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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w15023 |
来源ID | Working 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 |
URL | https://www.nber.org/papers/w15023 |
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/572699 |
推荐引用方式 GB/T 7714 | 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. |
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 | ||
w15023.pdf(206KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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