Costo de capital e impuestos en un sistema tributario no integrado y en uno integrado: Generalización del modelo

In this paper we obtain expressions for both the tax benefit of debt and the return on equity, when the company and the debt grow, under the non-integrated tax system prevailing in the USA. Then we develop the equivalent expressions under a totally integrated tax system. The main contribution of this paper is the extension and generalization of the company valuation and cost of equity formulas to a tax system different to the one used in the USA, but prevailing in many other countries in the world.