Using Russian banking transactions data, I identify "spacemen", short-life special purpose entities created for tax evasion and/or stealing from minority stockholders. Based on transfers to "spacemen", I construct a direct measure of evasion/stealing for 179 public companies. I find that big corporations evade 50%–70% less than small ones. I also document that government control of a corporation or audit by a reputable firm do not help to decrease tax evasion or stealing. I find a positive relationship between income diversion and debt financing: one standard deviation of my stealing/evasion measure is correlated to a 20%–25% increase of leverage. One possible explanation is that in case of income diversion, debt holders are better protected through a bankruptcy mechanism.
|Advisor:||Becker, Gary S.|
|School:||The University of Chicago|
|School Location:||United States -- Illinois|
|Source:||DAI-A 69/01, Dissertation Abstracts International|
|Keywords:||Capital structure, Corporate governance, Private benefits, Russia, Spacemen, Special purpose entities, Stealing, Tax evasion|
Copyright in each Dissertation and Thesis is retained by the author. All Rights Reserved
The supplemental file or files you are about to download were provided to ProQuest by the author as part of a
dissertation or thesis. The supplemental files are provided "AS IS" without warranty. ProQuest is not responsible for the
content, format or impact on the supplemental file(s) on our system. in some cases, the file type may be unknown or
may be a .exe file. We recommend caution as you open such files.
Copyright of the original materials contained in the supplemental file is retained by the author and your access to the
supplemental files is subject to the ProQuest Terms and Conditions of use.
Depending on the size of the file(s) you are downloading, the system may take some time to download them. Please be