Working Paper Series
Taxes and Mergers in Sweden
Abstract: 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.
Keywords: Tax incentives; merger motives; manager independence; (follow links to similar papers)
JEL-Codes: G34; M54; (follow links to similar papers)
24 pages, December 1989
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