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The Relative Cost of Internal vs. External Equity in South Africa: The Impact of Capital Gains and Dividend Taxes
Item type: Journal Article • Journal: South African Journal of Accounting Research • Authors: M Marcus --- Department of Finance and Tax, F Toerien --- Department of Finance and Tax,In order to investigate the impact of South Africa’s unique historical secondary tax on companies (STC) on optimal capital structure, we adapt the US methodology developed by Lewellen and Lewellen (2006) to cater for STC. Using our derived STC-models, we...