Descripción del proyecto
Comprender las estructuras de propiedad de las empresas y los marcos fiscales
A diferencia del Reino Unido y los Estados Unidos, donde la propiedad de las empresas suele estar diseminada, muchas empresas europeas que cotizan en bolsa pertenecen a accionistas mayoritarios, a menudo familiares, y están controladas por ellos. Además de otorgar privilegios, ello suele impedir el crecimiento, el valor y la rentabilidad, así como anular los efectos del mercado en el control de las empresas. Mediante la comparación de las empresas británicas y estadounidenses con las italianas y alemanas a partir de los años cincuenta del siglo pasado, el equipo del proyecto CorpCONTROL-in-TAX, financiado por las Acciones Marie Skłodowska-Curie, examinará la evolución del tipo de propiedad de las empresas y sus efectos en los marcos fiscales. Asimismo, investigará las divergencias del sistema fiscal, especialmente en los impuestos de sucesiones, plusvalía y sobre la renta. Los resultados podrían tener una aplicación general y repercutir específicamente en los Estados miembros de la Unión Europea que intentan mejorar los problemas relacionados con la baja productividad.
Objetivo
CorpCONTROL-in-TAX aims to understand the role of taxation in explaining the development of widely dispersed share ownership in countries like the United Kingdom and the United States, in contrast to the persistence in many continental European states like Germany and Italy of corporate ownership structures characterized by controlling shareholders.
The nature and structure of corporate ownership is a fundamental issue in comparative corporate governance, as the idea that ownership concentration limits economic growth and financial development is a central cornerstone of modern corporate finance. Indeed, family-owned listed companies, especially those that are heir-controlled firms, may produce downsides, not only in terms of lowering firm value and profitability, but also by curtailing the functioning of the market for corporate control and engender the extraction of private benefits by the controlling families to the detriment of the minority shareholders.
Accordingly, CorpCONTROL-in-TAX investigates the role of taxation on corporate governance in a comparative setting, focusing on the British and American experience, on the one hand, and the German and Italian, on the other. To achieve its goals, the project plans to track, from the 1950s on, the evolution of corporate ownership structures in the United Kingdom, United States, Germany and Italy in connection with the concomitant changes in their tax frameworks.
The purpose is to gauge whether different ownership structures - i.e. different frameworks of corporate ownership and control - in the U.K. U.S. Germany and Italy echo divergences in their tax systems, including as regards inheritance taxes, capital gain tax rates and income taxes.
Therefore, CorpCONTROL-in-TAX's wide scope considers issues that affect not just one but several countries in Europe. This study does also have special importance for those EU member states where low productivity-related issues are at the forefront of policy debates.
Ámbito científico
Palabras clave
Programa(s)
- HORIZON.1.2 - Marie Skłodowska-Curie Actions (MSCA) Main Programme
Régimen de financiación
HORIZON-TMA-MSCA-PF-GF - HORIZON TMA MSCA Postdoctoral Fellowships - Global FellowshipsCoordinador
20148 Hamburg
Alemania