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Management incentives under formula apportionment : tax-induced distortions of effort and compensation in a principal-agent setting
Martini, Jan T.; Niemann, Rainer; Simons, Dirk - 2014
The introduction of a common consolidated corporate tax base (CCCTB) and tax allocation via formula apportionment (FA) is hotly debated in the European Union (EU) since more than a decade. While the literature has thoroughly analyzed the economic effects of FA from a macro-level perspective, the...
Persistent link: https://www.econbiz.de/10010375838
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Management incentives under formula apportionment : tax-induced distortions of effort and compensation in a principal-agent setting
Martini, Jan T.; Niemann, Rainer; Simons, Dirk - 2014
The introduction of a common consolidated corporate tax base (CCCTB) and tax allocation via formula apportionment (FA) is hotly debated in the European Union (EU) since more than a decade. While the literature has thoroughly analyzed the economic effects of FA from a macro-level perspective, the...
Persistent link: https://www.econbiz.de/10010383849
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Corporate profit shifting and the role of tax havens : evidence from German country-by-country reporting data
Fuest, Clemens; Hugger, Felix; Neumeier, Florian - 2021
annual tax base loss for Germany amounts to EUR 5.4 billion. Adding estimates of profit shifting by multinationals not … covered by the CbC data yields an overall estimate for profits shifted out of Germany to tax havens of EUR 19.1 billion per … year, corresponding to 4.3% of the profits reported by these firms in Germany. This implies a tax revenue loss due to …
Persistent link: https://www.econbiz.de/10012417748
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Bonus payments and reference point violations
Ockenfels, Axel; Sliwka, Dirk; Werner, Peter - 2010
We investigate how bonus payments affect satisfaction and performance of managers in a large, multinational company. We find that falling behind a naturally occurring reference point for bonus comparisons reduces satisfaction and subsequent performance. The effects tend to be mitigated if...
Persistent link: https://www.econbiz.de/10003941775
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Variable pay, industrial relations and foreign ownership : evidence from Germany ; conference paper
Heywood, John S.; Jirjahn, Uwe - 2013
We use a representative sample of German establishments to show that those with foreign ownership are more likely to use performance appraisal, profit sharing and employee share ownership than are those with domestic ownership. Moreover, we show that works councils are associated with an...
Persistent link: https://www.econbiz.de/10010341065
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Do multinationals "misuse" corporate income-tax holidays? : an analysis based on Hungarian balance-sheet figures
Szanyi, Miklós - 2005
Persistent link: https://www.econbiz.de/10003315201
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The effects of taxation on the location decision of multinational firms : M&A vs. Greenfield investments
Hebous, Shafik; Ruf, Martin; Weichenrieder, Alfons J. - 2010
In this study, we estimate the impacts of differences in international tax rates on the probability of choosing a location for an affiliate of a multinational firm. In particular, we distinguish between the tax sensitivity of Greenfield and M&A investments. Based on a novel firm-level dataset on...
Persistent link: https://www.econbiz.de/10003974552
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The impact of thin-capitalization rules on external debt usage : a propensity score matching approach
Wamser, Georg - 2008
This paper analyzes how multinational enterprises respond to a restriction on interest deductions incurred for internal borrowing. The emphasis of the study is on a firm's response with respect to external borrowing. The empirical investigation applies propensity score matching techniques and...
Persistent link: https://www.econbiz.de/10008858922
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Taxation and capital structure choice : evidence from a panel of German multinationals
Büttner, Thiess; Overesch, Michael; Schreiber, Ulrich; … - 2006
This paper analyzes the impact of taxes and lending conditions on the financial structure of multinationals’ foreign affiliates. The empirical analysis employs a large panel of affiliates of German multinationals in 26 countries in the period from 1996 until 2003. In accordance with the...
Persistent link: https://www.econbiz.de/10003380554
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Debt financing and sharp currency depreciations : wholly vs. partially owned multinational affiliates
Hebous, Shafik; Weichenrieder, Alfons J. - 2009
This paper provides empirical evidence on two potential costs of shared ownership of German affiliates abroad. First, in periods of currency crises, wholly-owned affiliates, in contrast to partially-owned affiliates, seem to circumvent financial constraints by accessing capital from their parent...
Persistent link: https://www.econbiz.de/10003923516