Nonprofits and C Corporations: Performance Comparison

Round 1

Reviewer 1 Report

- Advantages and benefits of the proposed approach should be given in detail. Also, the research gaps and the novelty of this study is not clear.

- The characteristics of current research should be highlighted in the comparative table of literature review.

- The authors should clearly explain and justify the reason for using capital structure model among the available approaches in literature.

- The authors should discuss the proposed approach under data uncertainty.

- The authors should discuss on the limitations of the study.

- The authors should discuss on the generalization of the results of the study.

- Some future research directions should be suggested at the end of manuscript.

Author Response

Please see the attachment.

Author Response File: Author Response.pdf

Reviewer 2 Report

This manuscript is a natural extension of two papers published in the IJFS (Nonprofits and pass-throughs: Performance comparison; Pass-through and C corp outputs under TCJA). The style of presentation is also similar: very detailed including large amount numbers and small logical steps. Personally, I prefer more compact presentation and more extensive use of appendices. It is hard to follow all tests and numbers.

The comparison of different scenarios involving legislative tax environments, nongrowth versus growth, and different tax policies is innovative. As far as I can follow the methodology is sound (of course, several optional assumptions are made). The chosen tables help to follow the logic.

It is interesting that, NPs (compared to CCs) has so large valuation advantages.

Author Response

Please see the attachment.

Author Response File: Author Response.pdf

Round 2

Reviewer 1 Report

Accept in present form