Working Paper No. 242

Taxes and Mergers in Sweden

Published: December, 1989Pages: 24

Taxes and Mergers in Sweden Karl-Markus Modén


This paper studies the relative importance of tax incentives as merger motives in the Swedish industry during the period 1983-1987. Several econometric models are estimated and statistical tests performed. The tax-hypothesis is contrasted with an alternative hypothesis, suggested by Jensen, which explains mergers as a way for independent managers to increase their personal power. Neither hypothesis get any strong support in this study, the evidence is somewhat stronger in favor of Jensen's theory however.

Interdisciplinary European Studies

The European Union in a Changing World Order

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This book explores how the European Union responds to the ongoing challenges to the liberal international order. These challenges arise both within the EU itself and beyond its borders, and put into question the values of free trade and liberal democracy. 

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