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Economics of SPEs "spacemen": Tax evasion, stealing, corporate governance and capital structure; evidence from Russia

by Mironov, Maxim, Ph.D., THE UNIVERSITY OF CHICAGO, 2008, 72 pages; 3300415

Abstract:

Using Russian banking transactions data, I identify "spacemen", short-life special purpose entities created for tax evasion and/or stealing from minority stockholders. Based on transfers to "spacemen", I construct a direct measure of evasion/stealing for 179 public companies. I find that big corporations evade 50%-70% less than small ones. I also document that government control of a corporation or audit by a reputable firm do not help to decrease tax evasion or stealing. I find a positive relationship between income diversion and debt financing: one standard deviation of my stealing/evasion measure is correlated to a 20%-25% increase of leverage. One possible explanation is that in case of income diversion, debt holders are better protected through a bankruptcy mechanism.

Advisor:	Becker, Gary S.
School:	THE UNIVERSITY OF CHICAGO
Source:	DAI-A 69/01, p. , Jul 2008
Source Type:	Ph.D.
Subjects:	Finance
Publication Number:	3300415

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