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来源类型Working Paper
规范类型报告
DOI10.3386/w15023
来源IDWorking Paper 15023
Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act
Dhammika Dharmapala; C. Fritz Foley; Kristin J. Forbes
发表日期2009-06-01
出版年2009
语种英语
摘要This paper analyzes the impact on firm behavior of the Homeland Investment Act of 2004, which provided a one-time tax holiday for the repatriation of foreign earnings by U.S. multinationals. The analysis controls for endogeneity and omitted variable bias by using instruments that identify the firms likely to receive the largest tax benefits from the holiday. Repatriations did not lead to an increase in domestic investment, employment or R&D -- even for the firms that lobbied for the tax holiday stating these intentions and for firms that appeared to be financially constrained. Instead, a $1 increase in repatriations was associated with an increase of almost $1 in payouts to shareholders. These results suggest that the domestic operations of U.S. multinationals were not financially constrained and that these firms were reasonably well-governed. The results have important implications for understanding the impact of U.S. corporate tax policy on multinational firms.
主题International Economics ; International Factor Mobility ; Financial Economics ; Financial Markets ; Corporate Finance ; Public Economics ; Taxation
URLhttps://www.nber.org/papers/w15023
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/572699
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Dhammika Dharmapala,C. Fritz Foley,Kristin J. Forbes. Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act. 2009.
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