净经营亏损和破产保护

IF 3.3 3区管理学 Q1 BUSINESS, FINANCE Journal of Accounting and Public Policy Pub Date : 2023-12-20 DOI:10.1016/j.jaccpubpol.2023.107173

Velia Gabriella Cenciarelli , Alessandro Gabrielli , Giulio Greco

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引用次数: 0

摘要

在本文中，我们研究了净经营亏损（NOLs）与决定重组业务的公司（"重组公司"）申请破产保护之间的关联。通过对 30 年间美国上市公司样本的研究，我们发现，在控制了预期的行业重组后税率后，较高的净经营亏损与申请破产保护的决定有关。进一步的调查显示，刚起步的公司在走出破产保护程序后可从较低的税率中获益。我们为有关净资产收益和重要公司决策、新创公司税收以及破产保护的税收文献做出了贡献。我们为政策制定者和从业人员提供了在重组框架中使用税收优惠的信息。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Net operating losses and Chapter 11

In this paper, we investigate the association between net operating losses (NOLs) and Chapter 11 filings by firms that decided to restructure their business (“restructuring firms”). Studying a sample of public firms in the US over a 30-year period, we show that after controlling for the expected industry post-reorganization tax rates, higher NOLs are associated with the decision to file under Chapter 11. Further investigation shows that fresh-start firms benefit from lower tax rates after emerging from the Chapter 11 procedure. We contribute to the tax literature on NOLs and important firm decisions and on taxation in fresh-start firms, as well as to the literature on Chapter 11. We inform policymakers and practitioners regarding the use of tax benefits in restructuring frameworks.

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来源期刊

Journal of Accounting and Public Policy Multiple-

CiteScore

4.80

自引率

2.80%

发文量

期刊介绍： The Journal of Accounting and Public Policy publishes research papers focusing on the intersection between accounting and public policy. Preference is given to papers illuminating through theoretical or empirical analysis, the effects of accounting on public policy and vice-versa. Subjects treated in this journal include the interface of accounting with economics, political science, sociology, or law. The Journal includes a section entitled Accounting Letters. This section publishes short research articles that should not exceed approximately 3,000 words. The objective of this section is to facilitate the rapid dissemination of important accounting research. Accordingly, articles submitted to this section will be reviewed within fours weeks of receipt, revisions will be limited to one, and publication will occur within four months of acceptance.