Capital Budgeting: a Tax Shields’ 'Mirage'?

Autor:	Victor DRAGOTĂ, Lucian ŢÂŢU
Jazyk:	angličtina
Rok vydání:	2011
Předmět:	capital budgeting tax shields recovery of losses net present value cash flows Business HF5001-6182 Economic theory. Demography HB1-3840 Economics as a science HB71-74
Zdroj:	Theoretical and Applied Economics, Vol XVIII, Iss 3, Pp 31-40 (2011)
Druh dokumentu:	article
ISSN:	1841-8678 1844-0029
Popis:	The mainstream in Finance studies recognizes the impact of tax shields on capital budgeting. This study offers some evidences regarding a bias in direct investment projects valuation in the case of taking into account of the allowance of recovery of the losses recorded in the past financial exercises from future profits as long as the classical indicators (e.g., Net Present Value) are used. Also, this tax regime seems to favour the adoption of less-performer projects by lessperformer companies, as long as these projects should be otherwise rejected by a performer company.
Databáze:	Directory of Open Access Journals
Externí odkaz:	https://doaj.org/article/402b0e0636df4ec7b516e43445bfc316 Zobrazit plný text záznamu View record in DOAJ Plný text ve formátu PDF