The remainder of our study is as follows: Section 2 discusses institutional features about
Belgian business groups and provides necessary insights in the Belgian financial accounting and
tax code. In Section 3, we summarize related literature and formulate our hypotheses. Section 4
describes the sample and Section 5 discusses the variables used in the empirical analyses.
Regression results and robustness checks are presented in Section 6. Finally, Section 7
summarizes and concludes the study.