The cost of new external equity and the idea of tax neutrality
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 2
Abstract
The cost of new equity capital should be fiscally neutral, because the funds ob-tained in this way, are not taxable income. But taxes are not neutral for the cost of the capital, on the contrary, its impact on the cost of equity is significant. The aim of the paper is to present the determinants of the cost of capital and the effect of taxation on its height. The author's intention wasn't to analyze of the formulas of estimating the cost of equity, but the assessment of the impact of capital tax law standards on the cost of equity.
Authors and Affiliations
Jolanta Iwin-Garzyńska
Keywords
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