Dissertation/Thesis Abstract

Economics of SPEs “spacemen”: Tax evasion, stealing, corporate governance and capital structure; evidence from Russia
by Mironov, Maxim, Ph.D., The University of Chicago, 2008, 72; 3300415
Abstract (Summary)

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.

Indexing (document details)
Advisor: Becker, Gary S.
Commitee:
School: The University of Chicago
School Location: United States -- Illinois
Source: DAI-A 69/01, Dissertation Abstracts International
Source Type: DISSERTATION
Subjects: Finance
Keywords: Capital structure, Corporate governance, Private benefits, Russia, Spacemen, Special purpose entities, Stealing, Tax evasion
Publication Number: 3300415
ISBN: 9780549450559
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