Descrizione del progetto
Comprendere composizioni societarie e schemi fiscali
A differenza del Regno Unito e degli Stati Uniti, dove la proprietà delle aziende è generalmente ripartita, molte società europee quotate in borsa sono possedute e controllate da azionisti di maggioranza, spesso costituiti da famiglie. Oltre a conferire privilegi, ciò tende a ostacolare la crescita, il valore e la redditività, nonché a negare gli effetti del mercato sul controllo aziendale. Mettendo a confronto le società britanniche e statunitensi con quelle italiane e tedesche a partire dagli anni Cinquanta, il progetto CorpCONTROL-in-TAX, finanziato dal programma di azioni Marie Skłodowska-Curie, esaminerà l’evoluzione del tipo di composizione societaria e i suoi effetti sugli schemi fiscali. Lo studio analizzerà le divergenze tra i sistemi fiscali, in particolare per quanto riguarda le imposte sulle successioni, sulle plusvalenze e sul reddito. I risultati possono trovare un’applicazione generale e sortire un impatto specifico sugli Stati membri dell’UE intenti a migliorare i problemi legati a una bassa produttività.
Obiettivo
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.
Campo scientifico
Parole chiave
Programma(i)
- HORIZON.1.2 - Marie Skłodowska-Curie Actions (MSCA) Main Programme
Meccanismo di finanziamento
HORIZON-TMA-MSCA-PF-GF - HORIZON TMA MSCA Postdoctoral Fellowships - Global FellowshipsCoordinatore
20148 Hamburg
Germania