in the Norwegian corporate tax rate. While

our models have found a significant reduction in the development of Norwegian debt to equity

ratios compared to the control group during the years 2012 to 2016, we have not been able

to isolate these differences to the years where tax reductions have occurred. Furthermore, the

small sample of firms, along with macroeconomic factors affecting the Norwegian firms during

the time period, make it difficult to conclude any causality between the reductions in corporate

tax rate and the changes in capital structure. Considering these issues, we have been unable to

determine whether Norwegian corporate behavior most closely resembles the behavior depicted

in the trade-off theory, or the behavior depicted in the pecking order theory.

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