2016
DOI: 10.1111/ajfs.12129
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Pyramid Establishment Resulting from Succession Motivation

Abstract: I examine if a valuation method for unlisted firms adopted by the Korean inheritance tax code allows economic agents to counterplot and leads to the establishment of pyramids. The Korean inheritance tax code, adopting a weighted average of the net asset value of the most recent year (40%) and 3-year average net income (60%) as firm value for inheritance taxation, implicitly leads controlling shareholders to vertically split or insert an intermediary to control subsidiaries, both of which yield pyramidal govern… Show more

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References 67 publications
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