| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18415 |
| 来源ID | Working Paper 18415 |
| Corporate Taxes and Internal Borrowing within Multinational Firms | |
| Peter Egger; Christian Keuschnigg; Valeria Merlo; Georg Wamser | |
| 发表日期 | 2012-09-21 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper develops a theoretical model of multinational firms with an internal capital market. Main reasons for the emergence of such a market are tax avoidance through debt shifting and the existence of institutional weaknesses and financial frictions across host countries. The model serves to derive hypotheses regarding the role of local versus foreign characteristics such as profit tax rates, lack of institutional quality, financial underdevelopment, and productivity for internal debt at the level of a given foreign affiliate. The paper assesses hypotheses in a panel data-set covering the universe of German multinational firms and their internal borrowing. Numerous novel insights are gained. For instance, the tax-sensitivity found in this paper is many times higher than previous research suggests. This accrues mainly to three things: the consideration of the boundedness of the internal debt ratio as a dependent variable in comparison to its treatment as an unbounded variable in most of the previous work; the coverage of all (small and large) multinationals here rather than a focus on large units in previous work; and the inclusion of endogenous characteristics in other countries multinationals are invested in (due to endogenous weights) while previous work did not consider such effects at all or assumed them to be exogenous. Moreover, local and foreign (at other locations of a given affiliate) market conditions matter more or less symmetrically and in the opposite direction. There is a nonlinear trade-off between institutional quality or financial development on the one hand and higher profit tax rates on the other hand, and the strength of this trade-off depends on the characteristics of one location relative to the other ones a multinational firm has affiliates (or the headquarters) in. |
| 主题 | International Economics ; International Factor Mobility ; Financial Economics ; Corporate Finance ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w18415 |
| 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/576091 |
| 推荐引用方式 GB/T 7714 | Peter Egger,Christian Keuschnigg,Valeria Merlo,et al. Corporate Taxes and Internal Borrowing within Multinational Firms. 2012. |
| 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 | ||
| w18415.pdf（2927KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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