The role of Taxation in Corporate Restructuring Strategies

This thesis investigates the role of taxation in corporate restructuring, with a particular focus on how effective tax rates and related fiscal variables influence corporate financial policy. The study develops a theoretical framework linking capital structure choices to the tax benefits of debt, while also accounting for the non-fiscal costs that constrain leverage. Special attention is given to the treatment of deferred tax assets and the asymmetries in restructuring procedures between Italy and the United States. Empirically, the analysis is developed on a dataset of restructuring transactions since 2010, combined with firm-level financial statements, to test the relationship between effective tax rates, earnings sensitivity and the probability of restructuring events. A range of econometric models, including OLS, fixed effects and logic specifications with sample splits on leverage and profitability, are employed to capture heterogeneity across firms and institutional contexts.