Effect of Tax Reform on Intangible Investment and Market Concentration: The Case of Tax Cut and Job Act in the US
In December 2017, the United States Congress passed the Tax Cut and Jobs Act (TCJA), significantly reducing the corporate tax rate and introducing favorable policies for intangible assets. This paper aims to investigate the impact of the TCJA on various aspects of corporate behavior, including investments in intangibles, research and development (R&D) spending, and sales, general, and administrative (SG&A) expenses.