| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4703 |
| 来源ID | Working Paper 4703 |
| The Tax Sensitivity of Foreign Direct Investment: Evidence from Firm-Level Panel Data | |
| Jason G. Cummins; R. Glenn Hubbard | |
| 发表日期 | 1994-04-01 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | Understanding the determinants of foreign direct investment (FDI) is important for analyzing capital flows and the industrial organization of multinational firms. Most empirical studies of FDI, however, have focused on case studies of nontax factors in overseas investment decisions or on discerning reduced-form relationships between some measure of FDI and variables relating to nontax and tax aspects of the investment decision. In this paper, we examine the effects of taxation on FDI using previously unexplored (for this purpose) panel data on FDI by subsidiaries of U.S. multinational firms collected by Compustat's geographic segment file project. These firm- level data contain information on new capital investment overseas which enable us to measure tax influences on FDI more precisely and allow us to focus on structural models of subsidiaries' investment decision. Our empirical results cast significant doubt on the simplest notion that 'taxes don't matter' for U.S. firms' FDI decisions. Tax parameters influence FDI in precisely the way indicated by neoclassical models. Our results also lend support to the application of the 'tax capitalization' model to the study of dividend repatriation and foreign direct investment decisions. |
| 主题 | Public Economics ; Taxation ; International Economics ; International Factor Mobility |
| URL | https://www.nber.org/papers/w4703 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562097 |
| 推荐引用方式 GB/T 7714 | Jason G. Cummins,R. Glenn Hubbard. The Tax Sensitivity of Foreign Direct Investment: Evidence from Firm-Level Panel Data. 1994. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4703.pdf（416KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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